International Journal of Finance & Economics最新文献_第2页

Climate Risk and Foreign Direct Investment Entry Mode 气候风险与外国直接投资进入模式

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-15 DOI: 10.1002/ijfe.3120

Chengchun Li, Yun Luo, Glauco De Vita

{"title":"Climate Risk and Foreign Direct Investment Entry Mode","authors":"Chengchun Li, Yun Luo, Glauco De Vita","doi":"10.1002/ijfe.3120","DOIUrl":"https://doi.org/10.1002/ijfe.3120","url":null,"abstract":"<div>\u0000 \u0000 <p>The paper examines how climate risk impacts the strategic entry mode choices—between greenfield investments and cross-border mergers and acquisitions (M&As)—of multinational enterprises (MNEs) into foreign markets. Our study adds to existing literature through a cross-countries empirical analysis and uses a newly developed dataset, the Multinational Revenue, Employment, and Investment Database (MREID), that accounts for how both physical and transition risks of climate change affect MNEs' entry mode choice. Physical risk refers to the tangible impacts of climate change such as extreme weather events, while transition risk involves regulatory and policy changes associated with moving towards a low-carbon economy. Using data for 139 source countries and 134 destination countries over the period from 2010 to 2021, we find that an increase in the physical risk of climate change leads to MNEs choosing greenfield investment when entering a new market while a higher level of transition risk discourages greenfield investment. Physical risk has a negative and significant influence on MNEs' entry choice of using cross-border M&A. There is a positive and significant correlation between transition risk and cross-border M&A though such a relationship is not robust. Industrial-level evidence shows a similar pattern in the majority of the industries. Our findings provide policymakers with guidelines helping to mitigate the negative impact of climate change on business decisions at the global level.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4255-4278"},"PeriodicalIF":2.8,"publicationDate":"2025-01-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248545","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 Disclosure Fog: Institutional Investors and Corporate Greenwashing 披露迷雾：机构投资者和企业洗绿

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-13 DOI: 10.1002/ijfe.3096

Fumin Zhu, Haoyuan Fan, Zunxin Zheng

{"title":"The Disclosure Fog: Institutional Investors and Corporate Greenwashing","authors":"Fumin Zhu, Haoyuan Fan, Zunxin Zheng","doi":"10.1002/ijfe.3096","DOIUrl":"https://doi.org/10.1002/ijfe.3096","url":null,"abstract":"<div>\u0000 \u0000 <p>Corporate environmental, social, and governance (ESG) disclosure is often a superficial signal rather than something of substance and is an easily negligible form of greenwashing. Here, we explore the relationship between corporate disclosure greenwashing and institutional investors using data from Chinese listed heavily polluting firms from 2012 to 2021. We hypothesise and discover that while institutional investors encourage firms to publish social responsibility reports, they may actually discourage the use of sustainability-related phrases in these reports. The findings hold even after performing several endogeneity and robustness tests. We also identify three mechanisms through which institutional investors influence corporate greenwashing: corporate governance, information transparency, and corporate operations. Additionally, pressure-sensitive institutional investors are more likely to facilitate corporate greenwashing than pressure-insensitive and pressure-uncertain investors. However, after the <i>Guidance on Building Green Financial System</i>'s implementation in 2016, the positive relationship between disclosure greenwashing and institutional investors has rapidly declined. The promotional effect of institutional investor-induced greenwashing is also lower in state-owned enterprises. Overall, our findings not only enrich the literature on institutional investors and corporate information disclosure but also have implications for improving the green financial system.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3856-3874"},"PeriodicalIF":2.8,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248735","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

Capital Market Opening and Corporate Innovation: Mediating Role of ESG Performance and Financing Constraints 资本市场开放与企业创新：ESG绩效与融资约束的中介作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-13 DOI: 10.1002/ijfe.3119

Jiyang Zhao, Xiaohong Wang, Xiangyu Luan

{"title":"Capital Market Opening and Corporate Innovation: Mediating Role of ESG Performance and Financing Constraints","authors":"Jiyang Zhao, Xiaohong Wang, Xiangyu Luan","doi":"10.1002/ijfe.3119","DOIUrl":"https://doi.org/10.1002/ijfe.3119","url":null,"abstract":"<div>\u0000 \u0000 <p>This study uses a quasi-natural experiment of the Shanghai-Hong Kong and Shenzhen-Hong Kong Connect Trading Systems to investigate the role of the capital market opening in fostering corporate innovation. We use panel data for A-listed corporations covering 2009–2021 to construct empirical analysis, and corroborate that the capital market opening can exert significantly positive influences on corporate innovation. The robustness of the research is verified. Furthermore, we conduct quantile analysis to investigate asymmetric effects, and employ multi-phase difference-in-difference-in-difference model, which reveals that the positive effect of capital market opening is more distinctly potent among the heavy polluters and the new-high-tech corporations. Moreover, the results also reflect that the capital market opening can enhance ESG performance and ease financing constraints, which in turn enhances corporate innovation. This study extends the researches on the topic regarding the relationship between capital market opening and corporate innovation, and outlines the theoretical and practical implications of helping foster corporate innovation.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4237-4254"},"PeriodicalIF":2.8,"publicationDate":"2025-01-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248738","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 Co-Opted Boards Lead to Managerial Obfuscation? Evidence From the 10-K Report Readability 增选董事会会导致管理混乱吗？来自10-K报告可读性的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-12 DOI: 10.1002/ijfe.3114

Ammar Ali Gull, Asad Ali Rind, Muhammad Tahir Suleman

引用次数: 0

Exchange Rate Policies and USA–China Trade Balance 汇率政策与中美贸易平衡

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-10 DOI: 10.1002/ijfe.3102

Georgios Bertsatos, Nicholas Tsounis, George Agiomirgianakis

{"title":"Exchange Rate Policies and USA–China Trade Balance","authors":"Georgios Bertsatos, Nicholas Tsounis, George Agiomirgianakis","doi":"10.1002/ijfe.3102","DOIUrl":"https://doi.org/10.1002/ijfe.3102","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate the effects of the real exchange rate on the trade balance between the USA and China by using a median threshold in non-linear modelling, controlling for several factors. Non-linear autoregressive distributed lag (NARDL) models are estimated with zero threshold, as well as with median threshold, and this is the first time in the USA–China literature of balance of trade. Quarterly data are employed, and the examined sample covers the period 1995–2023. It appears that the threshold choice matters when it comes to policy implications. Specifically, NARDL with the conventional zero-threshold analysis could lead to misleading policy proposals, especially when there are strongly unequal probabilities in the USD appreciation and depreciation regime. In our case, the traditional analysis based on zero threshold leads to diametrically opposite policy suggestions of what the alternative methodology of median threshold would suggest. We find that a nominal USD appreciation suggests a perpetual improvement of the US trade balance, and such an improvement could be further magnified if the US prices increase more rapidly than China's prices (e.g., as in the period from 2020 onwards). Evidence also shows that the US balance of trade could be temporarily benefitted by medium or large USD depreciations in real terms, and such an improvement could be notably facilitated when the US–China prices’ differential is downward sloping (e.g., as in the 2006–2019 period).</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3974-3985"},"PeriodicalIF":2.8,"publicationDate":"2025-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248487","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 Impact of Text-Based Financial Constraints on Stock Price Crash Risk: Evidence From the UK Firms 基于文本的财务约束对股价崩盘风险的影响：来自英国公司的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-08 DOI: 10.1002/ijfe.3113

Acheampong Albert, Mahdi Mousavi, Giray Gozgor, Yeboah Patrick

引用次数: 0

Do Mortgage Buy-To-Let Investors Pay More or Less for Properties? Empirical Evidence From the UK Residential Market 按揭买房出租投资者为房产支付更多还是更少？来自英国住宅市场的经验证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-08 DOI: 10.1002/ijfe.3115

Panagiotis Petris, George Dotsis, Panayotis Alexakis

{"title":"Do Mortgage Buy-To-Let Investors Pay More or Less for Properties? Empirical Evidence From the UK Residential Market","authors":"Panagiotis Petris, George Dotsis, Panayotis Alexakis","doi":"10.1002/ijfe.3115","DOIUrl":"https://doi.org/10.1002/ijfe.3115","url":null,"abstract":"<div>\u0000 \u0000 <p>In this paper, we test whether mortgage buy-to-let investors buy houses at significantly different prices compared to other buyers. The distinctive characteristic of a mortgage buy-to-let transaction is that lenders require the price offered to be explicitly tied to the rental income that the property will be able to generate. To test the existence of a price differential between the two groups of buyers, we use house price data of more than 600,000 residential unit transactions that took place in England and Wales. Using data that span the period 2014–2021, our empirical findings show that mortgage buy-to-let investors buy houses at a significantly discounted price (discount of about 4.5%) compared to other buyers. We provide evidence that home price differentials among the two buyer groups are less pronounced in a highly competitive market, such as the London housing market. We also find that the mortgage buy-to-let discount was on average higher before the 3% rise in the stamp duty land tax that took place in 2016.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4182-4196"},"PeriodicalIF":2.8,"publicationDate":"2025-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248614","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 Impact of Cash Flow Uncertainty on Investment-Cash Flow Sensitivity in China: The Debt Financing Channel 中国现金流不确定性对投资-现金流敏感性的影响：债务融资渠道

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-05 DOI: 10.1002/ijfe.3103

Sai Ding, Minjoo Kim, Xiao Zhang, Yanyu Zhou

引用次数: 0

Not on My Nickel: The Aptness of Blank Check Companies for Islamic Finance 不是我的钱：空白支票公司对伊斯兰金融的适应性

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-04 DOI: 10.1002/ijfe.3112

Tasawar Nawaz

引用次数: 0

An Islamic Inter-Temporal Capital Asset Pricing Model: Evidence From GCC Indexes 一个伊斯兰跨期资本资产定价模型：来自GCC指数的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-29 DOI: 10.1002/ijfe.3110

Fatma Alahouel, Nadia Loukil

{"title":"An Islamic Inter-Temporal Capital Asset Pricing Model: Evidence From GCC Indexes","authors":"Fatma Alahouel, Nadia Loukil","doi":"10.1002/ijfe.3110","DOIUrl":"https://doi.org/10.1002/ijfe.3110","url":null,"abstract":"<div>\u0000 \u0000 <p>Our study examines the multi-period Islamic investment issue in GCC markets. We assess the validity of ICAPM by incorporating market dynamics: volatility and uncertainty. To test the predictive power of these factors over time, we employ Engle's (2002) dynamic conditional correlation framework and compute the DCC between Islamic stock index returns and three key variables: the GCC Islamic index (market index) and market state variables (volatility and uncertainty). For cross-sectional variation, we follow Bali and Engle (2010) and estimate the seemingly unrelated regression (SUR) after measuring dynamic covariance. We report heterogeneous results revealing a complex relationship between market risk factors and expected returns. While the introduction of market volatility and uncertainty factors generally resulted in a negative risk premium, the specific impact varied across different markets. Interestingly, the Saudi index, holding significant weight within the GCC index, shows a negative risk premium and a positive uncertainty premium in the short-term. Accordingly, investors seek a premium for uncertainty and accept a discount for volatility in the Saudi market. However, in the long term, a traditional positive risk–return relationship is observed. The cross-sectional results reveal that both GCC index fluctuations and shifts in market volatility are associated with a negative risk premium, in the short term. Whereas, an increasing market uncertainty leads to a higher expected return in the following month. This study adds novelty to the literature related to the pricing of Shari'ah-compliant assets by testing the inter-temporal CAPM for these assets and showing the usefulness for investors. Indeed, the implementation of a multi-period investment plan across Islamic GCC indexes can help investors mitigate adverse changes in market volatility and uncertainty.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4095-4112"},"PeriodicalIF":2.8,"publicationDate":"2024-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248713","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