Global Finance Journal最新文献_第7页

Can digital finance promote green innovation collaboration in enterprises? 数字金融能否促进企业绿色创新协同？

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-03-30 DOI: 10.1016/j.gfj.2025.101109

Mansi Wang , Xinxin Yu , Xinyi Hong , Xiaotao Yang

{"title":"Can digital finance promote green innovation collaboration in enterprises?","authors":"Mansi Wang , Xinxin Yu , Xinyi Hong , Xiaotao Yang","doi":"10.1016/j.gfj.2025.101109","DOIUrl":"10.1016/j.gfj.2025.101109","url":null,"abstract":"<div><div>Due to limited green innovation capabilities and motivation, enterprises opt for collaborative green innovation. However, the green innovation collaboration output across countries remains insufficient, and global climate risks continue to be severe. Previous research has largely focused on the relationship between digital technologies and green innovation, but there is a lack of exploration on the connection between digital finance and corporate green innovation collaboration. This paper utilizes panel data from 23,865 observations of Chinese enterprises from 2011 to 2022, using Python text analysis to construct an enterprise-level digital finance application index. The empirical results show that digital finance significantly promotes the level of green innovation collaboration, and the findings remain valid after a series of robustness tests. Furthermore, this study finds that digital finance enhances green innovation collaboration through three channels: promoting green investment, improving green total factor productivity, and reducing greenwashing behaviors. Further analysis of the internal and external synergies of digital finance reveals that enterprises applying digital finance models promote green innovation collaboration outputs between the enterprise and its subsidiaries. However, the positive impact on green innovation collaboration with supply chains is only observed in high-end green innovation collaborations. The aim of this study is to provide theoretical support for enhancing the level of green innovation collaboration in enterprises under the development of digital finance, offering reasonable suggestions for governments in formulating financial development strategies and green sustainable development policies.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101109"},"PeriodicalIF":5.5,"publicationDate":"2025-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143842463","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

China's economic policy uncertainty and firm-level investment in Southeast Asian economies: The role of trade connection and financial development 中国经济政策的不确定性与东南亚经济体的企业投资：贸易联系和金融发展的作用

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-03-28 DOI: 10.1016/j.gfj.2025.101106

Ly Thi Hai Tran

引用次数: 0

Equity market linkages across Latin American countries 拉丁美洲国家间的股票市场联系

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-03-28 DOI: 10.1016/j.gfj.2025.101107

Francesco Guidi, Giuseppina Madonia, Sohan Sarwar

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引用次数: 0

Will technological advancement affect Bitcoin trading and pricing? Evidence from BRC-20 tokens 技术进步会影响比特币的交易和定价吗？BRC-20代币的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-03-18 DOI: 10.1016/j.gfj.2025.101104

Ziwei Wang , Haijun Yang , Zhen Li

{"title":"Will technological advancement affect Bitcoin trading and pricing? Evidence from BRC-20 tokens","authors":"Ziwei Wang , Haijun Yang , Zhen Li","doi":"10.1016/j.gfj.2025.101104","DOIUrl":"10.1016/j.gfj.2025.101104","url":null,"abstract":"<div><div>We reveal how technological innovation impacts cryptocurrency network operations and market information structures, using BRC-20 tokens as an example. By collecting on-chain blockchain data and exchange data from March 2023 to March 2024, we find that the introduction of BRC-20 tokens significantly alters Bitcoin transaction activity, manifests as a decrease in unique addresses, increased per-unit transaction fees, and extended confirmation times. Furthermore, we expand the research framework for Bitcoin market price efficiency by identifying market information, public information, private information, and noise in the Bitcoin market. We show that introducing BRC-20 tokens increases the market information share while reducing dependence on public information, with almost no negative impact on the share of private information. Finally, we construct a “technological innovation, blockchain response, market adjustment” dynamic analysis framework to evaluate and reveal that the Bitcoin network has significant self-healing capabilities and can quickly digest the impact of new types of tokens after major technical upgrades such as ORDI listing, announcing and launching the BRC-20 swap, and the Ordinals Jubilee update. This research provides investors with empirical evidence of the Bitcoin network's self-healing capabilities, helping them more accurately assess the short and long-term impacts of technological shocks on the market, thereby formulating more effective investment strategies.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101104"},"PeriodicalIF":5.5,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143684574","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 social network connectedness affect acquirer merger performance around the world? 社交网络连接是否影响全球并购者的并购绩效？

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-03-17 DOI: 10.1016/j.gfj.2025.101105

Rwan El-Khatib , Dobrina Jandik , Tomas Jandik

引用次数: 0

Understanding drought shocks: Bank financial stability and loan performance 理解干旱冲击：银行财务稳定性和贷款绩效

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-03-04 DOI: 10.1016/j.gfj.2025.101100

S. Mehmet Özsoy, Mehdi Rasteh, Erkan Yönder

引用次数: 0

The impact of financial crises on industrial growth in the Middle East and North Africa 金融危机对中东和北非工业增长的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-03-04 DOI: 10.1016/j.gfj.2025.101101

Carlos Madeira

引用次数: 0

Intraday impact of macroeconomic and COVID-19 news on Latin American stock indexes 宏观经济和COVID-19新闻对拉丁美洲股指的盘中影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-03-03 DOI: 10.1016/j.gfj.2025.101103

Mohamed A. Ayadi, Walid Ben Omrane, Md Nafeesur R. Khan

引用次数: 0

“ESG disclosure and its impact on firm leverage: Moderating role of quality of financial reporting and financial constraints” ESG披露及其对公司杠杆的影响：财务报告质量和财务约束的调节作用

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-02-24 DOI: 10.1016/j.gfj.2025.101099

Neha Malik , Smita Kashiramka

{"title":"“ESG disclosure and its impact on firm leverage: Moderating role of quality of financial reporting and financial constraints”","authors":"Neha Malik , Smita Kashiramka","doi":"10.1016/j.gfj.2025.101099","DOIUrl":"10.1016/j.gfj.2025.101099","url":null,"abstract":"<div><div>This paper examines the impact of sustainable practices proxied by environment, social and governance (ESG) disclosures on accounting-based and market-based leverage ratios. Additionally, it explores the moderating effects of financial reporting quality (FRQ) and financial constraints (FC) on the ESG-leverage nexus. Leveraging data from 2700 non-financial firms across 16 emerging nations over 8 years from 2015 to 2022, the findings indicate that firms with higher ESG scores exhibit greater book and market leverage. This implies that ESG disclosures provide additional valuable information that reduces information asymmetry and aligns with lenders' expectations. The positive association between ESG and leverage is more pronounced for firms with lower FRQ and those facing higher FC. Findings are robust to different sensitivity tests, including lagged regressions to mitigate reverse causality, 2SLS and system GMM regression to address endogeneity concerns, and tests with alternate variables, samples and time periods. These findings offer valuable insights for policymakers, managers, lenders and investors, guiding policy development, corporate strategy and investment decisions. Overall, this paper highlights the crucial role of ESG and high-quality financial reporting in shaping the capital structure dynamics of firms in emerging markets.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101099"},"PeriodicalIF":5.5,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143508394","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 stock liquidity matter for corporate cash holdings? Insights from a transition economy 股票流动性对公司现金持有量有影响吗？转型经济的启示

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-02-24 DOI: 10.1016/j.gfj.2025.101102

Thi Huong Giang Vuong , Van Phuc Nguyen , Huu Manh Nguyen

{"title":"Does stock liquidity matter for corporate cash holdings? Insights from a transition economy","authors":"Thi Huong Giang Vuong , Van Phuc Nguyen , Huu Manh Nguyen","doi":"10.1016/j.gfj.2025.101102","DOIUrl":"10.1016/j.gfj.2025.101102","url":null,"abstract":"<div><div>This research examined the impact of corporate stock liquidity on cash holdings in Vietnam, spanning 2010 to 2020. Our results reveal that higher stock liquidity engenders lower corporate cash holdings. This effect holds after using diverse measurements of stock liquidity and econometric techniques for endogeneity. Most strikingly, we leveraged an exogenous shock to stock liquidity resulting from a variety of Vietnamese legal adjustments in the fields of finance, accounting, and investment in 2015. Our primary results diverge from preceding findings in developed markets and support the conventional notion that corporate managers tend to reduce cash holdings when they forecast that there is a reduction in external financing costs due to increased stock liquidity. Deeper analyses disclose that the stock liquidity–cash holdings nexus is substantially dominated by firm attributes, namely the firm investment degrees and cash dividend paid levels. Notably, industrial manufacturing firms with high stock liquidity have been less precautionary in cash storage management from 2015 onwards. Furthermore, our findings reveal the modulating role of large foreign block-holders on the stock liquidity–corporate cash holdings relationship from 2015 onwards. In a nutshell, our paper offers valuable insights into the association of stock liquidity and corporate cash holdings in the unique context of a transition economy.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"65 ","pages":"Article 101102"},"PeriodicalIF":5.5,"publicationDate":"2025-02-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143534845","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