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Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom 管理、机构投资者监督和公司价值:来自英国的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100732
Nghia Huu Nguyen, Cheng-Yi Shiu
{"title":"Stewardship, institutional investors monitoring, and firm value: Evidence from the United Kingdom","authors":"Nghia Huu Nguyen,&nbsp;Cheng-Yi Shiu","doi":"10.1016/j.mulfin.2022.100732","DOIUrl":"https://doi.org/10.1016/j.mulfin.2022.100732","url":null,"abstract":"<div><p>Stewardship<span> encourages institutional investors to perform a monitoring function through cooperation and collective action. The United Kingdom was the first country to publish a Stewardship Code. This motivates us to investigate the monitoring role of institutional investors in the UK. We find that institutional ownership has a positive influence on firms' one-year future valuation and quality of corporate governance practices. The positive relationship identified is mainly driven by independent and long-term (ILT) institutional ownership. We additionally demonstrate that acquirers with higher ILT institutional ownership make better acquisition decisions. The performance of cross-border acquisitions does not differ from the performance of domestic deals. Overall, our results are consistent with the view that ILT institutional investors contribute to firm monitoring and promoting sound corporate governance practices, which can be attributed to their long-term investment horizons and arm’s-length relationships with investee companies.</span></p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"64 ","pages":"Article 100732"},"PeriodicalIF":4.2,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137078693","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
Inflexibility and corporate innovation: Cross-country evidence 缺乏灵活性与企业创新:跨国证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100736
Jianjun Ge , Donghui Li , Yingzhao Ni , Shijie Yang
{"title":"Inflexibility and corporate innovation: Cross-country evidence","authors":"Jianjun Ge ,&nbsp;Donghui Li ,&nbsp;Yingzhao Ni ,&nbsp;Shijie Yang","doi":"10.1016/j.mulfin.2022.100736","DOIUrl":"10.1016/j.mulfin.2022.100736","url":null,"abstract":"<div><p><span>Employing an international sample from 25 economies, we investigate the relationship between firm-level scale inflexibility and corporate innovation. The baseline result shows that inflexibility is positively associated with innovation activities. In the mechanism analyses, we find that the positive relationship is mainly driven by firms with higher contraction inflexibility and in less stable external environments. The positive relationship is also stronger for firms in industries<span> with higher concentration, and in economies with stronger creditor rights. Finally, we observe a weaker relationship in </span></span>multinational enterprises. Collectively, our findings suggest that scale inflexibility creates a stable environment for corporate innovation.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"64 ","pages":"Article 100736"},"PeriodicalIF":4.2,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42614946","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
Does disinvestment from fossil fuels reduce the financial performance of responsible sovereign wealth funds? 从化石燃料中撤资是否会降低负责任的主权财富基金的财务表现?
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100731
Khalil Al Ayoubi , Geoffroy Enjolras
{"title":"Does disinvestment from fossil fuels reduce the financial performance of responsible sovereign wealth funds?","authors":"Khalil Al Ayoubi ,&nbsp;Geoffroy Enjolras","doi":"10.1016/j.mulfin.2022.100731","DOIUrl":"10.1016/j.mulfin.2022.100731","url":null,"abstract":"<div><p><span>This paper examines the effects of negative screening on the financial performance of sovereign wealth funds<span> (SWFs). SWFs have been under pressure to invest responsibly and divest from fossil fuel firms by their respective governments and citizens. Yet, such a strategy may reduce the financial performance of these funds. This study examines the extent to which excluding fossil fuel firms from SWF portfolios in order to comply with ethical standards reduces their financial performance. By using asset pricing models, namely the capital asset pricing model and the Carhart four-factor model, we find that excluding firms has a statistically insignificant impact on the financial performance of SWFs. We document similar results regarding the performance of SWF fossil fuel portfolios, suggesting that fossil fuel </span></span>divestment will not impact SWF performance. We also test for differences between “extraction and production” and “refining and integrated” fossil fuel firms to explain why some SWFs divest only from extraction and production firms. Our findings indicate that, to some extent, extraction and production companies generate lower returns. We conclude that socially responsible investment, by negative screening of fossil fuel firms does not reduce SWF performance.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"64 ","pages":"Article 100731"},"PeriodicalIF":4.2,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42839920","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
Foreign investment in times of COVID-19: How strong is the flight to advanced economies? COVID-19时期的外国投资:流向发达经济体的资金有多强劲?
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100735
Maela Giofré
{"title":"Foreign investment in times of COVID-19: How strong is the flight to advanced economies?","authors":"Maela Giofré","doi":"10.1016/j.mulfin.2022.100735","DOIUrl":"10.1016/j.mulfin.2022.100735","url":null,"abstract":"<div><p>This paper investigates the flight to advanced economies by foreign investors at the onset of the COVID pandemic. Amid an overall decline of international positions, countries featuring higher GDPs per capita, and belonging to the groups of advanced, G7, or euro area countries, appear to have been significantly less severely hit by the pandemic than developing countries. Comparing the growth rates of foreign liabilities in the first quarter of 2020, the wedge between advanced and emerging countries is about 3%, and it is at least twice as large for G7 countries. This wedge is paired with evidence of momentum trading by foreign investors. Our results are robust to the inclusion, as controls, of government stringency measures, alternative indicators of the severity of the pandemic, and alternative sample specification and regression methods.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"64 ","pages":"Article 100735"},"PeriodicalIF":4.2,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042444X22000068/pdfft?md5=e89e83073cdcd847972f99f7a0b9b9c4&pid=1-s2.0-S1042444X22000068-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45077502","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: 3
Product differentiation in the socially responsible mutual fund industry 社会责任共同基金行业的产品差异化
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-06-01 DOI: 10.1016/j.mulfin.2022.100730
Mercedes Alda , Fernando Muñoz , María Vargas
{"title":"Product differentiation in the socially responsible mutual fund industry","authors":"Mercedes Alda ,&nbsp;Fernando Muñoz ,&nbsp;María Vargas","doi":"10.1016/j.mulfin.2022.100730","DOIUrl":"10.1016/j.mulfin.2022.100730","url":null,"abstract":"<div><p>In this study, we analyse the effect of product differentiation on prices and client attraction in the socially responsible (SR) mutual fund industry. Using three proxies for differentiation, including a text-based indicator, a return-based indicator, and a portfolio-holding indicator, we analyse a sample of US SR equity mutual funds in the period 1999–2019. Our findings show that the text differentiation measure better explains the product differentiation impact on prices and flows than the measures based on fund characteristics. Our text differentiation results indicate that younger SR funds and funds belonging to smaller families are more differentiated. In addition, differentiation allows SR funds to charge higher fees and attract more money flows. Finally, our results indicate that SR fund investors are sensitive to differentiation regarding other funds implementing the same SR strategies, but not in relation to other funds in the same Morningstar financial style category.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"64 ","pages":"Article 100730"},"PeriodicalIF":4.2,"publicationDate":"2022-06-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042444X22000020/pdfft?md5=0bd069c58fc38442b50fb7014a9ad82b&pid=1-s2.0-S1042444X22000020-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45803301","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: 3
The signaling role of covenants and the speed of capital structure adjustment under poor creditor rights: Evidence from domestically and cross-listed firms in Brazil 契约的信号作用和不良债权下的资本结构调整速度:来自巴西国内和交叉上市公司的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-03-01 DOI: 10.1016/j.mulfin.2021.100704
Tatiana Albanez , Rafael Schiozer
{"title":"The signaling role of covenants and the speed of capital structure adjustment under poor creditor rights: Evidence from domestically and cross-listed firms in Brazil","authors":"Tatiana Albanez ,&nbsp;Rafael Schiozer","doi":"10.1016/j.mulfin.2021.100704","DOIUrl":"10.1016/j.mulfin.2021.100704","url":null,"abstract":"<div><p>This paper studies how covenants affect the speed of capital structure adjustment in Brazil, an environment with poor creditor rights. Unlike previous evidence for developed countries, we find that the existence of debt covenants increases the speed of capital structure adjustment by more than 20% for firms that are only domestically listed. For firms that are cross-listed in the US, this effect is smaller (if any), possibly because these firms “bond” to the stricter regulation and creditor protection of the US market. Our results suggest that in emerging markets with poor creditor protection, covenants are an imperfect substitute for strong creditor rights and employed as a signaling device, permitting firms to adjust their leverage towards optimal levels quicker.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"63 ","pages":"Article 100704"},"PeriodicalIF":4.2,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100704","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47869354","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
Value creation and value destruction in investor-state dispute arbitration 投资人与国家争议仲裁中的价值创造与价值破坏
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-03-01 DOI: 10.1016/j.mulfin.2021.100728
Josef C. Brada , Chunda Chen , Jingyi Jia , Ali M. Kutan , M. Fabricio Perez
{"title":"Value creation and value destruction in investor-state dispute arbitration","authors":"Josef C. Brada ,&nbsp;Chunda Chen ,&nbsp;Jingyi Jia ,&nbsp;Ali M. Kutan ,&nbsp;M. Fabricio Perez","doi":"10.1016/j.mulfin.2021.100728","DOIUrl":"10.1016/j.mulfin.2021.100728","url":null,"abstract":"<div><p>We investigate whether investor-state arbitration under investment protection treaties is valuable to foreign investors, and whether international arbitration has effects on firm value that are like those seen in domestic litigation. An event study of abnormal returns when claims for arbitration are filed and adjudicated show that firms gain in market value both at the time they file for arbitration and when they receive an award. These gains in value generally exceed the size of the awards, indicating that success in arbitration provides the foreign investor not only monetary compensation but also non-monetary reputational effects that reduce costs of doing business abroad. Stock markets anticipate the outcomes of the arbitration process when claims are filed and when awards are announced. The effects on firm value of domestic litigation and investor-state arbitration differ, reflecting the institutional differences between the two methods of resolving disputes.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"63 ","pages":"Article 100728"},"PeriodicalIF":4.2,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48431341","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
Understanding the pricing of currency risk in global equity markets 了解全球股票市场的货币风险定价
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-03-01 DOI: 10.1016/j.mulfin.2021.100727
G. Andrew Karolyi , Ying Wu
{"title":"Understanding the pricing of currency risk in global equity markets","authors":"G. Andrew Karolyi ,&nbsp;Ying Wu","doi":"10.1016/j.mulfin.2021.100727","DOIUrl":"https://doi.org/10.1016/j.mulfin.2021.100727","url":null,"abstract":"<div><p>This paper explores potential economic mechanisms through which fluctuations in exchange rates are priced in international stock returns. Our investigation focuses on two currency risk factors – a dollar-risk factor and a carry-trade-risk factor – and their explanatory power for a variety of test assets comprised of monthly returns for over 47,000 stocks from 46 countries and over four decades. We find that currency risk is more likely to be priced among firms producing tradeable goods, and especially during periods of heightened exchange rate volatility. This finding is robust with respect to the evaluating criteria on firm internationalization, the benchmark factor models chosen, and the sub-periods examined.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"63 ","pages":"Article 100727"},"PeriodicalIF":4.2,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137190446","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-invested and domestic firm attributes and spillover effects: Evidence from Brazil 外资内资企业属性与溢出效应:来自巴西的证据
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-03-01 DOI: 10.1016/j.mulfin.2021.100719
Bibhuti Sarker , John Serieux
{"title":"Foreign-invested and domestic firm attributes and spillover effects: Evidence from Brazil","authors":"Bibhuti Sarker ,&nbsp;John Serieux","doi":"10.1016/j.mulfin.2021.100719","DOIUrl":"10.1016/j.mulfin.2021.100719","url":null,"abstract":"<div><p>This study focuses on productivity spillover effects of foreign direct investment (FDI) using firm-level panel data from Brazilian manufacturing firms. We seek to determine what attributes of foreign-invested enterprises (FIEs) and domestic firms are associated with the transfer and absorption of spillover effects, respectively. We find that when spillover effects are measured at the aggregate level only, (positive) horizontal and backward productivity spillovers can be identified. However, when FIEs are disaggregated, those horizontal and backward spillover effects are most closely associated with majority foreign ownership and high-export profiles. Moreover, we can now identify positive forward spillovers transmitted by low-importing and low-exporting FIEs exclusively to high-technology domestic firms. Finally, our investigation demonstrates that for domestic firms, low productivity levels and the absence of worker training preclude the absorption of certain types of spillover effects but still allow for the absorption of other types.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"63 ","pages":"Article 100719"},"PeriodicalIF":4.2,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42325491","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: 4
Is gold a safe haven for exchange rate risks? An empirical study of major currency countries 黄金是汇率风险的避风港吗?主要货币国家的实证研究
IF 4.2 3区 经济学
Journal of Multinational Financial Management Pub Date : 2022-03-01 DOI: 10.1016/j.mulfin.2021.100705
Kuan-Min Wang , Yuan-Ming Lee
{"title":"Is gold a safe haven for exchange rate risks? An empirical study of major currency countries","authors":"Kuan-Min Wang ,&nbsp;Yuan-Ming Lee","doi":"10.1016/j.mulfin.2021.100705","DOIUrl":"10.1016/j.mulfin.2021.100705","url":null,"abstract":"<div><p>This study uses a TVP-VAR model to test whether gold is a safe haven for exchange rate risks. The five major world currencies are examined: the Chinese renminbi, euro, British pound, Japanese yen, and U.S. dollar. The empirical results show that (1) gold cannot hedge currency depreciation in the long run; (2) gold can hedge currency depreciation dynamic risk in the short run; (3) gold can act as a safe haven to hedge dynamic risk for the euro, dollar, and pound in the short run, but not for the renminbi and yen; and (4) the yen tends to appreciate significantly when international risks escalate, thus, it can be regarded as a safe haven currency.</p></div>","PeriodicalId":47268,"journal":{"name":"Journal of Multinational Financial Management","volume":"63 ","pages":"Article 100705"},"PeriodicalIF":4.2,"publicationDate":"2022-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1016/j.mulfin.2021.100705","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46809620","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: 17
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