International Journal of Finance & Economics最新文献

Relationship Between Pillars of Sustainability and Foreign Direct Investment Inflows: Evidence From Emerging Economies 可持续性支柱与外国直接投资流入的关系：来自新兴经济体的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-04-23 DOI: 10.1002/ijfe.3057

Tusharika Mahna, Sonali Jain, Surendra Singh Yadav

{"title":"Relationship Between Pillars of Sustainability and Foreign Direct Investment Inflows: Evidence From Emerging Economies","authors":"Tusharika Mahna, Sonali Jain, Surendra Singh Yadav","doi":"10.1002/ijfe.3057","DOIUrl":"https://doi.org/10.1002/ijfe.3057","url":null,"abstract":"<div>\u0000 \u0000 <p>The study highlights the sustainable determinants of Foreign Direct Investment (FDI) inflows that the host nations entail by boosting foreign trade with the rest of the world. We cumulate four pillars of sustainability (environmental, economic, governance, and social) and identify the influence each pillar has on FDI inflows. The study uses a two-step system and difference Generalised Method of Moments (GMM) to assess the dynamic panel data for the top 20 emerging nations specified by IMF from 2005 to 2019. The results exhibit that past year values of FDI inflows influence the current year values, and a significant relationship exists between sustainable determinants and FDI inflows arriving in emerging economies. The pollution haven hypothesis has also been observed by deploying linear and non-linear associations of carbon emissions. Through the findings, we conclude that the quality of FDI must improve for host nations to prosper along the other dimensions of sustainability. The results also suggest that host countries' MNEs and businesses adopt sustainable practices and innovative strategies to automate FDI towards the attainment of sustainable development goals (SDGs) by 2030. The implications will aid host economies' policymakers in reiterating the sustainable determinants of FDI and foreign investors in acknowledging the choice of the economy to invest in.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"3044-3063"},"PeriodicalIF":2.8,"publicationDate":"2025-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514877","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

Assessing US and Global Economic Policy Uncertainty Effects on Non-Performing Loans in MENA's Islamic and Conventional Banks 评估美国和全球经济政策的不确定性对中东和北非地区伊斯兰和传统银行不良贷款的影响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-18 DOI: 10.1002/ijfe.3121

Shadi Ratib Mohammad Aledeimat, Murad Abdurahman Bein

{"title":"Assessing US and Global Economic Policy Uncertainty Effects on Non-Performing Loans in MENA's Islamic and Conventional Banks","authors":"Shadi Ratib Mohammad Aledeimat, Murad Abdurahman Bein","doi":"10.1002/ijfe.3121","DOIUrl":"https://doi.org/10.1002/ijfe.3121","url":null,"abstract":"<p>Banks within the MENA regions serve as pivotal agents in fostering economic growth through extensive lending to businesses, individuals and corporations, thereby amplifying employment within the banking sector. A pressing concern affecting these banks is the proliferation of NPLs, which not only diminishes net earnings but also escalates credit risks. This study examined the impact of US monetary certainty and global economic policy uncertainty on NPLs within MENA, involving both conventional and Islamic banks. The study selected 92 banks from 13 countries across the MENA region, spanning an 18-year dataset from 2005 to 2022, comprising 50 conventional and 42 Islamic institutions. Utilising GMM estimation to surmount endogeneity and auto-serial correlation. The study discerned that US monetary policy uncertainty exerted a significant negative influence on NPLs across MENA, encompassing both conventional and Islamic banks. Moreover, the research highlighted a positive and significant relationship between global economic policy uncertainty, bank size and capital adequacy ratio with NPLs in MENA banks. These findings provide comprehensive insights for banks in the MENA region, informing their loan-granting strategies amidst uncertainty, ultimately mitigating the incidence of NPLs.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4279-4304"},"PeriodicalIF":2.8,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3121","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248745","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

Geopolitical Risks and the Predictability of Green Investments: A GARCH-Based Mixed Data Sampling Approach 地缘政治风险与绿色投资的可预测性：基于garch的混合数据抽样方法

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-12 DOI: 10.1002/ijfe.3124

Oluwasegun B. Adekoya, Jamiu O. Badmus, Mamdouh Abdulaziz Saleh Al-Faryan

{"title":"Geopolitical Risks and the Predictability of Green Investments: A GARCH-Based Mixed Data Sampling Approach","authors":"Oluwasegun B. Adekoya, Jamiu O. Badmus, Mamdouh Abdulaziz Saleh Al-Faryan","doi":"10.1002/ijfe.3124","DOIUrl":"https://doi.org/10.1002/ijfe.3124","url":null,"abstract":"<div>\u0000 \u0000 <p>The frequent occurrences of geopolitical tensions, wars and conflicts continue to place a great limitation on the development of green projects, thereby reducing the incentives for sustainable investments. While there have been several attempts to connect geopolitical risks with financial market performance, there are still several limitations that this study intends to address. Among others, we make a comparison between the predictive impacts of global and country-specific geopolitical risks on the volatility of green investment assets, putting threats and actual acts into perspective. Using the GARCH-MIDAS methodology, we find that global geopolitical risks increase the volatility of most of the green investment assets, with the highest impact attributed to geopolitical risk threats. The country-specific analysis shows more heterogeneous impacts, although a positive relationship is found in most cases. In Europe, the geopolitical risks of the Netherlands and the United Kingdom exert the strongest impacts on the volatility of green investments, whereas in the non-European countries, the geopolitical risks of Russia and the United States have the strongest influence. Comparing regional impacts, the geopolitical risks of the non-European countries have a stronger impact than those of the European countries.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4343-4357"},"PeriodicalIF":2.8,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248634","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

Household Portfolios and Monetary Policy 家庭投资组合与货币政策

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-05 DOI: 10.1002/ijfe.3125

Raslan Alzuabi, Sarah Brown, Alexandros Kontonikas, Alberto Montagnoli

引用次数: 0

An Ensemble Model Minimising Misjudgment Cost: Empirical Evidence From Chinese Listed Companies 误判成本最小化的集成模型：来自中国上市公司的经验证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-31 DOI: 10.1002/ijfe.3097

Kunpeng Yuan, Mohammad Zoynul Abedin, Petr Hajek

{"title":"An Ensemble Model Minimising Misjudgment Cost: Empirical Evidence From Chinese Listed Companies","authors":"Kunpeng Yuan, Mohammad Zoynul Abedin, Petr Hajek","doi":"10.1002/ijfe.3097","DOIUrl":"https://doi.org/10.1002/ijfe.3097","url":null,"abstract":"<p>Predicting corporate financial distress is critical for bank lending and corporate bond investment decisions. Incorrect identification of default status can mislead lenders and investors, leading to substantial losses. This paper proposes an ensemble model that minimises the overall cost of misjudgment by considering the imbalanced ratio weighted loss of the unbalanced ratio of Type I and Type II errors in the objective function. Unlike existing static financial distress prediction models, the proposed model integrates panel data by using time-shifting to account for credit risk dynamics. To validate the prediction model, data were collected for Chinese listed companies, considering geographic area, ownership structure and firm size. We demonstrate that by weighting predictions from different classification models, the overall misjudgment cost can be minimised. This study identifies earnings per share and the product price index as the most relevant indicators affecting the financial performance of Chinese-listed companies. Overall, the results indicate that the proposed model has a predictive capacity of up to 5 years, with 98.7% for 1-year forecasting horizons and 96.8% for 5-year-ahead forecasting horizons. Furthermore, the proposed model outperforms existing distress prediction models in overall prediction performance by correctly identifying defaulting companies while avoiding misjudging good companies.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3875-3900"},"PeriodicalIF":2.8,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3097","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248604","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

Digital Transformation Disclosure and Bank Loans: An Information Heterogeneity Perspective 数字化转型、信息披露与银行贷款：一个信息异质性的视角

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-31 DOI: 10.1002/ijfe.3105

Jianmei Liu, Shujing Chen, Fei Su, Jia Liu

{"title":"Digital Transformation Disclosure and Bank Loans: An Information Heterogeneity Perspective","authors":"Jianmei Liu, Shujing Chen, Fei Su, Jia Liu","doi":"10.1002/ijfe.3105","DOIUrl":"https://doi.org/10.1002/ijfe.3105","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the impact of digital transformation disclosure on firms' ability to obtain bank loans, drawing upon a large dataset of Chinese listed firms from 2007 to 2021. Our findings reveal that both substantive and non-substantive digital transformation disclosures are positively related to bank loans. However, for firms with higher information credibility, the positive relationship between substantive (non-substantive) digital transformation disclosures and bank loans is relatively stronger. Channel analyses indicate that digital transformation disclosures bolster the accessibility of bank loans by boosting market attention and mitigating banks' default risk concerns. Moreover, government intervention is an alternative mechanism that impacts corporate access to bank loans. Further analysis reveals that substantive digital transformation disclosures can enhance corporate performance, improve resource allocation efficiency and alleviate underinvestment. In contrast, non-substantial digital transformation disclosures have no such positive effects and may even lead to overinvestment. The moderating analysis indicates that firms that disclose non-substantive digital transformation information may obtain excessive bank loans; however, corporate governance quality and FinTech development can constrain such speculative behaviour. Therefore, this study adds to the literature on the impact of digital transformation disclosure and complements studies on the determinants of bank loans.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4004-4038"},"PeriodicalIF":2.8,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248603","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

Pivoting to Avoid Pitfalls: Trade Policy Uncertainty and Corporate ESG Performance 转向避免陷阱：贸易政策不确定性与企业ESG绩效

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-27 DOI: 10.1002/ijfe.3122

Xue Tan, Zhixuan Shen, Xi Wen

{"title":"Pivoting to Avoid Pitfalls: Trade Policy Uncertainty and Corporate ESG Performance","authors":"Xue Tan, Zhixuan Shen, Xi Wen","doi":"10.1002/ijfe.3122","DOIUrl":"https://doi.org/10.1002/ijfe.3122","url":null,"abstract":"<div>\u0000 \u0000 <p>In the context of the U.S.-China trade war, this study constructed a corporate trade policy uncertainty index through text analysis and found that rising trade policy uncertainty significantly improves corporate ESG performance. Mechanism analyses show that trade policy uncertainty promotes corporate ESG performance through a risk-reducing channel, which has increased operational risks and dampened managers' optimistic expectations. Heterogeneity analyses find that the positive effect is more pronounced in target industries subject to tariff escalations of trade wars, non-state-owned enterprises and firms with lower foreign shareholdings. Tests of economic consequences show that better ESG performance positively affects market value during periods of high trade policy uncertainty while having little impact on financial performance. We further find that the promoting effect of trade policy uncertainty on ESG performance only persisted for 2 years, indicating that social responsibility activities compelled by export pressures manifest more as a short-term strategy with insurance value. Our findings support the view that ESG acts as a nonmarket strategy to mitigate negative external shocks.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4305-4327"},"PeriodicalIF":2.8,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248599","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

Contemporaneous Spillovers Across Foreign Exchange Markets 外汇市场的同期溢出效应

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-27 DOI: 10.1002/ijfe.3117

Ahmed BenSaïda

引用次数: 0

ESG Rating Uncertainty and the Cost of Debt Financing ESG评级的不确定性与债务融资成本

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-24 DOI: 10.1002/ijfe.3123

Jinyu Chen, Xinyu Guo, Ran Liu

引用次数: 0

Digitalisation and Firm-Level ESG Performance and Disclosures: A Scientometric Review and Research Agenda 数字化与公司层面的ESG绩效和披露：科学计量学审查和研究议程

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-20 DOI: 10.1002/ijfe.3118

Monica Singhania, Ibna Bhan, Surabhi Seth

{"title":"Digitalisation and Firm-Level ESG Performance and Disclosures: A Scientometric Review and Research Agenda","authors":"Monica Singhania, Ibna Bhan, Surabhi Seth","doi":"10.1002/ijfe.3118","DOIUrl":"https://doi.org/10.1002/ijfe.3118","url":null,"abstract":"<div>\u0000 \u0000 <p>Digitalisation and sustainability are not just critical business notions; they are also interdependent drivers of future business success. By employing digital tools, firms can improve their environmental, social, and governance (ESG) performance, increase transparency, and maintain stakeholders' accountability. This increasing significance has elevated the value of examining the impact of digitalisation on firm-level ESG performance and disclosures. This study explores this relationship by synthesising 199 relevant research records published during 2019–2024, obtained from Web of Science and Scopus, using a bibliometric and systematic literature review approach. Our descriptive analysis reveals exponential growth in publications on this relationship during the study period, focusing predominantly on quantitative research leveraging secondary data. Regression analysis emerged as the most popular analytical technique, followed by structural equation modelling. The theoretical foundations of this research are based on the resource-based view and dynamic capabilities view. The Co-occurrence analysis identifies China, Italy, and England as the leading contributors, with research hot spots centring around concepts such as ‘Industry 4.0’, ‘sustainability performance’, ‘sustainable development’, and ‘sustainability reporting’. Co-citation analysis highlights the leading journals, authors, and documents, emphasising the scholarly foundations of this field. Further, thematic analysis uncovers the benefits of digitalisation across four dominant dimensions: sustainability performance, supply chain sustainability, sustainability assessment, and sustainability accounting and reporting. Finally, we discuss critical knowledge gaps and propose future research questions to advance understanding of this emerging field.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4212-4236"},"PeriodicalIF":2.8,"publicationDate":"2025-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248551","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