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Market power, optimal scale and competition promotion in banking: Analysis in the GCC region 银行业的市场力量、最佳规模和竞争促进：海湾合作委员会地区分析
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-04-28 DOI: 10.1002/ijfe.2990
Sara Alfaihani, Oleg Badunenko, Shabbar Jaffry
{"title":"Market power, optimal scale and competition promotion in banking: Analysis in the GCC region","authors":"Sara Alfaihani,&nbsp;Oleg Badunenko,&nbsp;Shabbar Jaffry","doi":"10.1002/ijfe.2990","DOIUrl":"10.1002/ijfe.2990","url":null,"abstract":"<p>We propose an approach to identify optimally scaled banks and analyse the competition levels among banks in different stages of production in six countries of the Gulf region. The empirical results show that the global financial crisis curbed the rise in the market power of banks, but the market power continued to increase straight after 2009. Also, we show that the existing methods fail to identify that a significant proportion of banks across different countries, up to 90%, are operating at an optimal scale. Finally, we discuss the misclassification of banks by the traditional approach to scale analysis and its implications for decision-making by competition authorities and central banks that assess and promote competition in banking. We advocate a more nuanced approach to competition policy that recognizes the potential impact of various phases of banks' production process on the competition.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1649-1670"},"PeriodicalIF":2.8,"publicationDate":"2024-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2990","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140810776","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
Trade and flow of value in global value chains 全球价值链中的贸易和价值流动
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-04-25 DOI: 10.1002/ijfe.2980
Peijie Wang, Zhiyuan Liu
{"title":"Trade and flow of value in global value chains","authors":"Peijie Wang,&nbsp;Zhiyuan Liu","doi":"10.1002/ijfe.2980","DOIUrl":"10.1002/ijfe.2980","url":null,"abstract":"<p>This paper examines flow of value that goes with trade flows in global value chains (GVCs) by a residence-based domestic value-added trade measure. Accordingly, the paper puts forward a concept of residence-based domestic value-added exports from activity domains and develops a corresponding trade measure. Export activities of G20 economies are scrutinized empirically, with which sizeable differences are observed between figures in the proposed residence-based domestic value-added trade measure and the conventional domestic value-added trade measure. This calls for new measures, to which the present study responds. It has been demonstrated that the developed G20 gains persistently in residence-based domestic value-added exports, increasing from the conventional domestic value-added exports measure. Whereas trade performance of the developing G20 deteriorates with considerably reduced surpluses in the new measure. Considerable additional value flows out from developing to developed economies in GVCs. Developed economies continue to gain from international trade as a matter of fact.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1610-1631"},"PeriodicalIF":2.8,"publicationDate":"2024-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2980","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140806358","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
Do creditors care about greening in corporations? Do contingencies matter? 债权人关心企业的绿化吗？突发事件重要吗？
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-04-24 DOI: 10.1002/ijfe.2985
Abdullah S. Karaman, Ali Meftah Gerged, Ali Uyar
{"title":"Do creditors care about greening in corporations? Do contingencies matter?","authors":"Abdullah S. Karaman,&nbsp;Ali Meftah Gerged,&nbsp;Ali Uyar","doi":"10.1002/ijfe.2985","DOIUrl":"10.1002/ijfe.2985","url":null,"abstract":"<p>This study assesses whether creditors consider ecological practices (i.e., resource usage, emissions, and eco-innovation) when setting interest rates during loan decisions and whether firm-level contingencies play a role in this relationship. Based on a sample of 38,127 firm-year observations of non-financial firms operating worldwide between 2004 and 2019, our evidence indicates that eco-friendly practices have no significant direct effect on the cost of debt. Thus, we consider other theoretically expected channels that moderate this link. Notably, profitability and board gender diversity significantly moderate the relationship between eco-friendly practices and the cost of debt. Further investigation reveals interesting associations between low and high governance systems, low and high financial development environments, code law versus common law systems, and polluting versus non-polluting sectors. We suggest theoretical and practical implications by which firms can reap greater benefits from environmental engagement.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1583-1609"},"PeriodicalIF":2.8,"publicationDate":"2024-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2985","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140662955","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
Margin buying activity and stock market trading in China: Is there a connection? 中国的保证金购买活动与股市交易：两者之间有联系吗？
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-04-17 DOI: 10.1002/ijfe.2971
Hui Hong, Shitong Wu, Cheng Zhang
{"title":"Margin buying activity and stock market trading in China: Is there a connection?","authors":"Hui Hong,&nbsp;Shitong Wu,&nbsp;Cheng Zhang","doi":"10.1002/ijfe.2971","DOIUrl":"10.1002/ijfe.2971","url":null,"abstract":"<p>This paper examines the dynamic linkage between margin buying activity and stock market trading in China. Built upon a multivariate DCC-GJRGARCH model and the spillover index method, the results highlight a high dynamic conditional correlation between margin buying activity and stock market trading which shows apparent time-varying features. Furthermore, there is a two-way risk-spillover relationship, with stock market trading playing a dominant role in risk transmission. More importantly, the level of risk contagion actually varies over time due to certain large external shocks. Margin buying activity tends to be a mean risk-spillover receiver most time, whereas it acts as both a volatility risk-spillover transmitter and a receiver over the entire sample period. The analysis thus implies that margin buying activity does have a close interrelationship with stock market trading in China, which has important implications for both regulators and investors.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1564-1582"},"PeriodicalIF":2.8,"publicationDate":"2024-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140692909","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 ESG funds engage in portfolio pumping to gain higher flows? An application of Benford's Law 环境、社会和治理基金是否为获得更高的流动性而进行投资组合抽水？本福德定律的应用
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-04-11 DOI: 10.1002/ijfe.2976
Aineas Mallios, Taylan Mavruk
{"title":"Do ESG funds engage in portfolio pumping to gain higher flows? An application of Benford's Law","authors":"Aineas Mallios,&nbsp;Taylan Mavruk","doi":"10.1002/ijfe.2976","DOIUrl":"10.1002/ijfe.2976","url":null,"abstract":"<p>Portfolio pumping is identified as an ‘illegal’ trading practice that involves inflating quarter- and year-end portfolio returns. Utilizing U.S. domestic equity mutual fund daily return data, we examine whether environmental, social, and governance (ESG) funds engage in portfolio pumping to generate higher flows. Our findings reveal that, on average, ESG funds attract 0.4% higher flows than other funds. However, they engage in portfolio pumping and achieve returns that are 5.3 basis points (bps) higher at quarter ends compared to their returns during the rest of the year. This practice does not result in additional fund flows. Notably, compared to other funds, ESG funds exhibit a significant 4 bps reduction through portfolio pumping. This implies that, on the last day of the quarter, ESG funds earn approximately 4 bps lower returns compared to other funds. Portfolio pumping is costly for both investors and financial markets since it leads to trading activities that cause stock prices to deviate from their fundamental values. ESG funds engage less in portfolio pumping than other funds, which indicates that their primary focus is to maximize fund flows rather than enhance or create a positive social impact on the underlying firm portfolio. Investors seem to understand this goal, particularly when ESG funds engage in portfolio pumping and avoid investing in ESG funds.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1540-1563"},"PeriodicalIF":2.8,"publicationDate":"2024-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2976","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140566425","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
Acquisition deal characteristics and earnings management: New evidence from Gulf Cooperation Council countries 收购交易特征与收益管理：海湾合作委员会国家的新证据
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-04-10 DOI: 10.1002/ijfe.2972
Mahmoud Alghemary, Basil Al-Najjar, Nereida Polovina
{"title":"Acquisition deal characteristics and earnings management: New evidence from Gulf Cooperation Council countries","authors":"Mahmoud Alghemary,&nbsp;Basil Al-Najjar,&nbsp;Nereida Polovina","doi":"10.1002/ijfe.2972","DOIUrl":"10.1002/ijfe.2972","url":null,"abstract":"<p>In this study, we empirically investigate the association between acquisition deal characteristics and two forms of earnings management: accruals earnings management and real earnings management. Our focus is on acquiring firms listed in six Gulf Cooperation Council (GCC) countries. Employing a panel data approach to explore these interrelationships, our findings suggest that acquiring companies involved in cross-border deals tend to resort to accruals earnings management before the acquisition rather than real earnings management. Conversely, acquiring firms engaged in unrelated industrial deals are inclined to employ real earnings management over accruals earnings management. Moreover, our analysis indicates that the extent of acquired ownership acts as an effective tool in mitigating both forms of earnings management. Similarly, cash payment acquisitions emerge as an efficient means of curtailing both accruals and real earnings management. These results underscore that the engagement of GCC acquiring firms in earnings management is influenced by the specific characteristics inherent in the acquisition deals.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1500-1521"},"PeriodicalIF":2.8,"publicationDate":"2024-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140566684","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
Optimal decisions of retailer's loans from bank 零售商向银行贷款的最优决策
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-04-10 DOI: 10.1002/ijfe.2979
Bo Yan, Mengru Liang, Lifeng Liu
{"title":"Optimal decisions of retailer's loans from bank","authors":"Bo Yan,&nbsp;Mengru Liang,&nbsp;Lifeng Liu","doi":"10.1002/ijfe.2979","DOIUrl":"10.1002/ijfe.2979","url":null,"abstract":"<p>This study employs the Stackelberg game model to explore an innovative financing model where the retailer directly borrows from the bank under conditions of symmetric information. Diverging from traditional research, this study uniquely incorporates the concept of the margin rate into the decentralised decision analysis among retailer, supplier, and bank. The finding indicates that the capital of the retailer and margin rate significantly influence financing decisions within the supply chain, thereby impacting profitability for all stakeholders. Specifically, we find that the margin rate plays a crucial role in optimising retailer financing decisions, supplier pricing strategies, and bank risk management. These insights offer a fresh perspective for banks to establish appropriate margin rates and loan interest rates, effectively managing loan risks and maximising supply chain profitability.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1522-1539"},"PeriodicalIF":2.8,"publicationDate":"2024-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140566648","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
Political power differential and forced CEO turnover: Evidence from Chinese non-state-owned enterprises 政治权力差异与首席执行官被迫离职：来自中国非国有企业的证据
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-04-08 DOI: 10.1002/ijfe.2978
Xingyi Zhang, Qingfeng Wang, Weimin Liu
{"title":"Political power differential and forced CEO turnover: Evidence from Chinese non-state-owned enterprises","authors":"Xingyi Zhang,&nbsp;Qingfeng Wang,&nbsp;Weimin Liu","doi":"10.1002/ijfe.2978","DOIUrl":"10.1002/ijfe.2978","url":null,"abstract":"<p>In China, the prevalence of strong political connections among a significant number of boards of directors and CEOs highlights the importance of cultivating such relationships. This is particularly relevant when considering the Chinese political system where officers holding higher political ranks wield dominant, or even absolute, power in decision-making. Our findings reveal that the political power differential (PPD) between a board of directors and its CEO plays a pivotal role in mitigating CEO entrenchment associated with political power. Specifically, when directors possess more political power than their CEOs, they can effectively fulfil their disciplinary role, leading to the dismissal of underperforming CEOs. Our study substantiates a significantly positive relationship between PPD and the probability of a forced CEO turnover, as well as the sensitivity of CEO turnover to performance. Notably, as PPD increases by one standard deviation from its mean level, we observe an approximate 30% increase in CEO turnover-performance sensitivity. These findings confirm a higher likelihood of replacing underperforming CEOs in firms with a politically powerful board. Our results also highlight that a higher proportion of either independent or female directors alone does not guarantee effective monitoring. The key lies in ensuring that these directors possess stronger political power than the CEO.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1475-1499"},"PeriodicalIF":2.8,"publicationDate":"2024-04-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140729893","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
Bank leverage and systemic risk: Impact of bank risk-taking and inter-bank business 银行杠杆和系统性风险：银行承担风险和银行间业务的影响
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-04-04 DOI: 10.1002/ijfe.2973
Xiaoming Zhang, Wenzhe Zhang, Chien-Chiang Lee
{"title":"Bank leverage and systemic risk: Impact of bank risk-taking and inter-bank business","authors":"Xiaoming Zhang,&nbsp;Wenzhe Zhang,&nbsp;Chien-Chiang Lee","doi":"10.1002/ijfe.2973","DOIUrl":"10.1002/ijfe.2973","url":null,"abstract":"<p>In order to prevent and resolve systemic risk more effectively through deleveraging policy, this research takes China A-share listed commercial banks from 2011 to 2021 as samples, calculates the systemic risk spillover through the conditional value at risk model, re-estimates the leverage ratio with reference to the “Administration Measures for the Leverage Ratio of Commercial Banks (revised)”, and evaluates the influence of the leverage ratio on systemic risk. The results show that a high leverage ratio increases systemic risk spillover, and under this increase state-owned commercial banks have the greatest contribution. Further research presents that a better leverage ratio enhances the systemic risk spillover by improving bank risk-taking and encouraging inter-bank business expansion. In addition, over different periods of economic development the influence of the leverage ratio on systemic risk exudes different characteristics. During an economic upswing, the leverage ratio's impact on systemic risk significantly drops.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1450-1474"},"PeriodicalIF":2.8,"publicationDate":"2024-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140744998","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 the firm's life cycle matter in the relationship between short-term debt and investment efficiency? 在短期债务与投资效率的关系中，公司的生命周期是否重要？
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-04-03 DOI: 10.1002/ijfe.2977
Ala'a Adden Awni Abuhommous
{"title":"Does the firm's life cycle matter in the relationship between short-term debt and investment efficiency?","authors":"Ala'a Adden Awni Abuhommous","doi":"10.1002/ijfe.2977","DOIUrl":"10.1002/ijfe.2977","url":null,"abstract":"<p>In this paper, we investigate the role of short-term debt in investment efficiency, and we examine the impact of the firm's life cycle stages on this relationship. Using data from non-financial companies in the United States from 1971 to 2021, we argue that the short-term debt may reduce the information asymmetries and discipline the management decisions, thus improving the investment efficiency. We argue, however, that the relationship varies throughout different life cycle stages. We find that short-term debt positively influences investment efficiency and over-investment. Furthermore, the firm's life cycle significantly impacts investment efficiency, with the introduction and growth stages negatively associated with it. The life cycle also affects the relationship between short-term debt and investment efficiency, particularly during the growth stage. These results emphasis the role of short-term debt and the firm's life cycle in mitigating information asymmetries and shaping management behaviour.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1429-1449"},"PeriodicalIF":2.8,"publicationDate":"2024-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140566682","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
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