International Journal of Finance & Economics最新文献_第3页

Determinants of Dividend Payout Policy: More Evidence From Emerging Markets of G20 Bloc 股利支付政策的决定因素：来自G20集团新兴市场的更多证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-25 DOI: 10.1002/ijfe.3111

Wagner Dantas de Souza Junior, Mohamed Mehdi Hijazi, Tarcísio Pedro da Silva

{"title":"Determinants of Dividend Payout Policy: More Evidence From Emerging Markets of G20 Bloc","authors":"Wagner Dantas de Souza Junior, Mohamed Mehdi Hijazi, Tarcísio Pedro da Silva","doi":"10.1002/ijfe.3111","DOIUrl":"https://doi.org/10.1002/ijfe.3111","url":null,"abstract":"The purpose of this article is to examine the key factors influencing dividend payout policy in emerging markets, using a quantitative approach with a sample of 938 firms and 19,698 firm-year observations. The study considers dividends, and share repurchases as elements of payout, analysing the effect of earnings, taxes, debt, size and free cash flow on payout decisions through an OLS Panel Data regression model and a GMM-AB model for robustness. Findings indicate that taxes, size and leverage positively influence payout, while free cash flow and earnings show negative associations. Notably, free cash flow exhibits the largest impact on payout variations, supporting asymmetric information theories like bird-in-hand, signalling and dividend life cycle theories, where payout responds to investor risk aversion. The paper's originality lies in its 21-year analysis of 11 emerging economies, identifying that, unlike developed markets where payout is shaped by agency conflicts, emerging markets emphasise reducing investor risk aversion. The findings also challenge existing financial theories by demonstrating a complementary relationship between investment and debt policies, with a negative correlation between cash flow and dividends and a positive one between leverage and dividends.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4113-4124"},"PeriodicalIF":2.8,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3111","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248707","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 Risk and Foreign Direct Investment Inflows: The Moderating Role of Water and Energy Risks 地缘政治风险与外国直接投资流入：水和能源风险的调节作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-25 DOI: 10.1002/ijfe.3106

Theodore Kapopoulos, Athanasios Sakkas, Konstantinos Drakos

{"title":"Geopolitical Risk and Foreign Direct Investment Inflows: The Moderating Role of Water and Energy Risks","authors":"Theodore Kapopoulos, Athanasios Sakkas, Konstantinos Drakos","doi":"10.1002/ijfe.3106","DOIUrl":"https://doi.org/10.1002/ijfe.3106","url":null,"abstract":"<div>\u0000 \u0000 Using a panel of 43 economies between 1985 and 2022, this article establishes a link between foreign direct investment (FDI) inflows and geopolitical risk. We distinguish the idiosyncratic component of geopolitical risk from the global geopolitical risk index provided by Caldara and Iacoviello (2022. American Economic Review, 112, 1194–1225.). We then incorporate both global and idiosyncratic risks into a static FDI regression model, controlling for other economic and institutional determinants. Our findings suggest that both global and idiosyncratic geopolitical risks pose significant obstacles to FDI inflows. Additionally, we investigate whether water and energy risks, when interacting with geopolitical risk, influence the behaviour of international investors. To test this hypothesis, we estimate the interaction effect of water stress and energy intensity as proxies for water and energy risks, respectively. Our findings imply that foreign investors perceive high energy intensity and water stress as moderating factors that could motivate host country policymakers to avoid involvement in geopolitical confrontations, thereby supporting peacebuilding to prevent or resolute conflicts.\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4039-4062"},"PeriodicalIF":2.8,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248705","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

Carbon Performance and Financial Performance: How R&D Makes a Difference Pre- and Post-Paris Accord 碳绩效与财务绩效：研发如何在巴黎协定前后产生影响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-25 DOI: 10.1002/ijfe.3109

Mohamad H. Shahrour, Alireza Rohani, Michal Wojewodzki, Dung V. Tran

{"title":"Carbon Performance and Financial Performance: How R&D Makes a Difference Pre- and Post-Paris Accord","authors":"Mohamad H. Shahrour, Alireza Rohani, Michal Wojewodzki, Dung V. Tran","doi":"10.1002/ijfe.3109","DOIUrl":"https://doi.org/10.1002/ijfe.3109","url":null,"abstract":"This study examines how R&D investments influence U.S. firms' abilities to align environmental initiatives with financial outcomes. It employs a sample of 229 firms listed on the S&P 500 between 2003 and 2021 and multivariate panel regression models with fixed effects to explore how R&D moderates the relationship between corporate carbon performance (CP) and financial performance (ROA). Findings reveal that a 1% increase in CP corresponds to a 0.429% increase in ROA. Moreover, R&D positively enhances this association, with each additional 1% R&D amplifying the CP's effect on financial performance by 0.154 units. However, following the U.S. withdrawal from the Paris Climate Agreement, the moderating effect of R&D diminishes significantly. These results are robust to alternative analyses and emphasise the importance of stable climate policies for fostering green innovation. The study emphasises the important role of R&D to sustain long-term competitive advantage in the face of evolving environmental regulations. It further suggests that firms can benefit from prioritising R&D, fostering innovation in green technologies and adapting to environmental regulations. This alignment of sustainability with profitability provides a competitive edge, promotes long-term environmental goals and sets industry benchmarks, ultimately driving a more sustainable business landscape.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4082-4094"},"PeriodicalIF":2.8,"publicationDate":"2024-12-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3109","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248706","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

ESG Ratings and Investment Returns at the Country Level: Does Higher Mean Better? 国家层面的ESG评级和投资回报：越高意味着越好吗？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-24 DOI: 10.1002/ijfe.3090

Dimitrios Asteriou, Keith Pilbeam, Ioannis Litsios, William Pouliot

{"title":"ESG Ratings and Investment Returns at the Country Level: Does Higher Mean Better?","authors":"Dimitrios Asteriou, Keith Pilbeam, Ioannis Litsios, William Pouliot","doi":"10.1002/ijfe.3090","DOIUrl":"https://doi.org/10.1002/ijfe.3090","url":null,"abstract":"We examine whether U.S. dollar-based investors can do better investing in highly rated ESG countries than in medium and lower rated ESG countries using both cross sectional and panel data estimations. In general, we find evidence that investment in ESGLow scoring countries leads to better returns than investing in ESGHigh scoring countries which in turn provide better returns than investing in ESGMedium scoring countries. We also examine the issue of risk-adjusted excess returns using a variety of country risk-adjusted returns including the country-level Sharpe ratio, Treynor ratio and Alpha. In general, we find that ESGLow countries still outperform ESGHigh countries who in turn outperform ESGMedium countries. We also find that countries that have improved their ESG scores over the period 2000–2021 have tended to provide the best returns for international investors and this group is mainly made up of ESGLow countries, although this is likely driven mainly by their higher economic growth rates. Finally, we examine the performance within the groups of ESGHigh, ESGMedium and ESGLow countries. In each case, we find that there is a positive relationship of returns with ESG scores within the group, and that GDP per capita in levels has a negative impact on returns using both the market exchange rate and purchasing power parity measures.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3761-3784"},"PeriodicalIF":2.8,"publicationDate":"2024-12-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3090","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248781","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

Board Gender Diversity and Firm Performance in an Emerging Economy: The Role of Women Directors' Attributes 新兴经济体中董事会性别多样性与公司绩效：女性董事属性的作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-22 DOI: 10.1002/ijfe.3107

Tien-Minh Pham, Marian Rizov, Xuan Vinh Vo

引用次数: 0

Robust Determinants of Current Account Imbalances in Emerging and Developing Countries 新兴和发展中国家经常账户失衡的有力决定因素

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-22 DOI: 10.1002/ijfe.3101

Christophe Martial Mbassi, Michel Cyrille Samba, Prince de Pierre Lakouetene

{"title":"Robust Determinants of Current Account Imbalances in Emerging and Developing Countries","authors":"Christophe Martial Mbassi, Michel Cyrille Samba, Prince de Pierre Lakouetene","doi":"10.1002/ijfe.3101","DOIUrl":"https://doi.org/10.1002/ijfe.3101","url":null,"abstract":"<div>\u0000 \u0000 We aim to identify robust determinants of current account imbalances in 87 emerging and developing countries in the context of model uncertainty and selection bias, from 1980 to 2017. The uncertainty arises from the diversity of competing theories and the contradictory findings of empirical works, while the systemic unavailability of current account data causes selection bias. To overcome these issues, we extend Bayesian Model Averaging (BMA) approach to HeckitBMA in order to address model uncertainty in the presence of selection bias. We find that out of 21 potential determinants, only 10 are robust determinants. However, these determinants differ according to country groupings, and since the 2008 financial crisis, some determinants have gained importance, such as inflation targeting, macroprudential policies, and income inequality. Finally, we find that the determinants of current account surpluses are not strictly the same as those of deficits. Our results shed more light on how policy makers can manage current account imbalances and which levers to use.\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3950-3973"},"PeriodicalIF":2.8,"publicationDate":"2024-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248464","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

Is Fintech Good for Bank Performance? The Case of Mobile Money in the East African Community 金融科技对银行业绩有利吗？东非共同体的移动货币案例

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-22 DOI: 10.1002/ijfe.3100

Serge Stéphane Ky, Clovis Rugemintwari, Alain Sauviat

{"title":"Is Fintech Good for Bank Performance? The Case of Mobile Money in the East African Community","authors":"Serge Stéphane Ky, Clovis Rugemintwari, Alain Sauviat","doi":"10.1002/ijfe.3100","DOIUrl":"https://doi.org/10.1002/ijfe.3100","url":null,"abstract":"Mobile money, a technology-driven innovation in financial services, has profoundly penetrated the financial landscape in Sub-Saharan Africa, including banks. Yet, besides anecdotal evidence, little is known about whether mobile money adoption enhances or worsens bank performance. Combining hand-collected data with balance sheet data from the Bureau Van Djik (BvD) Bankscope and Bankfocus databases for a panel of 141 banks over the period 2009–2018, we find a strong positive and significant relationship between the time elapsed since banks' involvement in mobile money and their performance considering bank profitability, efficiency, and stability. In further investigations, we explore possible channels by showing how bank size, deposit collection and diversification levels alter such an association. Our results are robust to using instrumental variables, controlling for bank and macro level confounding factors, bank fixed effects and considering alternative measures of bank performance and bank-MNO partnerships. Overall, our findings highlight the bright side of cooperation between banks and mobile network operators in the provision of mobile money.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3918-3949"},"PeriodicalIF":2.8,"publicationDate":"2024-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3100","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248466","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

ESG Rating Disagreement and the Quality of Analysts' Forecasts: Information or Noise ESG评级分歧与分析师预测质量：信息还是噪音

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-17 DOI: 10.1002/ijfe.3089

Menghan Li, Qi Chen

引用次数: 0

Profitability and Bank De-Branching in the Digital Age: Evidence From Russian Regions 数字时代的盈利能力和银行去分支化：来自俄罗斯地区的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-17 DOI: 10.1002/ijfe.3095

Evgenii Zimin, Maria Semenova

引用次数: 0

The Credit Channel of Monetary Transmission in the US: Is It a Bank Lending Channel, a Balance Sheet Channel or Both or Neither? 美国货币传导中的信贷渠道：是银行借贷渠道，还是资产负债表渠道，抑或两者皆有？