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Journal of Multinational Financial Management最新文献

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Social trust and the choice between bank debt and public debt: Evidence from international data 社会信任与银行债务与公共债务的选择——来自国际数据的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-03-01 DOI: 10.1016/j.mulfin.2022.100781
Sharif Mazumder , Ramesh Rao
{"title":"Social trust and the choice between bank debt and public debt: Evidence from international data","authors":"Sharif Mazumder ,&nbsp;Ramesh Rao","doi":"10.1016/j.mulfin.2022.100781","DOIUrl":"10.1016/j.mulfin.2022.100781","url":null,"abstract":"<div><p>Motivated by existing research on the informational and monitoring role of social trust, we examine how social trust affects firms’ choice between bank debt and public debt. Using firm-level data from 33 countries, we document that higher social trust is associated positively (negatively) with the long-term public (bank) debt ratio. The findings are robust when we control for other important country-level and firm-level factors. There are two possible channels of this association. We find that social trust affects debt structure through monitoring and borrowers’ incentive channels. To address potential endogeneity, we use instrumental variables<span>, propensity score and entropy balancing matching, and large change analyses and document that our findings are robust. Examining the effect of debt structure on firm performance, we find that Tobin's Q associates positively with long-term public debt ratios in high-trust countries.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"67 ","pages":"Article 100781"},"PeriodicalIF":4.2,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46354444","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
Financial structure and bank relationships of Italian multinational firms 意大利跨国公司的财务结构和银行关系
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI: 10.1016/j.mulfin.2022.100762
Raffaello Bronzini , Alessio D’Ignazio , Davide Revelli
{"title":"Financial structure and bank relationships of Italian multinational firms","authors":"Raffaello Bronzini ,&nbsp;Alessio D’Ignazio ,&nbsp;Davide Revelli","doi":"10.1016/j.mulfin.2022.100762","DOIUrl":"https://doi.org/10.1016/j.mulfin.2022.100762","url":null,"abstract":"<div><p><span>This paper examines the financial structure and bank relationships of multinational firms in Italy, a large European country strongly reliant on bank debt. We show that multinationals are, on average, more leveraged than non-internationalized companies. Moreover, multinationals have larger shares of both financial debt and bank debt as a percentage of total debt, benefit from lower </span>interest rates<span>, maintain more bank relationships, and are less dependent on the primary bank for the firm. Overall, these findings suggest that globally diversified firms have better access to credit markets than domestic companies. These results are robust to estimation methods that address the potential endogeneity of the choice to go international, such as matching and instrumental variable estimation.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"66 ","pages":"Article 100762"},"PeriodicalIF":4.2,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137226116","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 institutional investors and executive compensation incentives: Evidence from China 外国机构投资者与高管薪酬激励:来自中国的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI: 10.1016/j.mulfin.2022.100758
Xu Cheng , Dongmin Kong , Gaowen Kong
{"title":"Foreign institutional investors and executive compensation incentives: Evidence from China","authors":"Xu Cheng ,&nbsp;Dongmin Kong ,&nbsp;Gaowen Kong","doi":"10.1016/j.mulfin.2022.100758","DOIUrl":"https://doi.org/10.1016/j.mulfin.2022.100758","url":null,"abstract":"<div><p>This study examines the effect of foreign institutional investors (FIIs) on executive compensation incentives. Using the quasi-natural experiment of Shanghai (Shenzhen)–Hong Kong Stock Connect, we show that the presence of FIIs has a positive effect on pay-for-performance sensitivity (PPS) and helps to decrease excessive compensation. We also demonstrate that good corporate governance and high accounting information quality would be two possible underlying channels. Our results are more pronounced for firms with fewer state-owned shareholders and powerful managers. Overall, our results indicate that compared with domestic counterparts, FIIs are more effective at improving firms’ executive compensation incentives.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"66 ","pages":"Article 100758"},"PeriodicalIF":4.2,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137226115","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
Climate change exposure, risk management and corporate social responsibility: Cross-country evidence 气候变化暴露、风险管理和企业社会责任:跨国证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI: 10.1016/j.mulfin.2022.100771
William Mbanyele , Linda Tinofirei Muchenje
{"title":"Climate change exposure, risk management and corporate social responsibility: Cross-country evidence","authors":"William Mbanyele ,&nbsp;Linda Tinofirei Muchenje","doi":"10.1016/j.mulfin.2022.100771","DOIUrl":"10.1016/j.mulfin.2022.100771","url":null,"abstract":"<div><p>We examine how climate change risk impacts corporate social responsibility using an international firm-level sample. Exploiting a new firm-level measure of climate change risk, we find that firms significantly adjust their CSR standards upwards in response to climate change risk shocks. Using the difference in difference (DiD) approach and natural disaster shocks as plausibly exogenous shocks to climate change risk, we document an increase in CSR performance for affected firms relative to their unaffected peers after severe natural disasters. Additionally, we observe that the sensitivity of CSR performance to climate change risk jumps after the release of the Stern Review and the Paris Agreement. Furthermore, we find that this impact is more pronounced for firms in climate-sensitive sectors, firms with more growth options, firms with higher governance standards, and firms in highly competitive industries. Overall, our findings reveal that climate change uncertainty can trigger firms to invest more in CSR activities to hedge against regulatory and physical risks.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"66 ","pages":"Article 100771"},"PeriodicalIF":4.2,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47655599","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: 6
Foreign bank lending: The role of home country culture during prosperous and crisis periods 国外银行贷款:繁荣与危机时期母国文化的作用
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI: 10.1016/j.mulfin.2022.100770
Krzysztof Jackowicz , Oskar Kowalewski , Łukasz Kozłowski
{"title":"Foreign bank lending: The role of home country culture during prosperous and crisis periods","authors":"Krzysztof Jackowicz ,&nbsp;Oskar Kowalewski ,&nbsp;Łukasz Kozłowski","doi":"10.1016/j.mulfin.2022.100770","DOIUrl":"https://doi.org/10.1016/j.mulfin.2022.100770","url":null,"abstract":"<div><p>We investigate whether a home country’s culture determines lending behavior of foreign bank subsidiaries in host countries during both prosperous and difficult economic periods. We employ a dataset of foreign-owned banks originating from 46 home countries and operating in 47 host countries during 1996–2018. The results show that, in general, only certain cultural dimensions of the home country influence the foreign bank subsidiaries’ lending. However, this impact strengthens significantly during crises.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"66 ","pages":"Article 100770"},"PeriodicalIF":4.2,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137226118","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
Ownership structure of oil revenues: Political institutions and financial markets in oil-producing countries 石油收入的所有权结构:石油生产国的政治制度和金融市场
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI: 10.1016/j.mulfin.2022.100760
Jabir Ibrahim Mohammed , Vera Ogeh Fiador , Amin Karimu , Joshua Yindenaba Abor
{"title":"Ownership structure of oil revenues: Political institutions and financial markets in oil-producing countries","authors":"Jabir Ibrahim Mohammed ,&nbsp;Vera Ogeh Fiador ,&nbsp;Amin Karimu ,&nbsp;Joshua Yindenaba Abor","doi":"10.1016/j.mulfin.2022.100760","DOIUrl":"10.1016/j.mulfin.2022.100760","url":null,"abstract":"<div><p>This study examines the impact of the ownership structure of oil revenues on financial markets and institutions, and the intermediating role of political institutions. Using the fixed-effects model and GMM for robustness, we analyse data from 82 oil-producing countries. We find several key results. Firstly, government ownership of oil revenues undermines the efficiency of financial institutions<span> when the quality of political institutions is weak, but enhances their efficiency when political institutions are strong. Secondly, the impact of private ownership of oil revenues is negative on the depth of and access to financial institutions when the quality of political institutions is weak, but positive when political institutions are strong. We observe similar threshold effects for the depth of and access to financial markets in the subsample of developing countries. We conclude that oil-producing countries need solid political institutions to benefit from oil wealth and to boost financial development.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"66 ","pages":"Article 100760"},"PeriodicalIF":4.2,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46449589","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: 2
Stock exchange governance and stock liquidity: International evidence 证券交易所治理与股票流动性:国际证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI: 10.1016/j.mulfin.2022.100759
Selma Boussetta
{"title":"Stock exchange governance and stock liquidity: International evidence","authors":"Selma Boussetta","doi":"10.1016/j.mulfin.2022.100759","DOIUrl":"10.1016/j.mulfin.2022.100759","url":null,"abstract":"<div><p>This paper empirically investigates the effects of exchange demutualization on listed firms around the world. In particular, it examines how stock exchange demutualization affects stock liquidity and how the effect varies by exchange operating performance and country development level. We find that stock liquidity improves following exchange demutualization. Specifically, the effect is more evident among exchanges with stronger operating performance which tend to diversify their revenue, and which belong to developed countries. Furthermore, we identify an increase in the market share of exchanges in developed markets in response to exchange ownership conversion, which is mostly driven by domestic order flow. Overall, this paper highlights the importance of the exchange ownership structure strategy in enhancing financial market quality in international markets.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"66 ","pages":"Article 100759"},"PeriodicalIF":4.2,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41301120","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
Geopolitical risk and corporate innovation: Evidence from China 地缘政治风险与企业创新:来自中国的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI: 10.1016/j.mulfin.2022.100772
Shaoqing Jia , Liuyong Yang , Fangzhao Zhou
{"title":"Geopolitical risk and corporate innovation: Evidence from China","authors":"Shaoqing Jia ,&nbsp;Liuyong Yang ,&nbsp;Fangzhao Zhou","doi":"10.1016/j.mulfin.2022.100772","DOIUrl":"10.1016/j.mulfin.2022.100772","url":null,"abstract":"<div><p>This study examines the impact of geopolitical risk (GPR) on corporate innovation in China. Using the GPR Index constructed by Caldara and Iacoviello (2018), we find that, first, GPR has a significantly positive effect on corporate innovation. Second, the effect is more pronounced for state-owned firms and firms with more government subsidies, overseas businesses, and product market competition. Third, GPR motivates firms to innovate mainly through the degree of threat. Finally, heterogeneous exposure to GPR is positively correlated with corporate innovation. This study enriches the empirical research on the impact of GPR on corporate decision-making.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"66 ","pages":"Article 100772"},"PeriodicalIF":4.2,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47870155","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: 6
The impact of climatic disaster on corporate investment policy 气候灾害对企业投资政策的影响
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI: 10.1016/j.mulfin.2022.100773
Zhi-Yuan Feng , Chou-Wen Wang , Yu-Hong Lu
{"title":"The impact of climatic disaster on corporate investment policy","authors":"Zhi-Yuan Feng ,&nbsp;Chou-Wen Wang ,&nbsp;Yu-Hong Lu","doi":"10.1016/j.mulfin.2022.100773","DOIUrl":"10.1016/j.mulfin.2022.100773","url":null,"abstract":"<div><p>Extreme weather events have been occurring in recent years with high frequency and resulting in enormous physical and monetary damages. There is a large strand of literature illustrating how past disaster experiences alter individuals’ behavioral decisions in the future, leading them to make inappropriate decisions. In view of this, the main topic of this research is to explore whether companies choose to pursue stability and low risk after experiencing catastrophes. By investigating the impact of 33 U.S. hurricanes and 4 tropical cyclones on U.S. public companies’ investment policies, the empirical results reveal that firms located in disaster regions reduce their investment and capital expenditures during the post-disaster period. We further implement several robustness tests regarding subsample analyses, the propensity-score matching sample, and excluding the impact associated with the 2008 global financial crisis. Evidence of the robustness tests remain consistent and conjecture that companies indeed are inclined to behave more conservatively after experiencing climatic disasters.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"66 ","pages":"Article 100773"},"PeriodicalIF":4.2,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44899241","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
Currency denomination and borrowing cost: Evidence from global bonds 货币面额和借贷成本:来自全球债券的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-12-01 DOI: 10.1016/j.mulfin.2022.100761
Bo Han
{"title":"Currency denomination and borrowing cost: Evidence from global bonds","authors":"Bo Han","doi":"10.1016/j.mulfin.2022.100761","DOIUrl":"https://doi.org/10.1016/j.mulfin.2022.100761","url":null,"abstract":"<div><p>Global bonds are debt securities placed in multiple markets with globally connected trading and clearing mechanisms. This paper studies the relation between global bond issuers’ currency denomination decisions and prevailing borrowing costs. The results show that issuers of these globally fungible debt instruments make currency denomination decisions that are inconsistent with a belief in either covered or uncovered interest parity. Supranational institutions and borrowers from advanced economies exhibit a stronger tendency to engage in this type of opportunistic behavior than emerging economy borrowers. Furthermore, global bond borrowers respond more strongly to deviations from covered interest parity after the 2008 global financial crisis.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"66 ","pages":"Article 100761"},"PeriodicalIF":4.2,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137226117","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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