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Non-profit minority institutional shareholder and corporate external guarantee 非营利性少数机构股东与企业外部担保
IF 4 3区 经济学
Journal of Multinational Financial Management Pub Date : 2025-12-01 Epub Date: 2025-11-04 DOI: 10.1016/j.mulfin.2025.100931
Xiaoyi Ren
{"title":"Non-profit minority institutional shareholder and corporate external guarantee","authors":"Xiaoyi Ren","doi":"10.1016/j.mulfin.2025.100931","DOIUrl":"10.1016/j.mulfin.2025.100931","url":null,"abstract":"<div><div>This study investigates the impact of the China Securities Investor Services Center (CSISC)—a non-profit minority shareholder organization innovatively established by Chinese regulatory authorities—on corporate external guarantees, assessing its effectiveness in protecting minority shareholders. The results show that CSISC shareholding significantly reduces guarantees to non-subsidiaries, while its effect on guarantees to subsidiaries is not significant. The reduction is stronger in firms with higher leverage and lower profitability and is concentrated in related-party guarantees, indicating that CSISC shareholding mitigates riskier external guarantee practices. Channel tests reveal that this effect operates through both governance effect and a demonstration-guided effect. Further analysis indicates that the impact is more pronounced in firms audited by top-ten accounting firms and in regions with stronger legal standards.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"80 ","pages":"Article 100931"},"PeriodicalIF":4.0,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145465492","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Geopolitical risk and ownership sought in outbound cross-border acquisitions: Evidence from G7 countries 地缘政治风险与对外跨境收购的所有权：来自G7国家的证据
IF 4 3区 经济学
Journal of Multinational Financial Management Pub Date : 2025-12-01 Epub Date: 2025-11-16 DOI: 10.1016/j.mulfin.2025.100933
Wenjun Xue , Qiaotong Wu , Xin Zhang , Xiao Li
{"title":"Geopolitical risk and ownership sought in outbound cross-border acquisitions: Evidence from G7 countries","authors":"Wenjun Xue ,&nbsp;Qiaotong Wu ,&nbsp;Xin Zhang ,&nbsp;Xiao Li","doi":"10.1016/j.mulfin.2025.100933","DOIUrl":"10.1016/j.mulfin.2025.100933","url":null,"abstract":"<div><div>This study examines how geopolitical risk in the acquirer country affects the ownership sought in the outbound cross-border acquisitions. Using data from G7 countries over a period from 1991 to 2020, we find strong evidence that higher geopolitical risk in the acquirer country leads firms to seek higher ownership in cross-border acquisitions. This effect becomes stronger when the acquirer countries have better institutional quality. Furthermore, geopolitical uncertainty possesses a distinct nature from economic and political uncertainty (Cao et al., 2019). Finally, our findings survive a wide range of robustness tests.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"80 ","pages":"Article 100933"},"PeriodicalIF":4.0,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145578760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 COVID-19 pandemic, ownership structure, and firm performance: New evidence from Vietnamese listed firms 2019冠状病毒病大流行、股权结构与企业绩效：来自越南上市公司的新证据
IF 4 3区 经济学
Journal of Multinational Financial Management Pub Date : 2025-12-01 Epub Date: 2025-11-15 DOI: 10.1016/j.mulfin.2025.100934
Cuong Sy Vu , Quang Anh Nguyen , Hoa Thi Thanh Pham
{"title":"The COVID-19 pandemic, ownership structure, and firm performance: New evidence from Vietnamese listed firms","authors":"Cuong Sy Vu ,&nbsp;Quang Anh Nguyen ,&nbsp;Hoa Thi Thanh Pham","doi":"10.1016/j.mulfin.2025.100934","DOIUrl":"10.1016/j.mulfin.2025.100934","url":null,"abstract":"<div><div>This paper examines the impact of the COVID-19 pandemic on firm performance, emphasizing the moderating role of ownership structure among non-financial enterprises in Vietnam. Utilizing quarterly data spanning from 2010 to 2023, we analyze the responses of state-owned enterprises (SOEs) and foreign-owned enterprises (FOEs) to the economic disruptions induced by the pandemic. Employing a Difference-in-Differences analytical approach, our empirical findings reveal a significant negative effect of the COVID-19 pandemic on firm performance, as measured by return on assets (ROA). The adverse impact is particularly pronounced among SOEs, indicating their limited capacity to adapt swiftly to economic shocks. In contrast, FOEs demonstrate greater resilience, likely attributable to their stronger access to international markets, providing a buffer against pandemic-induced disruptions. These results highlight the critical importance of ownership structure in shaping firm resilience and performance during economic crises.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"80 ","pages":"Article 100934"},"PeriodicalIF":4.0,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145578759","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Reputational risk and corporate carbon emissions reduction around the world: The democratic advantage 全球声誉风险与企业碳减排：民主优势
IF 4 3区 经济学
Journal of Multinational Financial Management Pub Date : 2025-12-01 Epub Date: 2025-11-10 DOI: 10.1016/j.mulfin.2025.100932
Anh-Tuan Le, Thao Phuong Tran, Tran Dieu Tu Le
{"title":"Reputational risk and corporate carbon emissions reduction around the world: The democratic advantage","authors":"Anh-Tuan Le,&nbsp;Thao Phuong Tran,&nbsp;Tran Dieu Tu Le","doi":"10.1016/j.mulfin.2025.100932","DOIUrl":"10.1016/j.mulfin.2025.100932","url":null,"abstract":"<div><div>This paper examines how institutional democracy influences corporate carbon emissions using data from 10,427 firms across 53 countries between 2002 and 2021. The findings indicate that higher levels of democracy are associated with lower emissions, particularly in developed countries and after the Paris Agreement. Environmental, social, and governance (ESG) reputational risk may serve as a mechanism underlying this relationship. Moreover, the effect is more pronounced in countries with stronger regulatory enforcement, captured by environmental policy stringency and rule of law, or in those with more developed capital markets. The results are robust to endogeneity concerns, holding under alternative measures of carbon emissions, two-stage generalized method of moments (GMM) estimation, and an instrumental variable approach. Overall, the study provides valuable insights for policymakers and businesses, offering practical implications and contributing to a broader understanding of the institutional determinants of corporate environmental performance.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"80 ","pages":"Article 100932"},"PeriodicalIF":4.0,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145525597","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Is connectedness between commodity volatility indices and G-7 stock market returns the same across return quantiles? 大宗商品波动性指数与七国集团（g7）股市回报率之间的连通性在各个回报率分位数之间是否相同？
IF 4 3区 经济学
Journal of Multinational Financial Management Pub Date : 2025-09-01 Epub Date: 2025-08-07 DOI: 10.1016/j.mulfin.2025.100921
Waqas Hanif , Rim El Khoury , Sinda Hadhri
{"title":"Is connectedness between commodity volatility indices and G-7 stock market returns the same across return quantiles?","authors":"Waqas Hanif ,&nbsp;Rim El Khoury ,&nbsp;Sinda Hadhri","doi":"10.1016/j.mulfin.2025.100921","DOIUrl":"10.1016/j.mulfin.2025.100921","url":null,"abstract":"<div><div>This study examines the connectedness and spillover effects among G7 stock markets, oil and gold volatilities from January 1, 2017, to June 16, 2022. By employing an in-quantile spillover approach, the study contributes to the existing literature by providing a comprehensive analysis of the linkages between these markets. The findings reveal that spillover effects are highly dynamic and vary significantly across different quantiles of the return distribution. During periods of market turbulence—such as the Covid-19 pandemic, trade tensions, and geopolitical conflicts—spillover intensity increases, indicating heightened market interdependence. The Japanese stock market and Gold volatility index (GVX) consistently act as net recipients of shocks, whereas the stock markets of Canada, France, Germany, Italy, the UK, and the USA serve as net transmitters. While long-term diversification opportunities appear limited, gold and oil exhibit effective hedging properties for short-term investors across various market conditions. From a policy perspective, these findings underscore the importance of monitoring market interdependencies, particularly during crisis periods. Policymakers should implement coordinated strategies to mitigate systemic risks in financial markets, especially in times of heightened uncertainty. Investors should consider short-term hedging strategies using gold and oil to minimize risk exposure during market downturns. Furthermore, financial regulators in G7 countries should enhance surveillance mechanisms to preempt excessive spillovers that may threaten financial stability.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"79 ","pages":"Article 100921"},"PeriodicalIF":4.0,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144852243","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Central bank swap arrangements, exchange rate volatility, and China’s exports 央行互换安排、汇率波动和中国出口
IF 2.9 3区 经济学
Journal of Multinational Financial Management Pub Date : 2025-09-01 Epub Date: 2025-06-06 DOI: 10.1016/j.mulfin.2025.100915
Zhuqing Liu , Junmei Zhang
{"title":"Central bank swap arrangements, exchange rate volatility, and China’s exports","authors":"Zhuqing Liu ,&nbsp;Junmei Zhang","doi":"10.1016/j.mulfin.2025.100915","DOIUrl":"10.1016/j.mulfin.2025.100915","url":null,"abstract":"<div><div>This paper investigates the impact of bilateral currency swap arrangements (BSAs) implemented by the People's Bank of China (PBoC) on China’s export from the perspective of stabilizing exchange rate volatility, utilizing annual trade data from 2009 to 2019. We find a significant positive effect of BSAs on China’s exports to the countries that have signed BSAs by stabilizing bilateral exchange rate volatility. The PBoC’S BSAs can reduce currency exchange costs, accelerate the RMB internationalization and enhance international market confidence in the RMB. The heterogeneity analysis further demonstrates stronger treatment effects among: (1) non-Belt and Road Initiative participants, (2) APEC member states, (3) developing economies, and (4) countries without a floating exchange rate regime.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"79 ","pages":"Article 100915"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144272097","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Economic freedom and market resilience: Safeguarding liquidity in times of crisis 经济自由和市场弹性：在危机时期保障流动性
IF 2.9 3区 经济学
Journal of Multinational Financial Management Pub Date : 2025-09-01 Epub Date: 2025-06-21 DOI: 10.1016/j.mulfin.2025.100918
Hyun Joung Jin , Jang-Chul Kim , Qing Su
{"title":"Economic freedom and market resilience: Safeguarding liquidity in times of crisis","authors":"Hyun Joung Jin ,&nbsp;Jang-Chul Kim ,&nbsp;Qing Su","doi":"10.1016/j.mulfin.2025.100918","DOIUrl":"10.1016/j.mulfin.2025.100918","url":null,"abstract":"<div><div>This study examines the link between the liquidity of non-U.S. stocks listed on the NYSE and the economic freedom of their home countries, with a particular focus on the COVID-19 pandemic. The key hypothesis suggests that greater economic freedom enhances stock liquidity by reducing information asymmetry and transaction costs. The findings confirm that stocks from countries with higher economic freedom exhibit narrower bid-ask spreads, lower price impacts, and reduced information-based trading, indicating improved market efficiency. Additionally, the study finds that economic freedom played a crucial role in maintaining liquidity and market stability during the pandemic. Countries with stronger financial, investment, and trade freedom experienced smaller declines in liquidity, suggesting that regulatory flexibility and transparent financial systems helped mitigate the effects of external shocks. These results highlight the importance of economic freedom in fostering resilient financial markets and reducing market disruptions during crises. The study provides practical implications for policymakers, investors, and financial institutions by emphasizing the need to promote economic freedom through transparent regulations, investor protections, and efficient market structures. Ultimately, the research supports the idea that higher economic freedom not only enhances financial market efficiency in normal conditions but also acts as a stabilizing force in times of economic uncertainty and global crises.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"79 ","pages":"Article 100918"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144365566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Exploring the role of crude oil futures in portfolio diversification 探讨原油期货在投资组合多元化中的作用
IF 2.9 3区 经济学
Journal of Multinational Financial Management Pub Date : 2025-09-01 Epub Date: 2025-06-11 DOI: 10.1016/j.mulfin.2025.100917
Ching-Chi Hsu , Wei-Che Tsai
{"title":"Exploring the role of crude oil futures in portfolio diversification","authors":"Ching-Chi Hsu ,&nbsp;Wei-Che Tsai","doi":"10.1016/j.mulfin.2025.100917","DOIUrl":"10.1016/j.mulfin.2025.100917","url":null,"abstract":"<div><div>This study explores the potential diversification benefits of including crude oil futures in global portfolios. For this purpose, we assess the relationship between crude oil futures and international stock markets across different timeframes using static network connectedness and wavelet coherency analyses. The results show that crude oil exerts a significant influence on stock markets, particularly over the 128–256 day horizon, with this effect intensifying during epidemic periods. Our wavelet-based covariance analysis guides the calculation of optimal portfolio weights, revealing that these strategies outperform equal-weighted portfolios over longer horizons. Furthermore, crude oil futures receive higher allocations during periods of low market interdependence, offering valuable insights for risk minimization and dynamic portfolio management.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"79 ","pages":"Article 100917"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144321760","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 bank entry and corporate emissions: Evidence from staggered deregulations in China 外资银行进入和企业排放：来自中国交错放松监管的证据
IF 2.9 3区 经济学
Journal of Multinational Financial Management Pub Date : 2025-09-01 Epub Date: 2025-06-23 DOI: 10.1016/j.mulfin.2025.100919
William Mbanyele , Hongyun Huang , Ying Liu , Xinwei Qu
{"title":"Foreign bank entry and corporate emissions: Evidence from staggered deregulations in China","authors":"William Mbanyele ,&nbsp;Hongyun Huang ,&nbsp;Ying Liu ,&nbsp;Xinwei Qu","doi":"10.1016/j.mulfin.2025.100919","DOIUrl":"10.1016/j.mulfin.2025.100919","url":null,"abstract":"<div><div>In this study, we estimate the impact of staggered foreign bank entry deregulation in China on corporate emissions. We find that firms significantly reduce their emissions following the entry of foreign banks. This impact is more concentrated in financially constrained and bank dependent firms, as well as firms with severe ex-ante agency costs. Firms exposed to high environmental litigation risk, facing less local economic pressure to meet growth targets and located in areas with lower ex-ante banking competition also show a significant reduction in emissions post-foreign bank entry deregulation. Moreover, our investigation shows that foreign bank entry contributes to corporate emissions reduction through the adoption of pollution abatement equipment and green technologies. Overall, we uncover new evidence on the impact of foreign bank entry on social welfare outcomes, thereby expanding our understanding of the role of financial market openness in moving toward a low-carbon economy.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"79 ","pages":"Article 100919"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144510944","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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
Green bonds: Catalyst or constraint for corporate green investment efficiency? 绿色债券：企业绿色投资效率的催化剂还是制约因素？
IF 2.9 3区 经济学
Journal of Multinational Financial Management Pub Date : 2025-09-01 Epub Date: 2025-07-15 DOI: 10.1016/j.mulfin.2025.100920
Xinkuo Xu, Chenxi Zhang, Lizhengbo Yang
{"title":"Green bonds: Catalyst or constraint for corporate green investment efficiency?","authors":"Xinkuo Xu,&nbsp;Chenxi Zhang,&nbsp;Lizhengbo Yang","doi":"10.1016/j.mulfin.2025.100920","DOIUrl":"10.1016/j.mulfin.2025.100920","url":null,"abstract":"<div><div>Green bonds have emerged as a critical external financing channel for corporate green investments. However, focusing solely on the scale of investment without considering efficiency provides an incomplete understanding of the role of such bonds. This paper investigates the impact of green bonds on green investment efficiency (GIE) using the DEA-Malmquist model, incorporating undesirable outputs. It also explores the influencing factors and mechanisms underlying this relationship. The key findings include the following: (1) Green bonds enhance GIE primarily through improved technical efficiency rather than technological progress. The scale of green bonds has an inverted U-shape relationship with GIE. (2) The effect is more pronounced in firms with low agency costs, firms with limited government subsidies, state-owned enterprises, and firms in heavily polluting industries. (3) Green bonds contribute to GIE by bridging the gaps in internal green governance and amplifying external pressures, such as media attention. (4) A lag effect is observed, with benefits for pollution reduction and the efficiency of green technological innovation manifesting over time. These findings provide valuable insights into the role of green bonds, offering a dual perspective on their economic and environmental impacts while guiding policies and practices for sustainable corporate development.</div></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"79 ","pages":"Article 100920"},"PeriodicalIF":2.9,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144663351","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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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