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Home country environment and the downside risk implications of multinationality: Empirical evidence from Chinese SMEs 母国环境与跨国经营的下行风险影响——来自中国中小企业的经验证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-09-01 DOI: 10.1016/j.mulfin.2023.100810
Chao Zhou
{"title":"Home country environment and the downside risk implications of multinationality: Empirical evidence from Chinese SMEs","authors":"Chao Zhou","doi":"10.1016/j.mulfin.2023.100810","DOIUrl":"10.1016/j.mulfin.2023.100810","url":null,"abstract":"<div><p>According to real options<span> theory, a global network built through multinational investments endows a firm with a series of options for future development. These options can enhance a firm’s operational flexibility, reducing its downside risk. This study aims to investigate the home country conditions necessary to achieve multinationality’s downside risk effect in Chinese small and medium-sized enterprises (SMEs). Using data from Chinese manufacturing SMEs from 2003 to 2021 and a Tobit regression model, this study finds that multinationality can significantly reduce the downside risk of Chinese SMEs. Moreover, the degree of home country economic openness and financial development can significantly enhance multinationality’s negative effect on downside risk. Further analysis suggests that the moderating effects of the home country environment are more prominent for state-owned firms than for privately-owned firms. Our findings emphasize the important role of a home country environment in achieving the value of multinationality’s flexibility.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"69 ","pages":"Article 100810"},"PeriodicalIF":4.2,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48311926","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: 3
The sources of economic uncertainty: Evidence from eurozone markets 经济不确定性的来源:来自欧元区市场的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-09-01 DOI: 10.1016/j.mulfin.2023.100811
Konstantina Liosi
{"title":"The sources of economic uncertainty: Evidence from eurozone markets","authors":"Konstantina Liosi","doi":"10.1016/j.mulfin.2023.100811","DOIUrl":"10.1016/j.mulfin.2023.100811","url":null,"abstract":"<div><p><span>This study examines the sources of economic uncertainty in Euro Area countries with a special focus on the effects of the ECB’s monetary policy<span> on economic uncertainty, for the period between 2001 and 2020. The contribution of the research lies (a) on the employment of an uncertainty factor that combines information from different uncertainty variables, rather than just one as in many previous studies, (b) on the fact that we obtain our results with the employment of a significant number of variables that consist a large data set which offers a great amount of information and (c) the examination of the behavior of Core and Peripheral Eurozone countries, since many studies indicate that their reaction to economic shocks may be different. We examine a sample of four Core and four Peripheral Eurozone Countries and employ for each country and for panel data a Factor-Augmented Vector Autoregression framework (FAVAR) with six different factors (real activity, </span></span>inflation<span>, interest rates, monetary policy, financial market and uncertainty). The results indicate that real activity and financial markets are important contributors to economic uncertainty, especially for the Core Eurozone countries, while for the Peripheral countries the uncertainty factor itself seems to contribute to its own level; in addition, our results indicate that periods of high uncertainty tend to be followed by periods of low uncertainty.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"69 ","pages":"Article 100811"},"PeriodicalIF":4.2,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42356181","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: 1
The extreme risk connectedness of the global financial system: G7 and BRICS evidence 全球金融体系的极端风险关联性:G7和金砖国家的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-09-01 DOI: 10.1016/j.mulfin.2023.100812
Ning Chen , Shaofang Li, Shuai Lu
{"title":"The extreme risk connectedness of the global financial system: G7 and BRICS evidence","authors":"Ning Chen ,&nbsp;Shaofang Li,&nbsp;Shuai Lu","doi":"10.1016/j.mulfin.2023.100812","DOIUrl":"10.1016/j.mulfin.2023.100812","url":null,"abstract":"<div><p><span>Using daily money, stock, bond, foreign exchange, and credit markets data in the G7 and BRICS between 2006 and 2022, this paper investigates the extreme risk interconnectedness across countries and markets. Specifically, we propose a multilayer nonlinear extreme risk spillover<span><span> network based on the CAViaR model and nonlinear Granger causality test to capture extreme risk spillovers across and within layers from static and dynamic perspectives, respectively. We find that the extreme risks of the </span>G7 countries are higher than those of the </span></span>BRICS countries<span>. Simultaneously, extreme risks in the stock and foreign exchange markets are significantly higher than those in other markets. The stock market tends to be the net emitter of extreme risks, and the bond and credit markets tend to be the net recipients. During special event periods, BRICS countries (except Russia) tend to be net recipients of extreme risks. Our study provides new evidence on the interconnectedness of extreme risk across markets and countries, which has several practical implications for managing financial risks and maintaining the financial system’s stability.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"69 ","pages":"Article 100812"},"PeriodicalIF":4.2,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46340410","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
Do financial and governmental institutions play a mediating role in the spillover effects of FDI? 金融和政府机构在外国直接投资的溢出效应中是否发挥了中介作用？
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-09-01 DOI: 10.1016/j.mulfin.2023.100809
Hyun-Jung Nam , Jeongseok Bang , Doojin Ryu
{"title":"Do financial and governmental institutions play a mediating role in the spillover effects of FDI?","authors":"Hyun-Jung Nam ,&nbsp;Jeongseok Bang ,&nbsp;Doojin Ryu","doi":"10.1016/j.mulfin.2023.100809","DOIUrl":"https://doi.org/10.1016/j.mulfin.2023.100809","url":null,"abstract":"<div><p>We investigate the effects of foreign direct investment (FDI) on technological change in the Association of South East Asian Nations member countries. Our analysis underscores the pivotal roles that financial and governmental institutions play as mediators in the relationship between FDI and technological change. Our empirical results based on the 25 years panel dataset from 1996 to 2020 reveal that the rule of law, one of the sub-indicators of the Worldwide Governance Indicators, has a significant mediating effect in this relationship. Though financial institutions<span> play a mediating role, FDI negatively affects financial institutions and positively affects technological change, meaning the suppression effect. To maximize FDI’s spillover effects, governments should facilitate the effective functioning of the rule of law and develop strategies to alleviate financing restrictions, which might hamper FDI.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"69 ","pages":"Article 100809"},"PeriodicalIF":4.2,"publicationDate":"2023-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50197530","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
Does performance-chasing behavior matter? International evidence 追求业绩的行为重要吗?国际证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI: 10.1016/j.mulfin.2023.100799
Jennifer Eunkyeong Lee , Hoon Cho , Doojin Ryu , Sangik Seok
{"title":"Does performance-chasing behavior matter? International evidence","authors":"Jennifer Eunkyeong Lee ,&nbsp;Hoon Cho ,&nbsp;Doojin Ryu ,&nbsp;Sangik Seok","doi":"10.1016/j.mulfin.2023.100799","DOIUrl":"10.1016/j.mulfin.2023.100799","url":null,"abstract":"<div><p>We use funds of hedge funds data from more than 40 countries to analyze how investors’ performance-chasing behaviors affect subsequent fund performance. Fund performance improves when investors are sensitive to past performance. Higher flow-performance sensitivity (FPS) leads to better subsequent performance. A one-standard-deviation increase in FPS is associated with an increase of around 1% per annum in subsequent performance. The positive effect is stronger when fund flows are less affected by market uncertainty, when funds are less prone to decreasing returns to scale, and when funds have shorter share restriction periods. This positive effect varies across regions, and it is most significant in low individualistic countries, suggesting that investors in low individualistic countries can influence fund performance through their response to past performance.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"68 ","pages":"Article 100799"},"PeriodicalIF":4.2,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42556736","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
Do politically connected directors play an information role under policy uncertainty? 在政策不确定的情况下，有政治关系的董事是否扮演着信息角色？
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI: 10.1016/j.mulfin.2023.100787
Bunyamin Onal
{"title":"Do politically connected directors play an information role under policy uncertainty?","authors":"Bunyamin Onal","doi":"10.1016/j.mulfin.2023.100787","DOIUrl":"10.1016/j.mulfin.2023.100787","url":null,"abstract":"<div><p>We examine whether politically connected directors (PCDs) play an information role in corporate investments in periods of uncertainty about government policy (PU). Our identification strategy relies on a 2013 ruling in China which mandated eviction of PCDs from corporate boards. Using difference-in-differences estimation around the ruling, we find that PU is less disruptive to capital expenditures and acquisitions in the presence of PCDs and this benefit dissipates in their absence. Managers also pay closer attention to stock price signals after their firms get politically disconnected. Thus, we conclude that political connections provide informational benefits that facilitate corporate investments under PU.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"68 ","pages":"Article 100787"},"PeriodicalIF":4.2,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43112982","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: 1
International transmission of exchange rate volatility: Evidence from FIEs’ investments in China 汇率波动的国际传导：外资企业在华投资的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI: 10.1016/j.mulfin.2023.100797
Yanke Dai , Baoxin Li , Yangfei Xu
{"title":"International transmission of exchange rate volatility: Evidence from FIEs’ investments in China","authors":"Yanke Dai ,&nbsp;Baoxin Li ,&nbsp;Yangfei Xu","doi":"10.1016/j.mulfin.2023.100797","DOIUrl":"10.1016/j.mulfin.2023.100797","url":null,"abstract":"<div><p><span>This paper studies the cross-border transmission of exchange rate volatility through foreign-invested enterprises (FIEs)’ investments. We find that exchange rate volatility in FIEs’ home countries reduces the investments made by FIEs, which is exacerbated in </span>industries<span> with greater external finance dependence. We further confirm that the reduction in investment is due to a decrease in financial support from FIEs’ parent enterprises. By comparing FIEs whose parents are located in countries with different levels of financial development and in sectors with different levels of investment irreversibility, we test two potential channels of transmission, namely, the uncertainty channel and the financing channel. We also attempt to test the potential indirect impact on local firms through the production network.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"68 ","pages":"Article 100797"},"PeriodicalIF":4.2,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41796387","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
International knowledge transfers and capital structure of multinational affiliates: Evidence from expatriate managers as the transfer agents 国际知识转移与跨国公司的资本结构：来自作为转移代理人的外籍经理的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI: 10.1016/j.mulfin.2023.100801
Youngho Kang , Ryoonhee Kim , Unjung Whang
{"title":"International knowledge transfers and capital structure of multinational affiliates: Evidence from expatriate managers as the transfer agents","authors":"Youngho Kang ,&nbsp;Ryoonhee Kim ,&nbsp;Unjung Whang","doi":"10.1016/j.mulfin.2023.100801","DOIUrl":"10.1016/j.mulfin.2023.100801","url":null,"abstract":"<div><p><span>This study investigates how knowledge transfers within multinational corporations affect the financing decisions of foreign affiliates using a unique dataset on Korean multinationals and their foreign affiliates’ employment structure. We document that affiliates with more expatriate managers tend to maintain lower financial leverage, suggesting that the greater number of expatriate managers facilitate knowledge transfer and increase risk of affiliates. We further show that the negative relation between expatriate managers on affiliate leverage is more pronounced when parents or affiliates own greater intangible assets and host countries have fewer knowledge assets in place. The </span>instrumental variable estimation also confirms the negative relation.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"68 ","pages":"Article 100801"},"PeriodicalIF":4.2,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47473895","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: 1
Dynamic connectedness between credit and liquidity risks in euro area sovereign debt markets 欧元区主权债务市场信用风险与流动性风险的动态关联性
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI: 10.1016/j.mulfin.2023.100800
Marta Gómez-Puig , Mary Pieterse-Bloem , Simón Sosvilla-Rivero
{"title":"Dynamic connectedness between credit and liquidity risks in euro area sovereign debt markets","authors":"Marta Gómez-Puig ,&nbsp;Mary Pieterse-Bloem ,&nbsp;Simón Sosvilla-Rivero","doi":"10.1016/j.mulfin.2023.100800","DOIUrl":"10.1016/j.mulfin.2023.100800","url":null,"abstract":"<div><p>We examine the dynamic interconnections between sovereign credit and liquidity risks in ten euro area countries at the 5-year maturity with daily CDS data from IHS Markit and high-frequency data from MTS between 2008 and 2018 using the extended TVP-VAR connectedness approach of Antonakakis <em>et al.</em> (2020). We find that, for most of the period, net connectedness is from credit risk to liquidity risk, but this indicator is time-dependent, detecting some episodes where it goes from liquidity risk to credit risk. We set up an event study and discover that most of the latter episodes can be related to several unconventional monetary policy measures of the ECB. Then, we examine the drivers of the connectedness indicator using a Probit model. Our results suggest that a decline in global funding liquidity, monetary policy shocks and economic policy uncertainty increase the probability of risk transmission from liquidity to credit, while tensions in financial markets and the deterioration of fiscal sustainability are factors that reduce such a probability.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"68 ","pages":"Article 100800"},"PeriodicalIF":4.2,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41499569","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: 1
Foreign ownership in joint ventures under knowledge leakage risks: The influence of industrial munificence and dynamism 知识泄漏风险下合资企业的外资所有权：产业慷慨与活力的影响
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI: 10.1016/j.mulfin.2023.100796
Tiancheng Hu
{"title":"Foreign ownership in joint ventures under knowledge leakage risks: The influence of industrial munificence and dynamism","authors":"Tiancheng Hu","doi":"10.1016/j.mulfin.2023.100796","DOIUrl":"10.1016/j.mulfin.2023.100796","url":null,"abstract":"<div><p><span>This research investigates the role of industrial munificence and dynamism in foreign ownership of international joint ventures (IJVs) in emerging markets. Based on an investigation of 50,069 observations of IJVs in China, I find that foreign ownership in IJVs increases with industrial munificence and decreases with industrial dynamism in the local market. Moreover, while foreign firms with higher intangible asset intensity tend to hold higher foreign ownership in IJVs, industrial munificence positively moderates this relationship due to its role in enhancing the knowledge leakage risks. Furthermore, the roles of intangible asset intensity, munificence and dynamism on foreign ownership are more observable in </span>industries with medium technology intensities and more liberalized FDI policies. The moderating roles of munificence and dynamism are not significant in IJVs with conventional local partners and foreign partners with Chinese cultural background.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"68 ","pages":"Article 100796"},"PeriodicalIF":4.2,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49364062","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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