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Do foreign investors make firms more transparent? Evidence from Korea 外国投资者会使公司更加透明吗？韩国的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2024-06-01 Epub Date: 2024-05-03 DOI: 10.1016/j.mulfin.2024.100860
Junyong Lee , Frederick Dongchuhl Oh
{"title":"Do foreign investors make firms more transparent? Evidence from Korea","authors":"Junyong Lee ,&nbsp;Frederick Dongchuhl Oh","doi":"10.1016/j.mulfin.2024.100860","DOIUrl":"https://doi.org/10.1016/j.mulfin.2024.100860","url":null,"abstract":"<div><p>In this study, we investigate whether foreign equity participation enhances the level of transparency in Korean listed firms’ accounting information. Using panel data on the Korean listed firms during the 1999–2019 period, we find that foreign ownership has a positive effect on the accounting transparency of firms. This suggests that foreign investors effectively monitor the earnings management activities of a firm and contribute to increasing the quality of accounting information. In addition, this positive impact of foreign equity ownership is more pronounced in non-chaebol firms than in chaebols. We further show that foreign investors reinforce the effect of changes in accounting systems on the transparency of Korean firms. Finally, firms with enhanced transparency by foreign investors perform better in the future. Overall, our study highlights the importance of foreign investors for enhancing accounting transparency in the Korean stock market. (JEL F21, F65, G15, G30, M40)</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"74 ","pages":"Article 100860"},"PeriodicalIF":4.2,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140823497","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
Navigating the complexities of GCC real state markets: An analysis of interlinkages amidst shocks and oil effects 驾驭海湾合作委员会房地产市场的复杂性：冲击和石油效应下的相互联系分析
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2024-06-01 Epub Date: 2024-04-26 DOI: 10.1016/j.mulfin.2024.100859
Alanoud Hamad Fetais, Ahmet Faruk Aysan, Ruslan Nagayev
{"title":"Navigating the complexities of GCC real state markets: An analysis of interlinkages amidst shocks and oil effects","authors":"Alanoud Hamad Fetais,&nbsp;Ahmet Faruk Aysan,&nbsp;Ruslan Nagayev","doi":"10.1016/j.mulfin.2024.100859","DOIUrl":"10.1016/j.mulfin.2024.100859","url":null,"abstract":"<div><p>The study investigates the interconnectedness of GCC real estate markets using wavelet coherence analysis of daily data from 2013 to 2023 and analyzes the impact of various external shocks (political, economic, regulatory, and pandemic) and oil dependence on these dynamics. Despite shared cultural ties and energy intensity, findings reveal primarily weak to moderate linkages, with increased coherence observed during significant events. These linkages exhibit temporal variability, characterized by short-term spikes, loose medium-term correlations, and evolving long-term relationships. Isolating the effect of oil prices yielded limited impact, suggesting the influence of country-specific factors. This research offers valuable insights for policymakers, investors, and stakeholders, aiding informed decision-making during sensitive periods and fostering a deeper understanding of international finance and investments.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"74 ","pages":"Article 100859"},"PeriodicalIF":4.2,"publicationDate":"2024-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042444X24000240/pdfft?md5=78f7ff5577e6a88551a8b74983bbd9c3&pid=1-s2.0-S1042444X24000240-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140811775","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Government reporting credibility as immunity: Evidence from a public health event 作为免疫力的政府报告公信力：来自公共卫生事件的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2024-04-01 Epub Date: 2024-03-15 DOI: 10.1016/j.mulfin.2024.100847
Christine Jiang , Xiaori Zhang , Bill Hu
{"title":"Government reporting credibility as immunity: Evidence from a public health event","authors":"Christine Jiang ,&nbsp;Xiaori Zhang ,&nbsp;Bill Hu","doi":"10.1016/j.mulfin.2024.100847","DOIUrl":"10.1016/j.mulfin.2024.100847","url":null,"abstract":"<div><p>We investigate the relationship between the credibility of officially reported COVID-19 infection cases and the direct effects of the public health crisis on stock market performance. Employing the law of left digits, we estimate the likelihood of misreporting in official data to evaluate government reporting credibility (RC). A higher deviation from expected Benford’s distributions implies a greater likelihood of misreporting and lower RC. Our premise is that high credibility of government reporting during crisis mitigates the negative consequences of disasters through lowering investors’ risk aversion and bolstering their confidence. Our main results are highly consistent with this hypothesis. The positive influence of RC is particularly pronounced for companies situated in economies characterized by higher uncertainty and weaker governance before the crisis, and during periods of heightened market panic. Our findings suggest that the credibility of government reporting can act as immunity-like protection for stock markets in times of crisis.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"73 ","pages":"Article 100847"},"PeriodicalIF":4.2,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140156962","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 the predictability of spillovers between exchange, commodity and stock markets 地缘政治风险以及外汇市场、商品市场和股票市场之间溢出效应的可预测性
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2024-04-01 Epub Date: 2024-03-04 DOI: 10.1016/j.mulfin.2024.100843
Xinlei Hao , Yong Ma , Dongtao Pan
{"title":"Geopolitical risk and the predictability of spillovers between exchange, commodity and stock markets","authors":"Xinlei Hao ,&nbsp;Yong Ma ,&nbsp;Dongtao Pan","doi":"10.1016/j.mulfin.2024.100843","DOIUrl":"https://doi.org/10.1016/j.mulfin.2024.100843","url":null,"abstract":"<div><p>We utilize the cross-quantilogram method to assess the predictive capacity of geopolitical risk (GPR) on volatility spillovers calculated by the time-varying parameter vector autoregressive model, across international commodity, exchange, and U.S. and Chinese stock markets. The findings yield three notable observations: First, we establish the directional predictive influence of GPR on net and net pairwise volatility spillovers, indicating discernible shifts in the risk roles of specific markets and transmission pathways. Second, these shifts, anticipated by GPR, manifest swiftly within a single day and subside within a quarter, albeit with varying durations contingent on market categories and transmission pathways. Third, disparities are evident in the predictive effectiveness of geopolitical acts and geopolitical threats. These findings remain robust even when considering factors such as economic policy uncertainty, alternative proxies, and other spillover models.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"73 ","pages":"Article 100843"},"PeriodicalIF":4.2,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140030760","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
Nonlinear effects of financial openness on financial development in ASEAN 金融开放对东盟金融发展的非线性影响
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2024-04-01 Epub Date: 2024-03-30 DOI: 10.1016/j.mulfin.2024.100846
Hyun-Jung Nam , Jeongseok Bang , Doojin Ryu
{"title":"Nonlinear effects of financial openness on financial development in ASEAN","authors":"Hyun-Jung Nam ,&nbsp;Jeongseok Bang ,&nbsp;Doojin Ryu","doi":"10.1016/j.mulfin.2024.100846","DOIUrl":"https://doi.org/10.1016/j.mulfin.2024.100846","url":null,"abstract":"<div><p>This study examines the nonlinear effects of financial openness on financial development in the representative ASEAN member states: Indonesia, Malaysia, the Philippines, Singapore, and Thailand. It reveals that with a low (high) level of financial openness, the assets and liabilities of foreign direct investment increase (decrease) equity market capitalization and the financial development, institution, and market indices. We identify a threshold of financial openness where its positive impact begins to diminish; beyond this point, excessive financial openness may become detrimental to financial development. By reassessing the risks associated with financial openness after the Asian financial crisis, we can understand that the potential toxicity amplified by financial openness may pose threats to financial development.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"73 ","pages":"Article 100846"},"PeriodicalIF":4.2,"publicationDate":"2024-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140328675","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
How does bank competition affect trade-mode transformation? Evidence from Chinese export enterprises 银行竞争如何影响贸易方式的转变?来自中国出口企业的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2024-03-01 Epub Date: 2023-11-23 DOI: 10.1016/j.mulfin.2023.100825
Rui Wang, Keqi Mao
{"title":"How does bank competition affect trade-mode transformation? Evidence from Chinese export enterprises","authors":"Rui Wang,&nbsp;Keqi Mao","doi":"10.1016/j.mulfin.2023.100825","DOIUrl":"https://doi.org/10.1016/j.mulfin.2023.100825","url":null,"abstract":"<div><p>This study investigates the effect of banking competition on the transformation of Chinese firms' export trade mode. We use matched data from the Chinese Industrial Enterprise Database and the Chinese Customs Trade Statistics between 2007 and 2013 to measure export firm trade-mode, and apply the number of commercial bank branches at the prefecture level to gauge bank competitiveness. With a large firm-level dataset, we find that bank competition affects a company's transition from processing mode to ordinary trade. The validity of our findings is confirmed through several robustness tests. Furthermore, we examine the underlying processes through which bank competition influences trade-mode transformation by means of firms' financial constraints, the regional marketization process and banking structural characteristics. Finally, we investigate the heterogeneity conditions and find that firms with distinct ownership structures and in different geographical locations demonstrate diverse performances in the aforementioned connection. The empirical findings provide crucial evidence to enhance the understanding of the relationship between banking institutions and company exports in emerging economies.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"72 ","pages":"Article 100825"},"PeriodicalIF":4.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138467729","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 foreign subsidiary performance of emerging market multinationals 地缘政治风险与新兴市场跨国公司海外子公司的业绩
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2024-03-01 Epub Date: 2024-01-09 DOI: 10.1016/j.mulfin.2024.100836
Xin Li , Yan Tong , Kai Zhong , Guoquan Xu , Wenyi Zhao
{"title":"Geopolitical risk and foreign subsidiary performance of emerging market multinationals","authors":"Xin Li ,&nbsp;Yan Tong ,&nbsp;Kai Zhong ,&nbsp;Guoquan Xu ,&nbsp;Wenyi Zhao","doi":"10.1016/j.mulfin.2024.100836","DOIUrl":"10.1016/j.mulfin.2024.100836","url":null,"abstract":"<div><p><span>In recent years, enterprises have faced increasing uncertainty due to rising geopolitical risks. This paper examines the impact of geopolitical risk (GPR) in host countries on the performance of foreign subsidiaries of A-share-listed Chinese </span>multinational enterprises<span> (MNEs) from 2003 to 2020. The results show that the GPR of host countries negatively affects the foreign subsidiary performance of Chinese MNEs. The deteriorated local business environment acts as a channel for this negative relationship. Moreover, such a negative relationship is mitigated for listed firms with more international experience and senior executives with an overseas background, when the foreign subsidiaries do not operate in sensitive industries or when there is a better institutional environment in the host countries. This study extends the literature on how external uncertainty affects the performance of foreign subsidiaries of emerging market multinational enterprises. It also sheds light on the internationalization of firms through the management of international uncertainty.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"72 ","pages":"Article 100836"},"PeriodicalIF":4.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139458202","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
Religion and corporate innovation 宗教与企业创新
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2024-03-01 Epub Date: 2023-12-05 DOI: 10.1016/j.mulfin.2023.100833
Junyong Lee , Frederick Dongchuhl Oh , Donglim Shin
{"title":"Religion and corporate innovation","authors":"Junyong Lee ,&nbsp;Frederick Dongchuhl Oh ,&nbsp;Donglim Shin","doi":"10.1016/j.mulfin.2023.100833","DOIUrl":"10.1016/j.mulfin.2023.100833","url":null,"abstract":"<div><p>This study represents the first comprehensive analysis of the role of national religiosity in corporate innovation. Using a PCA method, we divide religiosity into five dimensions: ideological, ritualistic, experiential, intellectual, and consequential. For 1506 firms in 27 countries, we find that the ideological and ritualistic dimensions promote corporate innovation, whereas the experiential, intellectual, and consequential dimensions hinder corporate innovation. Furthermore, religiosity overall has a positive impact on corporate innovation. Finally, we show that the positive effect of religiosity is more pronounced for firms in Judeo-Christian countries. Overall, we provide the first guideline to understand the diverse and comprehensive effects of religion on corporate innovation. (JEL G3, O3, Z12)</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"72 ","pages":"Article 100833"},"PeriodicalIF":4.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138513794","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 international linkages of market risk perception 市场风险认知的国际联系
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2024-03-01 Epub Date: 2023-12-09 DOI: 10.1016/j.mulfin.2023.100826
Pedro Serrano , Antoni Vaello-Sebastià , M. Magdalena Vich-Llompart
{"title":"The international linkages of market risk perception","authors":"Pedro Serrano ,&nbsp;Antoni Vaello-Sebastià ,&nbsp;M. Magdalena Vich-Llompart","doi":"10.1016/j.mulfin.2023.100826","DOIUrl":"10.1016/j.mulfin.2023.100826","url":null,"abstract":"<div><p>This article studies the international linkages of market risk perception, which embeds a statistical measure of risk as well as the subjective beliefs and preferences of the representative investor. We find high commonality between the risk perception of different countries/economic areas, with a first principal component explaining more than 80% of the total variability. The level of integration is dynamic, peaking during crises. A connectedness analysis shows that the transmission of shocks goes from Western to Asia-Pacific economies. We also disentangle whether risk perception spillovers are due to shocks in the aggregate risk aversion or a resolution of uncertainty. A local projection analysis documents a short-term impact of risk aversion in the perception of risk. Uncertainty is also statistically significant, and although their effects are milder they span for longer periods.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"72 ","pages":"Article 100826"},"PeriodicalIF":4.2,"publicationDate":"2024-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042444X23000452/pdfft?md5=c87e80d05a3305eea20808a1773deee7&pid=1-s2.0-S1042444X23000452-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138565657","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Natural resource rents and access to finance 自然资源租金和融资渠道
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-12-01 Epub Date: 2023-09-23 DOI: 10.1016/j.mulfin.2023.100821
Mohammed Arshad Khan , Muhammad Atif Khan , Muhammad Asif Khan , Hamad Alhumoudi , Hossam Haddad
{"title":"Natural resource rents and access to finance","authors":"Mohammed Arshad Khan ,&nbsp;Muhammad Atif Khan ,&nbsp;Muhammad Asif Khan ,&nbsp;Hamad Alhumoudi ,&nbsp;Hossam Haddad","doi":"10.1016/j.mulfin.2023.100821","DOIUrl":"https://doi.org/10.1016/j.mulfin.2023.100821","url":null,"abstract":"<div><p><span>Broadening access to finance is among the top priorities for governments and international development organizations worldwide. This study examines the impact of natural resource rents on access to finance in </span>financial institutions<span> and financial markets across 109 countries from 1996 to 2020. The results of dynamic two-step system generalized method of moments estimation demonstrate that total natural resource rents hinder access to finance in financial institutions and markets, confirming the natural resource curse hypothesis. Specifically, rents from oil, coal, minerals, and forests negatively affect access to finance in financial institutions and markets, while gas rent has surprisingly a positive effect on both. Furthermore, institutional quality significantly promotes access to finance in financial institutions and markets. All aspects of institutional quality (control of corruption, government effectiveness, political stability, regulatory quality, rule of law, and voice and accountability) positively affect access to finance except regulatory quality, which has an insignificant effect on access to finance in financial institutions. Moreover, our findings show that institutional quality significantly moderates the effect of natural resource rents on access to finance, specifically, it varies depending on whether the institutions are strong or weak, being positive in the former case and negative in the latter. The study conducts several robustness tests using additional controls, alternative measures of financial access, and sample sensitivity analysis, all of which confirm the findings. Finally, we suggest policy implications for relevant stakeholders.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"70 ","pages":"Article 100821"},"PeriodicalIF":4.2,"publicationDate":"2023-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"49868967","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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