International Journal of Finance & Economics最新文献_第4页

Environmental and social governance performance and enterprise total factor productivity 环境和社会治理绩效与企业全要素生产率

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-04-03 DOI: 10.1002/ijfe.2974

Zhonghua Cheng, Lele Han

引用次数: 0

Unveiling financial inclusion dynamics: Fintech's resonance in Association of Southeast Asian Nations (ASEAN) 揭示金融普惠动态：金融科技在东南亚国家联盟（东盟）的反响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-27 DOI: 10.1002/ijfe.2963

Dao Ha, Mai Nguyen, Kim Nguyen, Ahmet Şensoy

{"title":"Unveiling financial inclusion dynamics: Fintech's resonance in Association of Southeast Asian Nations (ASEAN)","authors":"Dao Ha, Mai Nguyen, Kim Nguyen, Ahmet Şensoy","doi":"10.1002/ijfe.2963","DOIUrl":"10.1002/ijfe.2963","url":null,"abstract":"This article examines the determinants of financial inclusion in the Association of Southeast Asian Nations (ASEANs), with a particular focus on the role of financial technology (fintech). We constructed an extensive and up-to-date Global Financial Inclusion database (2011, 2014, 2017, and 2021) to generate 26,185 observations for seven ASEAN countries over a decade, and conducted a separate case study for Singapore, the region's most financially developed member. The results reveal that financial inclusion and financial technology have experienced robust growth in ASEAN but to varying degrees amongst the member countries. Fintech has a significant impact on financial inclusion over the specified period. The relationship between age and financial inclusion follows an inverted U-shaped pattern, with the turning point occurring between the ages of 29 and 45. Surprisingly, gender does not appear to be a determining factor. These results align with the aspirations of ASEAN policymakers to promote financial inclusion in line with the sustainable development goals.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1348-1371"},"PeriodicalIF":2.8,"publicationDate":"2024-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2963","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140377239","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

Impacts of cross-border equity portfolio flow and central bank transparency on financial development: The role of economic freedom and international bonds 跨境股票投资组合流动和中央银行透明度对金融发展的影响：经济自由和国际债券的作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-27 DOI: 10.1002/ijfe.2947

Frank Kwabi, Chizindu Wonu, Ernest Ezeani, Andrews Owusu, Vitor Leone

{"title":"Impacts of cross-border equity portfolio flow and central bank transparency on financial development: The role of economic freedom and international bonds","authors":"Frank Kwabi, Chizindu Wonu, Ernest Ezeani, Andrews Owusu, Vitor Leone","doi":"10.1002/ijfe.2947","DOIUrl":"10.1002/ijfe.2947","url":null,"abstract":"We investigate the effects of international equity portfolio diversification and central bank independence on financial development using panel data from 49 countries from 2001 to 2016. We find that international equity portfolio diversification improves financial development. We correspondingly examine potential factors through which international equity portfolio diversification may impact financial development and find that central bank transparency provides an important channel for improving financial development. We further find that the relationship between international equity portfolio diversification and financial development is sensitive to economic freedom. Concerning sequencing, we find that foreign equity and debt flow are complementary to financial system development. Our results are robust to endogeneity using the exogenous shock of the 2008 financial crisis. This study offers new empirical evidence on the relationship between international capital and financial development.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1319-1347"},"PeriodicalIF":2.8,"publicationDate":"2024-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2947","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140375913","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

CEO cultural heritage and R&D expenditures 首席执行官文化遗产和研发支出

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-27 DOI: 10.1002/ijfe.2970

Yu Sung Ha, Jangkoo Kang, Kyung Yoon Kwon

引用次数: 0

Defence spending and real growth in an asymmetric environment: Accessing evidence from a developing economy 不对称环境下的国防开支和实际增长：从发展中经济体获取证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-27 DOI: 10.1002/ijfe.2966

Adedeji Daniel Gbadebo, Festus Victor Bekun, Joseph Olorunfemi Akande, Ahmed Oluwatobi Adekunle

{"title":"Defence spending and real growth in an asymmetric environment: Accessing evidence from a developing economy","authors":"Adedeji Daniel Gbadebo, Festus Victor Bekun, Joseph Olorunfemi Akande, Ahmed Oluwatobi Adekunle","doi":"10.1002/ijfe.2966","DOIUrl":"10.1002/ijfe.2966","url":null,"abstract":"The connection between the defence spending and real growth remains a forefront subject of theoretical and empirical research. Nigeria, like many other developing nations, continues to devote numerous fiscal resources to military spending in ensuring peaceful coexistence and to attain sustainable economic growth after her independence in 1960. Because the interdependence between them has policy implications, this paper studies whether there exists asymmetric causality between them. The dataset, from World Bank database, includes long-range historical series for military expenditure/GDP ratio and growth rate of GDP, covering 1960–2021. In exploring the empirical relations, the paper shows evidence for the symmetric Granger causality, from Toda–Yamamoto (1995) and asymmetric causality, from Hatemi-J (2012). The standard (symmetric) identifies unidirectional causality evidence, from defence spending to the GDP per capital growth, with no retained potential feedback from real growth to defence spending. The Hatemi-J (asymmetric) causality maintains evidence that positive shocks in the defence spending may cause a positive shock in the GDP per capital, supposing that increase perturbations to defence spending would be productive and growth-enhancing. This causal impact is not evident for positive growth shocks. The findings support the need for policymakers to consider sustained growth targets when redesigning the military budget.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1372-1389"},"PeriodicalIF":2.8,"publicationDate":"2024-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140374300","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

What drives the return and volatility spillover between DeFis and cryptocurrencies? 是什么驱动了 DeFis 和加密货币之间的回报和波动溢出？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-26 DOI: 10.1002/ijfe.2969

Ata Assaf, Ender Demir, Oguz Ersan

引用次数: 0

Does a co-opted director affect a firm's financial distress risk? 增选董事是否会影响公司的财务困境风险？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-21 DOI: 10.1002/ijfe.2959

Aitzaz Ahsan Alias Sarang, Asad Ali Rind, Riadh Manita, Asif Saeed

{"title":"Does a co-opted director affect a firm's financial distress risk?","authors":"Aitzaz Ahsan Alias Sarang, Asad Ali Rind, Riadh Manita, Asif Saeed","doi":"10.1002/ijfe.2959","DOIUrl":"10.1002/ijfe.2959","url":null,"abstract":"This study examines the relationship between co-opted directors (CODIR), measured as the fraction of directors appointed after the Chief Executive Officer (CEO) assumes office to board size, and firms' financial distress risk (FFDR). Understanding the relationship between CODIR and FFDR is imperative due to the significant impact of high risk-taking on financial crises and the heightened expectations placed on board members for risk oversight. Despite growing research on corporate governance and FFDR, little attention has been paid to the role of CODIRs, presenting a significant gap in the literature. Using a US sample from 1996 to 2019, covering 13,486 firm-year observations, we document that CODIR reduces FFDR, supporting the hypothesis that co-opted directors have a lower financial distress risk-taking propensity than their non-co-opted counterparts. We also find that a critical mass of at least three CODIRs and independent CODIRs reduces FFDR. Our results also document that CEO power in the form of CEO duality and CEO tenure, external monitoring in the form of the number of analysts following the firm, competition, and takeover susceptibility do not drive our main conclusions for co-option and FFDR. Finally, the results show that CODIR reduces FFDR through liquidity channels. The findings remain robust to various definitions of co-option and distress risk, and are consistent in both difference-in-differences analysis and propensity score matching.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1275-1301"},"PeriodicalIF":2.8,"publicationDate":"2024-03-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140202491","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

Japanese stock market sectoral dynamics: A time and frequency analysis 日本股市的行业动态：时间和频率分析

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-19 DOI: 10.1002/ijfe.2965

Rim El Khoury, Muneer M. Alshater, Onur Polat

引用次数: 0

Partial index tracking enhanced mean–variance portfolio 部分指数跟踪增强型均值方差投资组合

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-14 DOI: 10.1002/ijfe.2967

Zhaokun Cai, Zhenyu Cui, Majeed Simaan

引用次数: 0

Does environmental credit affect bank loans? Evidence from Chinese A-share listed firms 环境信贷会影响银行贷款吗？来自中国 A 股上市公司的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-03-14 DOI: 10.1002/ijfe.2968

Shihao Yin, Zhongguo Lin, Panni Li, Binbin Peng

{"title":"Does environmental credit affect bank loans? Evidence from Chinese A-share listed firms","authors":"Shihao Yin, Zhongguo Lin, Panni Li, Binbin Peng","doi":"10.1002/ijfe.2968","DOIUrl":"10.1002/ijfe.2968","url":null,"abstract":"We investigate the effect of government-initiated enterprise environmental credit ratings on firms' bank loans. While prior research indicates that companies with superior environmental performance tend to secure more bank loans, it is crucial to acknowledge that these performance metrics predominantly rely on voluntary corporate social responsibility or environmental, social, and governance disclosures made by the firms themselves or evaluated by third-party agencies. Consequently, the evaluation results could be biased due to incomplete information disclosure, methodologies, or systems, raising concerns among scholars about potential “greenwashing” or symbolic environmental actions. In contrast, we employ a dataset comprising 27,388 observations from 2009 to 2021, applying propensity score matching and a time-varying difference-in-difference model to better discern the relationship between firms' environmental credit ratings and their ability to obtain bank loans. Our findings highlight that firms participating in environmental credit evaluation can secure more bank loans compared to non-participating firms. This effect is especially pronounced in regions with advanced green finance development. Further analysis shows that non-state-owned enterprises with excellent or good environmental credit ratings receive more loans, thus mitigating ownership bias in loan distribution. Overall, our results demonstrate that mandatory government environmental credit ratings mitigate information asymmetry by enabling lenders to better understand firms' environmental information.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 2","pages":"1225-1248"},"PeriodicalIF":2.8,"publicationDate":"2024-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140244419","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