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Towards inclusive growth in Africa: Remittances, and financial development interactive effects and thresholds 实现非洲包容性增长:汇款和金融发展的相互影响和门槛
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-06-01 DOI: 10.1016/j.mulfin.2023.100798
Isaac K. Ofori , Emmanuel Y. Gbolonyo , Marcel A. Toyo Dossou , Richard K. Nkrumah , Emmanuel Nkansah
{"title":"Towards inclusive growth in Africa: Remittances, and financial development interactive effects and thresholds","authors":"Isaac K. Ofori ,&nbsp;Emmanuel Y. Gbolonyo ,&nbsp;Marcel A. Toyo Dossou ,&nbsp;Richard K. Nkrumah ,&nbsp;Emmanuel Nkansah","doi":"10.1016/j.mulfin.2023.100798","DOIUrl":"10.1016/j.mulfin.2023.100798","url":null,"abstract":"<div><p>The study employs macro data for 42 African countries to examine the interactive and threshold effects of financial development in the remittances-inclusive growth relationship. First, evidence based on the system GMM estimator shows that remittances are not statistically significant in promoting inclusive growth in Africa. Notably, across the economic growth and income inequality dimensions of inclusive growth, we find that although remittances are ineffective in boosting the former, they deepen the latter. Second, we find that Africa’s underdeveloped financial sector dampens the marginal positive effect of remittances on inclusive growth. Third, our threshold analysis indicates that for financial development to interact with complementary policies to foster inclusive growth in Africa, a minimum threshold of 14.5% is required. We conclude by informing policy on the level of investments needed for financial development to promote fairer income growth and distribution in Africa.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"68 ","pages":"Article 100798"},"PeriodicalIF":4.2,"publicationDate":"2023-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47612069","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
Russia-Ukraine conflict: The effect on European banks’ stock market returns 俄乌冲突:对欧洲银行股票市场收益的影响
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-03-01 DOI: 10.1016/j.mulfin.2023.100786
António Miguel Martins , Pedro Correia , Ricardo Gouveia
{"title":"Russia-Ukraine conflict: The effect on European banks’ stock market returns","authors":"António Miguel Martins ,&nbsp;Pedro Correia ,&nbsp;Ricardo Gouveia","doi":"10.1016/j.mulfin.2023.100786","DOIUrl":"10.1016/j.mulfin.2023.100786","url":null,"abstract":"<div><p>We examine the short-term market impact of the beginning of the military conflict between Russia and Ukraine (February 24, 2022) on the largest European listed banks. Using an event study, for the 100 largest European listed banks, we observe a negative and statistically significant stock price reaction at and around the beginning of the military conflict. These results are consistent with investor sentiment, investment portfolio rebalancing and the asset pricing perspective. Furthermore, we use a cross-sectional analysis against a set of country- and bank-specific variables. The results show a higher negative stock market reaction for Russian listed banks and for foreign banks with a high exposure to Russia. The magnitude of the stock market reaction to the military conflict is reinforced or mitigated by bank-specific determinants such as size, profitability, risk aversion, operational efficiency level, institutional ownership and exposure to Russia.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"67 ","pages":"Article 100786"},"PeriodicalIF":4.2,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45237345","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: 13
Does foreign institutional ownership matter for stock price synchronicity? International evidence 外资机构所有权对股价同步性有影响吗？国际证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-03-01 DOI: 10.1016/j.mulfin.2023.100783
Tung Lam Dang , Thi Thuy Anh Vo , Xuan Vinh Vo , Linh Thi My Nguyen
{"title":"Does foreign institutional ownership matter for stock price synchronicity? International evidence","authors":"Tung Lam Dang ,&nbsp;Thi Thuy Anh Vo ,&nbsp;Xuan Vinh Vo ,&nbsp;Linh Thi My Nguyen","doi":"10.1016/j.mulfin.2023.100783","DOIUrl":"10.1016/j.mulfin.2023.100783","url":null,"abstract":"<div><p>We investigate the relation between foreign institutional ownership and stock price synchronicity, and whether this relation varies across country-level institutional and information infrastructures. Using a comprehensive dataset for firms across 40 countries over the period between 2000 and 2016, we document the following notable findings. First, foreign institutional ownership is negatively associated with stock price synchronicity. Second, we find that improved information transparency is a possible channel underlying the effect of foreign institutional ownership on stock price synchronicity. In addition, the synchronicity-reducing effect of foreign institutional ownership is more pronounced for firms in countries with weaker institutional infrastructures. Finally, our results reveal different impacts of foreign institutional ownership on stock price synchronicity across various types of foreign institutional ownership, highlighting the importance of foreign investor heterogeneity in improving firm information environment.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"67 ","pages":"Article 100783"},"PeriodicalIF":4.2,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41309287","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
COVID-19 pandemic impact on banking sector: A cross-country analysis COVID-19大流行对银行业的影响:一项跨国分析
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-03-01 DOI: 10.1016/j.mulfin.2023.100784
Mohsin Shabir , Ping Jiang , Wenhao Wang , Özcan Işık
{"title":"COVID-19 pandemic impact on banking sector: A cross-country analysis","authors":"Mohsin Shabir ,&nbsp;Ping Jiang ,&nbsp;Wenhao Wang ,&nbsp;Özcan Işık","doi":"10.1016/j.mulfin.2023.100784","DOIUrl":"10.1016/j.mulfin.2023.100784","url":null,"abstract":"<div><p>This study examines the effects of the COVID-19 outbreak on the performance and stability of the banking sector. Our sample consists of 2073 banks in 106 countries from 2016Q1 to 2021Q2. We employ several alternative bank performance and stability measures for a comprehensive analysis and robustness. The findings show that the COVID-19 outbreak has significantly reduced bank performance and stability. These results are consistently observed across several geographical regions and countries’ income classifications. Additional analysis shows that the adverse impact of COVID-19 depends on the characteristics of the bank and market structure. While a better regulatory environment, institutional quality, and financial development have significantly increased the strength and resilience of banks. These findings provide practical implications for regulators and policymakers in the face of unprecedented uncertainty caused by the COVID-19 pandemic.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"67 ","pages":"Article 100784"},"PeriodicalIF":4.2,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44208728","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: 12
Financial openness and financial market development 金融开放与金融市场发展
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-03-01 DOI: 10.1016/j.mulfin.2023.100782
Jittima Tongurai , Chaiporn Vithessonthi
{"title":"Financial openness and financial market development","authors":"Jittima Tongurai ,&nbsp;Chaiporn Vithessonthi","doi":"10.1016/j.mulfin.2023.100782","DOIUrl":"10.1016/j.mulfin.2023.100782","url":null,"abstract":"<div><p>In this paper, we empirically study the linkages between financial openness and financial development using a sample of 164 countries during 1960–2020. Based on the results of the estimation of systems of equations, we find that the relationship between relative financial openness and relative banking sector development is positive and bidirectional. Likewise, the relationship between relative financial openness and relative stock market development is positive and bidirectional. However, the relationship between relative financial openness and relative bond market development is negative and bidirectional.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"67 ","pages":"Article 100782"},"PeriodicalIF":4.2,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47207955","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: 5
Economic policy uncertainty and carbon footprint: International evidence 经济政策不确定性与碳足迹:国际证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2023-03-01 DOI: 10.1016/j.mulfin.2023.100785
Chwee-Ming Tee , Wai-Yan Wong , Chee-Wooi Hooy
{"title":"Economic policy uncertainty and carbon footprint: International evidence","authors":"Chwee-Ming Tee ,&nbsp;Wai-Yan Wong ,&nbsp;Chee-Wooi Hooy","doi":"10.1016/j.mulfin.2023.100785","DOIUrl":"10.1016/j.mulfin.2023.100785","url":null,"abstract":"<div><p><span>Economic policy uncertainty is an evolving area of research that may affect environmental issues such as the </span>carbon footprint<span>. However, from a global perspective, it is not known whether economic policy uncertainty is significantly related to it. Motivated by this gap in the literature, we investigate the impact of economic policy uncertainty on carbon footprint. Using a sample of 2782 firms from 60 countries, our cross-sectional regression analysis finds that economic policy uncertainty is positively associated with the carbon footprint. This applies to the total, direct, and indirect carbon emissions measurements. However, we find that countries with better institutional governance alleviate the significant association between economic policy uncertainty and carbon footprint.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"67 ","pages":"Article 100785"},"PeriodicalIF":4.2,"publicationDate":"2023-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48610424","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: 7
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
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