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

Sovereign Credit Ratings: A Friend or Foe to Financial Development of African Countries? 主权信用评级：对非洲国家金融发展是敌是友？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-16 DOI: 10.1002/ijfe.3091

Sodiq Arogundade, Biyase Mduduzi, Cephas Naanwaab

{"title":"Sovereign Credit Ratings: A Friend or Foe to Financial Development of African Countries?","authors":"Sodiq Arogundade, Biyase Mduduzi, Cephas Naanwaab","doi":"10.1002/ijfe.3091","DOIUrl":"https://doi.org/10.1002/ijfe.3091","url":null,"abstract":"<p>This study examined the impact of sovereign credit rating on financial development. Using a sample of 21 African countries from 1995 to 2019, the empirical result indicates a significant and positive link between sovereign credit rating and financial development that is, higher credit ratings are associated with lower borrowing costs, increased access to capital, and increased investor confidence. The study further finds that (1) sovereign credit ratings improve the financial institutions and markets of the selected countries; (2) the magnitude of the impact of credit rating on financial development is greater for countries with very high financial development; and (3) there is bidirectional causality between credit rating and financial development. The empirical results are remarkably robust to different measures of sovereign credit rating (Fitch and S&P), local currency debt ratings, sub-categories of financial development (financial market and institution), and various estimators such as the two-step system GMM, JKS Granger non-causality, and the Machado and Silva quantile regression. In order to improve the financial depth and access funding from local and international markets to finance the sustainable development goals and Agenda 2063, the study recommends that African countries implement the necessary policies to obtain better ratings.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3785-3803"},"PeriodicalIF":2.8,"publicationDate":"2024-12-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3091","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248774","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 Peer-to-Peer Lending Have Resilience During the COVID-19 Pandemic? Evidence From China 在COVID-19大流行期间，个人对个人贷款是否具有弹性？来自中国的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-09 DOI: 10.1002/ijfe.3098

Ziwei Wang, Haijun Yang, Harris Wu

{"title":"Does Peer-to-Peer Lending Have Resilience During the COVID-19 Pandemic? Evidence From China","authors":"Ziwei Wang, Haijun Yang, Harris Wu","doi":"10.1002/ijfe.3098","DOIUrl":"https://doi.org/10.1002/ijfe.3098","url":null,"abstract":"<div>\u0000 \u0000 <p>Does Peer-to-Peer (P2P) lending, a digital FinTech platform, show resilience in response to COVID-19 shocks? We examine this question by considering both the absorbing and adapting abilities based on psychological perceptions and objective infection cases. We collect data on infection cases, the Baidu search index, and 54,166 textual news articles to propose a novel perspective that incorporates both subjective psychological perceptions and objective infection cases to measure the response of P2P lending firms to COVID-19 shocks. We calculate the extent of P2P lending's resilience using four metrics: maximum loss, total loss, recovery periods, and net impacts from local projections impulse responses. Our findings demonstrate that P2P lending displays resilience, as its total trade volume, new investors, and new investments initially decrease slightly and then rebound in response to the COVID-19 shock. Psychological perception of COVID-19 shocks, rather than objective infection, elicits a more pronounced response in the performance of P2P lending firms.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3901-3917"},"PeriodicalIF":2.8,"publicationDate":"2024-12-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248653","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

CEO Inside Debt and Corporate Investment Efficiency CEO内部债务与企业投资效率

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-08 DOI: 10.1002/ijfe.3066

Claudia Girardone, Jiyuan Li, Yiwei Li, Mengying Zhao

引用次数: 0

On Optimal Currency Areas: Common Shocks Versus Common Persistence of Shocks 论最优货币区：共同冲击与共同持续冲击

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-08 DOI: 10.1002/ijfe.3093

Louisa Grimm, Sven Steinkamp, Frank Westermann

引用次数: 0

Top Management Team Connectedness and Greenwashing 高层管理团队的连通性和“漂绿”

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-08 DOI: 10.1002/ijfe.3088

Jinyu Chen, Yan Yang, Qian Ding, Julan Xie

引用次数: 0

Determinants of FinTech Equity Funding Flows: Evidence From a Global Perspective 金融科技股权资金流动的决定因素：来自全球视角的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-05 DOI: 10.1002/ijfe.3086

Uttam Golder, Suborna Barua, Mohammad Zoynul Abedin, Douglas Akwasi Adu, Boru Ren

{"title":"Determinants of FinTech Equity Funding Flows: Evidence From a Global Perspective","authors":"Uttam Golder, Suborna Barua, Mohammad Zoynul Abedin, Douglas Akwasi Adu, Boru Ren","doi":"10.1002/ijfe.3086","DOIUrl":"https://doi.org/10.1002/ijfe.3086","url":null,"abstract":"<p>This study explores the factors affecting FinTech (Financial technology startups) equity financing and deals. Traditional and alternative financing are currently progressing together; however, alternative financing remains underexplored. Using panel data from 57 countries in 2010 to 2020 and one-step difference generalised method of moments (Diff-GMM) regressions, we show that, at the global level, gross domestic product (GDP), domestic credit to the private sector, regulations, innovations, globalisation, stock market return, information technology (ICT) goods export and internet users influence FinTech equity funding. With respect to FinTech deals, except GDP, regulations and globalisation, all other factors aforementioned have a substantial effect. Nevertheless, our category-specific findings slightly differ from the global context. Our study emphasises the need for the rapid development of communication technology and increased accessibility to mobile internet services for users. Moreover, authorities should strike a balance between imposing regulations and facilitating FinTech equity funding growth. Innovations should prioritise user-friendliness, affordability and commercial viability.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3681-3708"},"PeriodicalIF":2.8,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3086","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248390","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 Central Bank Independence Reduce Economic Vulnerability in Africa? 央行独立性降低了非洲经济脆弱性吗？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-05 DOI: 10.1002/ijfe.3092

Omang Ombolo Messono, Fabrice Assoumou Zambo, Alexandre Turpin Iroume A. Bouebe

{"title":"Does Central Bank Independence Reduce Economic Vulnerability in Africa?","authors":"Omang Ombolo Messono, Fabrice Assoumou Zambo, Alexandre Turpin Iroume A. Bouebe","doi":"10.1002/ijfe.3092","DOIUrl":"https://doi.org/10.1002/ijfe.3092","url":null,"abstract":"<div>\u0000 \u0000 <p>While many studies have highlighted the influence of the degree of central bank independence on economic and financial dynamics, less is known about its importance for economic vulnerability. The objective of this paper is to examine, for the first time, the effect of central bank independence on economic vulnerability in Africa. Based on the hypothesis that countries with more independent central banks are less vulnerable to external shocks, we estimate a dynamic panel model using the system generalised method of moments in a sample of 44 African countries between 1990 and 2017. Our results show that an independent central bank can significantly reduce the economic vulnerability of African countries by allowing monetary policy decisions to be made outside political influence, promoting financial stability, and strengthening the credibility of economic policy. These results remain robust to alternative measures of the main variables. Furthermore, the analysis of transmission mechanisms reveals that central bank independence has a negative effect on economic vulnerability in Africa through channels such as GDP growth, financial development, exchange rate misalignments and budget balance. We suggest that policymakers promote central bank independence in the development of public policies to address economic vulnerability in Africa.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3804-3824"},"PeriodicalIF":2.8,"publicationDate":"2024-12-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248391","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

A Reversed Early Warning Methodology for Optimal Bank Profit Retention Recommendations 最佳银行利润保留建议的逆向预警方法

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-03 DOI: 10.1002/ijfe.3073

Petr Jakubik, Bogdan Gabriel Moinescu

{"title":"A Reversed Early Warning Methodology for Optimal Bank Profit Retention Recommendations","authors":"Petr Jakubik, Bogdan Gabriel Moinescu","doi":"10.1002/ijfe.3073","DOIUrl":"https://doi.org/10.1002/ijfe.3073","url":null,"abstract":"<p>This study introduces a calibration method for the newest policy instrument in prudential supervision by endogenising profit retention targets via a reversed early warning system, depending on the supervisors' risk tolerance, the exposure to the economy, and the level of financial pressure. We model the likelihood of banking crises in EU jurisdictions within a medium-term horizon using monthly frequency data to account for the increasing speed of financial shock developments amid the digital revolution, as the March 2023 distress episode indicated. Toward this target, we employ economic, monetary, and financial stress variables, banking size indicators, and leverage ratio. The early warning system is then run to calculate the capital buffer against a presumptive probability standard of the supervisory authority, given the financial stress level and the banking intermediation size. This approach would inform supervisors whether a profit retention recommendation is needed to enhance the shock absorption capacity of credit institutions to preserve banking stability given the existing economic, monetary, and financial conditions. Moreover, it can guide central bankers on their policy mix calibration, avoid frictions in the monetary transmission mechanism, and simultaneously accommodate price stability and financial stability goals. Furthermore, despite its macroprudential input, the regulators could replicate the methodology with microprudential data to derive an alternative but direct measure of capital buffers, complementing the current prudential regulatory approach.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3457-3475"},"PeriodicalIF":2.8,"publicationDate":"2024-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3073","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248566","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

Financial Development, Institutions, and Technological Innovation in Africa 非洲的金融发展、制度和技术创新

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-12-03 DOI: 10.1002/ijfe.3087

Oluwasegun B. Adekoya, Oluwademilade T. Kenku, Mamdouh Abdulaziz Saleh Al-Faryan

{"title":"Financial Development, Institutions, and Technological Innovation in Africa","authors":"Oluwasegun B. Adekoya, Oluwademilade T. Kenku, Mamdouh Abdulaziz Saleh Al-Faryan","doi":"10.1002/ijfe.3087","DOIUrl":"https://doi.org/10.1002/ijfe.3087","url":null,"abstract":"<div>\u0000 \u0000 <p>Most African countries are notably confronted with inefficient financial systems, weak institutional arrangements, and low technological innovations. This motivates this study to examine if financial development has any implications on technological innovation in the region, while putting the direct and nonlinear role of institutional quality into consideration. We find that, excluding institutional quality, financial development has a negative impact on technological innovation. The findings are not altered when the influence of institutional quality is linearly examined. The threshold results, however, show that financial development positively affects technological innovation at the low institutional quality level, whereas financial development has no significant impact on technological innovation at higher institutional quality levels. This paradox, although in contrast to expectation, explains the reality of the institutional arrangements in the African countries. They are not just weak, but very restrictive, thereby concentrating the financial means into the hands of few elites who then discretionarily engage in innovative activities. The direct impact of institutional quality on technological innovation is heterogeneous, as it depends on the specific institutional quality indicators and their threshold levels. These findings have crucial policy implications for the governments of the African countries.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3709-3724"},"PeriodicalIF":2.8,"publicationDate":"2024-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248567","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

Beyond Labels: Unveiling the Interplay Between Identity and Name Changes in Firm Performance 超越标签：揭示企业绩效中身份和名称变化之间的相互作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-11-28 DOI: 10.1002/ijfe.3084

Godfred Adjapong Afrifa, Joseph Amankwah-Amoah

{"title":"Beyond Labels: Unveiling the Interplay Between Identity and Name Changes in Firm Performance","authors":"Godfred Adjapong Afrifa, Joseph Amankwah-Amoah","doi":"10.1002/ijfe.3084","DOIUrl":"https://doi.org/10.1002/ijfe.3084","url":null,"abstract":"<p>Despite the increasing prevalence of corporate name change (CNC) in tandem with a growing body of research on the subject, the boundary and contextual conditions under which CNC yield beneficial or detrimental effects remain underexplored in the current literature. Integrating organizational identity literature and the resource-based perspective, we examine the boundary and contextual conditions under which name changes impact firm performance. Utilizing financial data from the Financial Analysis Made Easy (FAME) database and focusing on key variables (i.e., degree of internationalization (DOI), international geographical spread (IGS), firm size (FSIZE), country of destination (COD), and firm international or domestic status (STATUS)), we found that companies enjoy superior performance following CNCs. Additionally, the results show that DOI, IGS, and STATUS lead to lower performance after a CNC. However, FSIZE and COD have positive effects on the relationship between CNC and performance. We examine the key practical and theoretical implications.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3653-3680"},"PeriodicalIF":2.8,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3084","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248646","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