International Journal of Finance & Economics最新文献_第5页

Spillover effects in the nexus of finance-institutions-growth: New insights from spatial Durbin analysis on emerging economies 金融-机构-增长关系中的溢出效应：新兴经济体空间杜宾分析的新见解

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-07-31 DOI: 10.1002/ijfe.3025

Mahyudin Ahmad, Stephen G. Hall, Siong Hook Law, Sabri Nayan

{"title":"Spillover effects in the nexus of finance-institutions-growth: New insights from spatial Durbin analysis on emerging economies","authors":"Mahyudin Ahmad, Stephen G. Hall, Siong Hook Law, Sabri Nayan","doi":"10.1002/ijfe.3025","DOIUrl":"10.1002/ijfe.3025","url":null,"abstract":"Despite extensive finance-growth literature, the critical role of spatial interdependence between countries has often been overlooked. This paper addresses this gap by utilising spatial Durbin modelling on a 30-year panel dataset of 56 emerging economies, examining the spillover effects of financial development (FD) and institutions on economic growth. The findings reveal FD has a significant positive within-country impact on growth; on average, FD is expected to raise growth by approximately 5.8% holding other factors constant. Meanwhile, the FD spillover effect on growth is estimated to be around 10 times its within-country effect, which is not surprising given that the 10-nearest-neighbour is the preferred matrix for conceptualising the spatial dependence between the countries under study. The results however show no evidence of significant threshold effect of FD. Political institutions emerge as the most influential in driving growth both within and across countries, whereas improvement in economic institutions moderates the growth-effect of FD. FD's within-country effect on growth is largely driven by financial institutions, while its spillover effect stems primarily from the neighbours' financial markets. The findings' robustness is confirmed through a battery of tests. In conclusion, this study offers valuable insights into the complex finance-institutions-growth nexus in emerging economies. By considering spatial interdependencies and the role of institutions, policymakers can craft effective strategies to harness FD's positive effects and foster an environment for sustained, inclusive economic growth.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2470-2491"},"PeriodicalIF":2.8,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141884501","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 effect of shareholder pressure on stakeholder interests: Evidence from corporate tax avoidance 股东压力对利益相关者利益的影响：来自企业避税的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-07-30 DOI: 10.1002/ijfe.3026

Jiaoliang Jiang, Hengmiao Bao, Shijie Yang

{"title":"The effect of shareholder pressure on stakeholder interests: Evidence from corporate tax avoidance","authors":"Jiaoliang Jiang, Hengmiao Bao, Shijie Yang","doi":"10.1002/ijfe.3026","DOIUrl":"https://doi.org/10.1002/ijfe.3026","url":null,"abstract":"Research on how shareholder pressure influences the interests of stakeholders has recently witnessed a sharp increase, but yields mixed findings. We revisit this question by investigating the impact of managers' attempts to meet or beat earnings expectations on corporate tax avoidance. Using a sample of Chinese listed firms during 2005–2022, we find that firms with earnings pressure are more tax-aggressive. Furthermore, such a higher level of tax avoidance due to earnings pressure is associated with higher real activity management. Cross-sectional analysis shows that the effect of earnings pressure on tax avoidance is weaker among firms with better environment, society, and governance performance, but becomes more salient for state-owned enterprises, firms with higher financial constraints, and during periods when local officials are devoid of incentives for career advancement. Taken together, our study sheds light on the consequences of shareholder pressure stemming from capital markets on corporate tax policies, and provides implications for enterprises and policymakers concerning taxation in emerging markets.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2492-2513"},"PeriodicalIF":2.8,"publicationDate":"2024-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144515080","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 economic policy uncertainty on earnings value relevance 经济政策不确定性对盈余价值相关性的影响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-07-30 DOI: 10.1002/ijfe.3023

Huanyu Ma, Xuegang Sun

引用次数: 0

Negative interest rate policy and bank risk-taking: Search for yield or de-leverage? 负利率政策与银行风险承担：寻求收益率还是去杠杆化？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-07-30 DOI: 10.1002/ijfe.3024

Wenjin Tang, Weichang Chen, Xiaorui Ma, Chengbo Fu

{"title":"Negative interest rate policy and bank risk-taking: Search for yield or de-leverage?","authors":"Wenjin Tang, Weichang Chen, Xiaorui Ma, Chengbo Fu","doi":"10.1002/ijfe.3024","DOIUrl":"10.1002/ijfe.3024","url":null,"abstract":"Since 2012, many central banks have implemented negative interest rate policies (NIRPs). While two opposing hypotheses about the effectiveness of NIRPs have emerged in the academic: the “de-leverage effect” and the “search-for-yield effect.” The long-term use of NIRPs provides a rare and important setting to re-examine the relationship between interest rates and bank risk-taking. We conduct an empirical analysis by using commercial banks' data from 2007 to 2020 for 23 countries (19 eurozone countries plus Japan, Denmark, Sweden, and Switzerland), which had adopted NIRPs. It indicates that 1% reduction in the policy rate would reduce bank risk-taking by 4.9%. This result is stronger after the NIRPs implemented. Our results support the “de-leverage effect” under NIRPs. We next show that the “de-leverage effect” is greater for banks with more diversified income, smaller size or under more competitive environment. The findings help to make the debates around NIRPs effectiveness clearer as well as support for the central banks to make more effective monetary policy decisions in different economic situations.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2450-2469"},"PeriodicalIF":2.8,"publicationDate":"2024-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3024","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141868086","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

The role of firm life cycle on capital structure of family firms over non-family firms: Empirical evidence from India 企业生命周期对家族企业与非家族企业资本结构的影响：印度的经验证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-07-21 DOI: 10.1002/ijfe.3019

Manpreet Kaur Khurana, Shweta Sharma, Muhammad Shahin Miah

引用次数: 0

Multi-class financial distress prediction based on stacking ensemble method 基于堆叠集合法的多类财务困境预测

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-07-18 DOI: 10.1002/ijfe.3020

Xiaofang Chen, Chong Wu, Zijiao Zhang, Jiaming Liu

{"title":"Multi-class financial distress prediction based on stacking ensemble method","authors":"Xiaofang Chen, Chong Wu, Zijiao Zhang, Jiaming Liu","doi":"10.1002/ijfe.3020","DOIUrl":"10.1002/ijfe.3020","url":null,"abstract":"The motivation of this article is to help financial soundness companies understand their specific financial status so that they can take timely measures to avoid financial distress. Existing multi-class financial distress prediction (FDP) studies have mainly segmented financial crisis status, with less attention paid to financial soundness companies. To fill this gap, we propose a new multi-class definition of FDP from the perspective of financial soundness enterprises. The financial states are defined as financial soundness, moderate financial soundness, mild financial soundness and financial distress. We propose a stacking ensemble model for multi-class FDP. First, deep neural network, multinomial logit regression (MNLogit) and multivariate discriminant analysis models are used as basic classifiers to obtain preliminary prediction results. Second, MNLogit is used to integrate the results from the previous step. To increase the effective information, stock information is then added into the model. The proposed model was trained using data from 2007 to 2019 for Chinese listed companies and tested using data from 2020. The results show that the MacroR-Pre, MacroR-Rec, MacroR-F1 and MacroR-AUC of the proposed model are better compared with the benchmark model, including individuals and ensembles, with 87.05%, 90.68%, 88.70% and 88.20%.The addition of stock information and non-financial indicators can improve the accuracy of the multi-class FDP model by about 8%. The innovativeness of this paper is twofold. First, it proposes a new multi-class definition of enterprise financial status. Second, a multi-class FDP based on stacking is constructed, which provides a new method for solving the multi-class FDP problem. The study shows that the proposed multi-class definition and stacking model are suitable for analysing financial soundness enterprises, which can help managers effectively grasp the specific financial status and have strong practical significance.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2369-2388"},"PeriodicalIF":2.8,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141826233","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 inflation targeting effective? Lessons from global financial crisis and COVID-19 pandemic 通货膨胀目标制是否有效？全球金融危机和 COVID-19 大流行的经验教训

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-07-09 DOI: 10.1002/ijfe.3018

Chandan Sethi, Bibhuti Ranjan Mishra

{"title":"Is inflation targeting effective? Lessons from global financial crisis and COVID-19 pandemic","authors":"Chandan Sethi, Bibhuti Ranjan Mishra","doi":"10.1002/ijfe.3018","DOIUrl":"10.1002/ijfe.3018","url":null,"abstract":"This paper explores the influence of inflation targeting (IT) policy on macroeconomic performance in 24 Asian economies by taking a wide range of macroeconomic variables from 2001 to 2022. Specifically, the study seeks to evaluate the influence of IT on macroeconomic performance during the global financial crisis (GFC) and the COVID-19 pandemic periods separately. The empirical analysis comprises three approaches: propensity score matching, difference-in-differences, and panel-corrected standard error methods. The empirical investigation reveals that IT significantly impacts inflation and its volatility during the GFC. In contrast, the effect on the unemployment rate is not statistically significant. Further, IT statistically influences the inflation and unemployment rates throughout the COVID-19 pandemic. In contrast, its impact on inflation volatility during the COVID-19 pandemic is not evident. Our results have significant policy implications for the Asian economies. It may be suggested that low-income countries could benefit from implementing IT policy as a tool to ensure stable inflation. However, there is a need for continuous policy adaptation and targeted interventions to address evolving economic challenges, especially in situations like crises.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2327-2348"},"PeriodicalIF":2.8,"publicationDate":"2024-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141586461","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

ESG peer effects and corporate financial distress: An executive social network perspective ESG 同行效应与企业财务困境：高管社交网络视角

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-07-02 DOI: 10.1002/ijfe.3016

Qian Ding, Jianbai Huang, Jinyu Chen, Ding Wang

引用次数: 0

Total, quantile, and frequency risk transmission among metal commodities 金属商品之间的总风险、定量风险和频率风险传递

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-07-01 DOI: 10.1002/ijfe.3017

Huifu Nong, Qian Huang

引用次数: 0

Forecasting reserve risk for temporal dependent losses in insurance 预测保险中与时间相关损失的准备金风险

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-06-26 DOI: 10.1002/ijfe.3014

Sawssen Araichi, Christian de Peretti, Lotfi Belkacem

{"title":"Forecasting reserve risk for temporal dependent losses in insurance","authors":"Sawssen Araichi, Christian de Peretti, Lotfi Belkacem","doi":"10.1002/ijfe.3014","DOIUrl":"10.1002/ijfe.3014","url":null,"abstract":"In non-life insurance, insurance companies aim to accurately assess their reserves in order to fulfil their future obligations. They are based on methods provided by the literature review to evaluate their reserve risk. However, these methods do not take all claim characteristics and ignore the temporal dependence structure of claims, which can affect reserve amounts and lead to delayed payments for policyholders. Therefore, the aim is to investigate the temporal dependence structure among claim amounts (losses) in order to evaluate the accurate amounts of reserves. To achieve this goal, a model called the Generalized Autoregressive Conditional Sinistrality Model is proposed, which considers the temporal dependence characteristics of claims. This model is used to estimate model parameters, so the consistency of such an estimate is proven. Additionally, a bootstrap method adjusted to the Generalized Autoregressive Conditional Sinistrality model is proposed for predicting reserves and errors. The results reveal that considering temporal dependence between losses improves reserve distribution estimation and enhances solvency capital requirement. This means that insurance companies will be able to ensure they have sufficient funds available to meet their obligations to policyholders, thereby enhancing customer satisfaction and trust. Additionally, this can assist insurance companies in maintaining better regulatory compliance.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2254-2269"},"PeriodicalIF":2.8,"publicationDate":"2024-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141506366","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