发布求助
文献互助 智能选刊 最新文献

Journal of Multinational Financial Management最新文献

筛选
英文 中文
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
Does good board governance reduce idiosyncratic risk in emerging markets? Evidence from China 良好的董事会治理能降低新兴市场的特殊风险吗?来自中国的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-09-01 DOI: 10.1016/j.mulfin.2022.100749
Zeeshan Fareed , Nianyong Wang , Farrukh Shahzad , Syed Ghulam Meran Shah , Najaf Iqbal , Bushra Zulfiqar
{"title":"Does good board governance reduce idiosyncratic risk in emerging markets? Evidence from China","authors":"Zeeshan Fareed ,&nbsp;Nianyong Wang ,&nbsp;Farrukh Shahzad ,&nbsp;Syed Ghulam Meran Shah ,&nbsp;Najaf Iqbal ,&nbsp;Bushra Zulfiqar","doi":"10.1016/j.mulfin.2022.100749","DOIUrl":"10.1016/j.mulfin.2022.100749","url":null,"abstract":"<div><p>This study examines the impact of board governance on idiosyncratic risk in the context of Chinese listed firms. Contrary to previous evidence from developed markets, we show that good board governance significantly reduces idiosyncratic risk in China. We also show that non-state-owned and foreign firms are relatively more capable of minimizing idiosyncratic risk than are state-owned and private firms. The empirical results obtained from CAPM are not sensitive to alternative proxies of idiosyncratic risk. We also find a significantly stronger impact of board governance on idiosyncratic risk after controlling for endogeneity and performing a sensitivity analysis. Our findings provide valuable insights into firm risk-taking behaviour in emerging markets.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"65 ","pages":"Article 100749"},"PeriodicalIF":4.2,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45011348","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
Emerging market firm investments in advanced markets: A country of origin perspective 新兴市场企业在发达市场的投资:一个原产国的视角
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-09-01 DOI: 10.1016/j.mulfin.2022.100748
Rama Krishna Reddy , Sung- Jin Park , Scott Mooty
{"title":"Emerging market firm investments in advanced markets: A country of origin perspective","authors":"Rama Krishna Reddy ,&nbsp;Sung- Jin Park ,&nbsp;Scott Mooty","doi":"10.1016/j.mulfin.2022.100748","DOIUrl":"10.1016/j.mulfin.2022.100748","url":null,"abstract":"<div><p>Drawing on the model of competitive advantages of nations and the concept of emerging market development heterogeneity, we argue the unique home country institutional and resource environments of emerging market firms influence the propensity of those firms to invest in advanced markets via mergers and acquisitions. Using data of 9157 cross-border M&amp;A transactions originating from 60 emerging markets between 2006 and 2018, we find that the level of home country institutional development, capital market development, and the technological readiness of EMFs are positively associated with the propensity to invest and the scale of investment in advanced markets. However, the level of home country factor market development is negatively associated with the likelihood of EMF investment and the scale of investment in advanced markets.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"65 ","pages":"Article 100748"},"PeriodicalIF":4.2,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45609530","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
Media coverage and corporate risk-taking: International evidence 媒体报道与企业冒险:国际证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-09-01 DOI: 10.1016/j.mulfin.2022.100738
Xin Gao , Weidong Xu , Donghui Li
{"title":"Media coverage and corporate risk-taking: International evidence","authors":"Xin Gao ,&nbsp;Weidong Xu ,&nbsp;Donghui Li","doi":"10.1016/j.mulfin.2022.100738","DOIUrl":"10.1016/j.mulfin.2022.100738","url":null,"abstract":"<div><p>Employing a large sample of 13,449 firms across 40 countries, we find that firms with high media coverage tend to take risky investments. We further show that this positive relation is achieved through three plausible channels, namely, the <span><em>information asymmetry</em><em> channel</em></span>, the <em>capital-at-risk channel</em>, and the <em>business strategy channel</em>, and is enhanced in countries with strong shareholder protection and transparent information environments. Multinational analyses show that news coverage has a larger positive impact on firms with higher levels of international diversification. Domestic media and domestic institutional investors are found to enhance the positive role of media. Our main conclusions remain valid after carefully taking endogeneity issues into account and conducting various robustness tests. This study sheds new light on the real effects of media in mitigating risk-related agency conflicts.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"65 ","pages":"Article 100738"},"PeriodicalIF":4.2,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44589599","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
How does firm size explain cross-country differences in ownership concentration? 企业规模如何解释不同国家所有权集中度的差异?
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-09-01 DOI: 10.1016/j.mulfin.2022.100737
Fariborz Moshirian , Thuy Thi Nguyen , Bohui Zhang
{"title":"How does firm size explain cross-country differences in ownership concentration?","authors":"Fariborz Moshirian ,&nbsp;Thuy Thi Nguyen ,&nbsp;Bohui Zhang","doi":"10.1016/j.mulfin.2022.100737","DOIUrl":"https://doi.org/10.1016/j.mulfin.2022.100737","url":null,"abstract":"<div><p>While a number of studies have examined ownership structure across countries, the literature has not yet reached a consensus as to how and why ownership concentration and the size sensitivity of ownership concentration vary across countries. Using a sample of 18,932 firms across 40 countries, we find that there is a negative relationship between firm size and ownership concentration and thus lower ownership concentration in countries with a high quality of governance. Meanwhile, in countries with weak governance, ownership concentration persists even as firms get larger. Our findings support the theory that a firm’s choice of optimal ownership structure depends on its quality of governance, which includes both vertical and horizontal governance. Our study also finds that civic capital, including ethical values, contribute to the variation of ownership structure across countries. The findings also potentially reconcile the currently conflicting empirical results in studies of ownership concentration around the world.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"65 ","pages":"Article 100737"},"PeriodicalIF":4.2,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137076649","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信