Global Finance Journal最新文献_第9页

Risk management disclosure and risk premia of commercial banks in china: evidence from global systemic importance assessment indicators 中国商业银行风险管理披露与风险溢价：来自全球系统重要性评估指标的证据

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-01 Epub Date: 2025-06-06 DOI: 10.1016/j.gfj.2025.101143

Yonghai Wang, Gaomiao Wang

{"title":"Risk management disclosure and risk premia of commercial banks in china: evidence from global systemic importance assessment indicators","authors":"Yonghai Wang, Gaomiao Wang","doi":"10.1016/j.gfj.2025.101143","DOIUrl":"10.1016/j.gfj.2025.101143","url":null,"abstract":"<div><div>This study examines how risk premia change in response to the disclosure of global systemic importance assessment indicators by commercial banks. We use both market-based and firm-level rational pricing perspectives from listed Chinese commercial banks from 2007 to 2022. The study constructs measure of market and firm-specific risk premia based on the capital asset pricing model. The results show that the disclosure of assessment indicators significantly reduces both types of risk premia. Mechanism analyses reveal that disclosure lowers the market risk premium by improving the information environment and reduces the firm-specific risk premium by limiting managerial incentives for excessive risk-taking. Heterogeneity analyses indicate that banks operating under higher economic policy uncertainty or in regions with greater financial marketization exhibit a more pronounced decline in market risk premia. Similarly, banks with stronger internal controls or higher leverage ratios experience a more substantial reduction in firm-specific risk premia. These findings offer valuable evidence to support enhanced disclosure regulations for commercial banks.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101143"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144231276","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

Navigating ESG rating divergence: Implications for labor investment efficiency and firm adaptation strategy 引导ESG评级差异：对劳动投资效率和企业适应策略的影响

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-01 Epub Date: 2025-06-06 DOI: 10.1016/j.gfj.2025.101141

Liangpeng Wu , Yujing Tang , Lei Meng , Qingyuan Zhu , Dequn Zhou

{"title":"Navigating ESG rating divergence: Implications for labor investment efficiency and firm adaptation strategy","authors":"Liangpeng Wu , Yujing Tang , Lei Meng , Qingyuan Zhu , Dequn Zhou","doi":"10.1016/j.gfj.2025.101141","DOIUrl":"10.1016/j.gfj.2025.101141","url":null,"abstract":"<div><div>In today's business environment, information asymmetry significantly impedes improvements in corporate labor investment efficiency (LIE), whereas high-quality environmental, social, and governance (ESG) disclosures are widely regarded as an effective means to reduce this issue. However, the rapid expansion of ESG rating agencies has led to considerable discrepancies in ESG evaluations, with the same firm often receiving divergent scores, even on identical indicators, from different agencies. The consequences of such inconsistencies remain underexplored. This study examines the effects of ESG rating divergence (ESGRD) on LIE, as well as the adaptive strategies firms adopt in response. We employ a double machine learning model using ESG ratings from six leading agencies, combined with panel data from Chinese A-share listed companies spanning 2003 to 2021. Our findings indicate that ESGRD has a significant short-term positive effect on LIE. In response, firms tend to increase their debt levels as a short-term coping strategy rather than reduce their workforce. Specifically, for every 1 % increase in ESGRD, firms in the 75–100th percentile range increase their liabilities by approximately 76,800 yuan, whereas those in the 50–75th percentile range increase liabilities by about 31,100 yuan. Moreover, the impact of ESGRD on LIE exhibits substantial heterogeneity across firms with different characteristics.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"67 ","pages":"Article 101141"},"PeriodicalIF":5.5,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144253776","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

Corporate environmental responsibility and financial constraints for unlisted SMEs 企业环境责任与非上市中小企业的财务约束

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-09-01 Epub Date: 2025-08-25 DOI: 10.1016/j.gfj.2025.101176

Barkat Ullah

引用次数: 0

Mean-variance optimization and the cross-section of stock returns 均方差优化与股票收益的横截面

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-06-01 Epub Date: 2025-05-27 DOI: 10.1016/j.gfj.2025.101130

Vaibhav Lalwani

引用次数: 0

ESG rating disagreement and the cost of equity capital ESG评级分歧与权益资本成本

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-06-01 Epub 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 , Sujie Li , Jingyi Tong , 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":"2025-06-01","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 : 2025-06-01 Epub Date: 2025-05-05 DOI: 10.1016/j.gfj.2025.101121

Isaac Marcelin , Wei Sun

引用次数: 0

Institutions and the sovereign-bank nexus in the MENA 中东和北非地区的机构和主权银行关系

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-06-01 Epub Date: 2025-05-20 DOI: 10.1016/j.gfj.2025.101129

Mohamad Faour, Khaled Saad

{"title":"Institutions and the sovereign-bank nexus in the MENA","authors":"Mohamad Faour, Khaled Saad","doi":"10.1016/j.gfj.2025.101129","DOIUrl":"10.1016/j.gfj.2025.101129","url":null,"abstract":"<div><div>We examine the role of country-level institutional quality in influencing the interlinkages between sovereign debt and domestic banks, commonly referred to as the sovereign-bank nexus, in the MENA region. Using a panel of 13 MENA countries, we find that stronger institutional quality reduces reliance on domestic banks for sovereign debt. Stronger rule of law, regulatory quality, and control of corruption have the most significant effects in reducing domestic bank holdings of sovereign debt. Consistent with substitution between foreign and domestic creditors, we find that stronger institutional quality is associated with higher holdings of sovereign debt by foreign creditors, and lower holdings by domestic central banks. We also show that stronger institutional quality reduces domestic bank balance sheet exposures to sovereign debt. Our findings remain robust after addressing potential endogeneity concerns using a two-stage least squares (2SLS) approach using <span><span>Lewbel (2012)</span></span> instruments. Extending our analysis to a broader sample of 96 countries, our results continue to hold, with the impact of institutional quality being more pronounced in the MENA region. Our results highlight the critical role of institutional quality in mitigating the sovereign-bank nexus and enhancing financial stability in the MENA region.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101129"},"PeriodicalIF":5.5,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144154691","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

Beyond the headlines: Sentiment divergence and financial distress 在头条新闻之外：情绪分歧和金融困境

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-06-01 Epub Date: 2025-05-20 DOI: 10.1016/j.gfj.2025.101126

John Garcia

{"title":"Beyond the headlines: Sentiment divergence and financial distress","authors":"John Garcia","doi":"10.1016/j.gfj.2025.101126","DOIUrl":"10.1016/j.gfj.2025.101126","url":null,"abstract":"<div><div>In the age of social media, corporate financial health is increasingly influenced by diverse and often conflicting information signals from social media and traditional news sources. This study introduces sentiment divergence, the difference in sentiment expressed on social media (X, formerly Twitter) versus traditional news media, as a novel predictor of financial distress. Analyzing 1823 U.S. firms from the first quarter of 2015 to the first quarter of 2021, the results reveal that a one standard deviation increase in sentiment divergence decreases the one-year probability of default by 7-basis points, supporting theories that diverse information enhances market efficiency. Conversely, a one standard deviation increase in the volatility of this divergence increases the default probability by 46-basis points, highlighting the destabilizing influence of fluctuating sentiment, consistent with noise trading theories. Furthermore, heightened institutional investor attention dramatically amplifies financial distress, as a one standard deviation increase in institutional investor attention increases the likelihood of default by 869-basis points, underscoring how herding behavior and informational cascades can amplify financial distress. This study contributes to behavioral finance by demonstrating the complex interplay between information diversity, sentiment volatility, and investor behavior in shaping corporate financial outcomes, offering crucial implications for investors, managers, and regulators.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"66 ","pages":"Article 101126"},"PeriodicalIF":5.5,"publicationDate":"2025-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124609","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 : 2025-06-01 Epub Date: 2025-04-23 DOI: 10.1016/j.gfj.2025.101113

Yulin Li , John K. Wald , Zijun Wang

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 : 2025-06-01 Epub Date: 2025-05-15 DOI: 10.1016/j.gfj.2025.101124

Nannan Ban , Xinxin Che , Thomas Walker , Yunfei Zhao

引用次数: 0