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On stakeholder theory and corporate investment under financial frictions 论金融摩擦下的利益相关者理论与企业投资
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-02-05 DOI: 10.1002/ijfe.2942
Dariya Mykhayliv, Klaus G. Zauner
{"title":"On stakeholder theory and corporate investment under financial frictions","authors":"Dariya Mykhayliv,&nbsp;Klaus G. Zauner","doi":"10.1002/ijfe.2942","DOIUrl":"10.1002/ijfe.2942","url":null,"abstract":"<p>The view that corporations have a wider focus than just maximising shareholder value has received considerable attention from practitioners, managers, and academics alike. We investigate the Q theory of corporate investment with financial frictions when management maximises stakeholder value instead of shareholder value. Different objective functions are investigated. We characterise the optimal investment and financial policy of the firm. The results show that stakeholder firms invest more than shareholder firms, that is, over invest, and an increase of stakeholder shares increases investment, except when equity issuing firms face severe informational asymmetries or severe cost of external equity. We also discuss different approaches to model investment of stakeholder firms and their implications for empirical analysis.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 1","pages":"803-810"},"PeriodicalIF":2.8,"publicationDate":"2024-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2942","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139803052","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
How culture and legal environment affect classification shifting? Global evidence 文化和法律环境如何影响分类的转变？全球证据
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-02-04 DOI: 10.1002/ijfe.2933
Eric O. Boahen, Emmanuel C. Mamatzakis
{"title":"How culture and legal environment affect classification shifting? Global evidence","authors":"Eric O. Boahen,&nbsp;Emmanuel C. Mamatzakis","doi":"10.1002/ijfe.2933","DOIUrl":"10.1002/ijfe.2933","url":null,"abstract":"<p>This study examines the interplay between various cultural characteristics and the legal environment on classification shifting using a global sample that enables variability in underlying cultural characteristics across countries while controlling for heterogeneity. Given that both culture and the legal environment tend to exhibit low variability over time, our international cross-country analysis with diverse cultural dimensions and legal frameworks enhances the robustness of our empirical findings. Our identification strategy employs several models and shows the significant impact of culture on classification shifting and the interactions between national culture and the legal environment on classification shifting behaviour, though there is variability across countries. We also find that certain traits of culture induce classification shifting. We highlight that strengthening the legal environment becomes crucial in creating an institutional framework that effectively curbs unethical practices induced by certain national culture traits and enhances transparency and accountability in financial reporting.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 1","pages":"750-780"},"PeriodicalIF":2.8,"publicationDate":"2024-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139866679","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
Rental market structure and housing dynamics: An interacted panel VAR investigation
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-02-04 DOI: 10.1002/ijfe.2937
Michal Rubaszek, David Stenvall, Gazi Salah Uddin
{"title":"Rental market structure and housing dynamics: An interacted panel VAR investigation","authors":"Michal Rubaszek,&nbsp;David Stenvall,&nbsp;Gazi Salah Uddin","doi":"10.1002/ijfe.2937","DOIUrl":"https://doi.org/10.1002/ijfe.2937","url":null,"abstract":"<p>This article uses the interacted panel VAR method to analyse how institutional factors related to the structure of the housing market explain cross-country heterogeneity in responses to macroeconomic shocks. While the previous literature focused on the stabilizing role of the mortgage market, we argue that housing tenure structure also plays an important role. In the baseline, we use data for nine OECD members to investigate how the size and regulations of the rental market affect the response of the housing market to interest rate shocks. As a reference, we also conduct a similar analysis with the mortgage market structure as the institutional factor. We find that both the rental market size and maximum loan-to-value ratios are important in explaining heterogeneity of housing market responses to macroeconomic shocks.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 1","pages":"781-802"},"PeriodicalIF":2.8,"publicationDate":"2024-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2937","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143111609","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
The implications of non-synchronous trading in G-7 financial markets 七国集团金融市场非同步交易的影响
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-02-02 DOI: 10.1002/ijfe.2936
Dimitrios Dimitriou, Dimitris Kenourgios, Theodore Simos, Alexandros Tsioutsios
{"title":"The implications of non-synchronous trading in G-7 financial markets","authors":"Dimitrios Dimitriou,&nbsp;Dimitris Kenourgios,&nbsp;Theodore Simos,&nbsp;Alexandros Tsioutsios","doi":"10.1002/ijfe.2936","DOIUrl":"10.1002/ijfe.2936","url":null,"abstract":"<p>We investigate the effects of non-synchronous trading on volatility spillover for the G-7 equity markets during the Eurozone sovereign debt crisis (ESDC) and the Covid-19 pandemic crisis. For data synchronisation we utilise ΜΑ(1) adjusted return series to estimate the Baba-Engle-Kraft-Kroner (BEKK) and the dynamic conditional correlation (DCC) models. We also consider the use of realised kernels as explanatory variables in the variance equation. In this set up, the contagion effects during crises periods are more perceptible, as the spikes are easier to interpret. We also check the robustness of our main results by applying, wavelet coherence analysis to G-7 major equity indices with realised kernels, as well as local Gaussian correlations (LGC). Our findings suggest the empirical significance of the synchronisation effects for the US and the other G-7 equity markets. We also conclude that realised kernels is an effective tool for mitigating non-synchronous effects. These results underline the significance of quantifying the synchronisation effects in equity markets as well as international portfolio diversification strategies.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 1","pages":"689-709"},"PeriodicalIF":2.8,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2936","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139811159","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
War-associated geopolitical risks and uncertainty: Implications for real wages 与战争相关的地缘政治风险和不确定性：对实际工资的影响
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-02-02 DOI: 10.1002/ijfe.2939
Muhammad Ali Nasir, David Spencer
{"title":"War-associated geopolitical risks and uncertainty: Implications for real wages","authors":"Muhammad Ali Nasir,&nbsp;David Spencer","doi":"10.1002/ijfe.2939","DOIUrl":"10.1002/ijfe.2939","url":null,"abstract":"<p>This paper studies the effects of geopolitical risks and uncertainty on real wages. Employing UK data from 2000: Q1 to 2022: Q2 and a partial Nonlinear-Autoregressive Distributed Lag (NARDL) framework, we find that war-associated geopolitical risks and uncertainty have a statistically significant though mild positive impact on real wages. We find that domestic factors including economic policy uncertainty, productivity, economic growth, unemployment, inflation expectations and unionization play a stronger role in affecting real wages. Our findings suggest that the direct effects of war-associated geopolitical risks and uncertainty on real wages are temporary. From a policy perspective, the course of real wages will depend more on inflation expectations, productivity and most importantly unionization. We conclude that if real wages in the UK are to rise on a consistent basis then workers and particularly unions will have to gain more bargaining leverage.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 1","pages":"710-728"},"PeriodicalIF":2.8,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2939","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139677998","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
The COVID-19 pandemic and European trade patterns: A sectoral analysis COVID-19 大流行与欧洲贸易模式：行业分析
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-02-02 DOI: 10.1002/ijfe.2943
Guglielmo Maria Caporale, Anamaria Diana Sova, Robert Sova
{"title":"The COVID-19 pandemic and European trade patterns: A sectoral analysis","authors":"Guglielmo Maria Caporale,&nbsp;Anamaria Diana Sova,&nbsp;Robert Sova","doi":"10.1002/ijfe.2943","DOIUrl":"10.1002/ijfe.2943","url":null,"abstract":"<p>This article examines how the COVID-19 pandemic affected European trade patterns. Specifically, dynamic panel data models are estimated over the period 2019M1–2021M12 to assess the effects on exports and imports of various sectors and products (selected on the basis of their trading volume or strategic importance) of the restrictions and of other policy measures adopted by national governments during the crisis. The results suggest that the impact of the COVID-19 pandemic was heterogeneous across sectors and product types, both the initial drop and the subsequent rebound being different depending on sectoral characteristics and the degree of resilience. In particular, trade flows of durable products were more significantly affected by the pandemic compared to those of non-durable ones.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 1","pages":"729-749"},"PeriodicalIF":2.8,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2943","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139811488","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
Does a reduction in the pension insurance contribution ratio promote firm productivity? Evidence from a quasinatural experiment in China 降低养老保险缴费比例能否提高企业生产率？来自中国准自然实验的证据
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-02-01 DOI: 10.1002/ijfe.2934
Xiaohan Liu, Jianmin Liu, Jia Liu, Jinguang Wu, Yu Hao
{"title":"Does a reduction in the pension insurance contribution ratio promote firm productivity? Evidence from a quasinatural experiment in China","authors":"Xiaohan Liu,&nbsp;Jianmin Liu,&nbsp;Jia Liu,&nbsp;Jinguang Wu,&nbsp;Yu Hao","doi":"10.1002/ijfe.2934","DOIUrl":"10.1002/ijfe.2934","url":null,"abstract":"<p>Reducing the burden of social security contributions for firms, unleashing their vitality, and enhancing their total factor productivity (TFP) are crucial measures in China's pursuit of sustainable and high-value-added growth. This article utilizes three reductions in the corporate pension insurance contribution ratio in China as a quasi-natural experiment to construct a treatment intensity DID (Difference-in-Differences) model. By utilizing data from listed companies between 2013 and 2020, this study empirically examines the impact of reducing the pension insurance contribution ratio on firms’ TFP while identifying the underlying mechanisms. The findings of the study are as follows: First, the policy exhibits a significant positive effect on corporate TFP in China. Second, this policy's contribution primarily stems from stimulating firms to increase their employment of highly skilled labour, elevating wages for ordinary employees, and enhancing firm investment efficiency. Lastly, the analysis of heterogeneity demonstrates that the policy's positive effect is more pronounced among non-state-owned enterprises, small and medium-sized enterprises, and labour-intensive enterprises. This study provides empirical evidence for evaluating the contribution reduction policy and serves as a policy reference for endeavours to deepen the reform of the pension insurance system and enhance pension insurance fund budget management.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 1","pages":"665-688"},"PeriodicalIF":2.8,"publicationDate":"2024-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139686805","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
The ECB press conference statement: deriving a new sentiment indicator for the euro area 欧洲央行新闻发布会声明：得出欧元区新的情绪指标
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-01-29 DOI: 10.1002/ijfe.2940
Dimitrios Kanelis, Pierre L. Siklos
{"title":"The ECB press conference statement: deriving a new sentiment indicator for the euro area","authors":"Dimitrios Kanelis,&nbsp;Pierre L. Siklos","doi":"10.1002/ijfe.2940","DOIUrl":"10.1002/ijfe.2940","url":null,"abstract":"<p>We analyse the introductory statements of the ECB president and derive new sentiment indicators for the euro area based on a novel approach. To evaluate sentiment, we utilize a Large Language Model, namely FinBERT, which classifies the verbal sentiment of economics and finance-related textual data. We find that the ECB's conveyed sentiment about monetary policy, which is influenced by the economic outlook and the state of the euro area macroeconomy as expressed in speeches, plays a significant role in shaping the content of press conferences following a governing council decision. In contrast, speech sentiment regarding financial stability does not significantly influence introductory statements.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 1","pages":"652-664"},"PeriodicalIF":2.8,"publicationDate":"2024-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140489373","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
Banking uncertainty and corporate financial constraints 银行业的不确定性和企业财务限制
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-01-27 DOI: 10.1002/ijfe.2938
Japan Huynh
{"title":"Banking uncertainty and corporate financial constraints","authors":"Japan Huynh","doi":"10.1002/ijfe.2938","DOIUrl":"10.1002/ijfe.2938","url":null,"abstract":"<p>This article investigates an essential channel through which uncertainty may harm the economy—firms' financing constraints. Unlike prior literature focusing on the aspect of aggregate economic policy uncertainty, we look into the dimension of disaggregate uncertainty in the banking system. Examining financial data of commercial banks and listed companies in Vietnam during 2008–2022, we document that banking uncertainty positively impacts corporate financial constraints. Moreover, we explore how firm-specific and macroeconomic factors interact with the relationship between uncertainty and financing constraints. Our analysis indicates that this link is more pronounced for non-state-owned firms, firms with more intangible assets, and firms listed on the Hanoi stock exchange. Meanwhile, macro shocks, such as the financial crisis and the COVID-19 pandemic can strengthen the effect of banking uncertainty on financing constraints. Finally, we examine the mechanisms through which banking uncertainty causes an increase in firms' financial constraints. We document that banking uncertainty exacerbates financial constraints by raising the cost of external financing, not by lowering firm performance.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 1","pages":"626-651"},"PeriodicalIF":2.8,"publicationDate":"2024-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139587845","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
Do political connections matter for bank efficiency in times of crisis? 危机时期，政治关系对银行效率有影响吗？
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-01-23 DOI: 10.1002/ijfe.2927
Omneya Abdelsalam, Sabur Mollah, Emili Tortosa-Ausina, Ahmed A. El-Masry
{"title":"Do political connections matter for bank efficiency in times of crisis?","authors":"Omneya Abdelsalam,&nbsp;Sabur Mollah,&nbsp;Emili Tortosa-Ausina,&nbsp;Ahmed A. El-Masry","doi":"10.1002/ijfe.2927","DOIUrl":"10.1002/ijfe.2927","url":null,"abstract":"<p>Do political connections affect bank efficiency during crises? This study addresses this question by adopting a two-stage approach that performs a quantile regression analysis on a unique dataset of listed banks in a region that has witnessed both financial and political crises, namely the Middle East and North Africa. Our results show that political connections are a driving force behind bank inefficiency. We find that the least efficient banks have the most significant association with political connections, thus supporting bailout theory. We also find that political connections influenced the efficiency of banks during the financial crisis, but not during the regional political crisis. Our results provide new evidence on the applicability of established political connection theories during political turmoil.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 1","pages":"602-625"},"PeriodicalIF":2.8,"publicationDate":"2024-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2927","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139604206","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
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