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

Financial Market Determinants of Dynamic Herding in North American Energy Equity Market 北美能源股票市场动态羊群效应的金融市场决定因素

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-04-18 DOI: 10.1002/ijfe.3165

Ghulame Rubbaniy, Shoaib Ali, Sonia Abdennadher, Costas Siriopoulos

{"title":"Financial Market Determinants of Dynamic Herding in North American Energy Equity Market","authors":"Ghulame Rubbaniy, Shoaib Ali, Sonia Abdennadher, Costas Siriopoulos","doi":"10.1002/ijfe.3165","DOIUrl":"https://doi.org/10.1002/ijfe.3165","url":null,"abstract":"<div>\u0000 \u0000 <p>This study employs state-space models and the quantile-on-quantile regression technique to examine the dynamics of intentional and fundamental herding in North American energy stocks, together with its non-linear determinants. Our findings reveal persistent herding in North American energy stocks, with no exceptions during the global financial crisis, COVID-19, lockdown and post-lockdown period, which is primarily driven by intentions. In all of these cases, herding is primarily motivated by intentional drivers rather than fundamental factors. Our results also show a herding asymmetry during bullish and bearish market conditions, but herding during bullish (bearish) market condition is mainly driven by the intentions (fundamentals). The findings of our quantile-on-quantile regression show that the effects of macroeconomic variables on time-varying herding are, in fact, regime-specific. We generally find evidence of herding (anti-herding) at the lower (upper) quartiles of energy stocks liquidity, oil price shocks, economic policy uncertainty and oil market implied volatility. The investment community engaged in North American energy stocks can benefit from our study, as awareness about regime-specific effects of various market variables on intentional (fundamental) herding can be a useful input in designing asset allocation and hedging strategies. The outcome of our study may provide interesting input to regulators to develop the dynamic legislative framework focusing on policies to encourage investment diversification during regime-specific systemic risk escalation resulting from the dynamic behaviour of herding and macroeconomic variables.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"742-762"},"PeriodicalIF":2.8,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007584","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

Changes to Bank Capital Ratios and Their Drivers Prior and During COVID-19 Pandemic: Evidence From the European Union 银行资本充足率的变化及其驱动因素在COVID-19大流行之前和期间：来自欧盟的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-04-16 DOI: 10.1002/ijfe.3166

Pavel Jankulár, Zdeněk Tůma

引用次数: 0

Exploring the Concentration of Women in Blue-Collar Occupations: New Insights From China 探讨女性在蓝领职业的集中：来自中国的新见解

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-04-14 DOI: 10.1002/ijfe.3169

Zhongwu Li, Fengzhi Lu

{"title":"Exploring the Concentration of Women in Blue-Collar Occupations: New Insights From China","authors":"Zhongwu Li, Fengzhi Lu","doi":"10.1002/ijfe.3169","DOIUrl":"https://doi.org/10.1002/ijfe.3169","url":null,"abstract":"<div>\u0000 \u0000 <p>Tackling the enduring concentration of women in blue-collar occupations, this paper presents a novel study examining the causal relationship between self-esteem and female occupational outcomes. To conduct this analysis, we utilise two extensive and nationally representative datasets: the China Family Panel Studies (CFPS) and the National Survey on Women's Social Status of China (NSWSS). Employing various econometric methods such as probit and logit models, nearest-neighbouring matching to counter self-selection bias, and instrument variable techniques to address endogeneity bias, we uncover intriguing findings. The regression results suggest that a lack of self-esteem contributes to the inclination of women toward blue-collar occupations. Remarkably, self-esteem emerges as a more influential factor in determining occupational choices for women in China compared to cognitive ability and the Big Five non-cognitive abilities. This study not only sheds light on interdisciplinary research but also proposes a fresh approach to mitigate occupational segregation, a major challenge hindering women's progress.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"828-841"},"PeriodicalIF":2.8,"publicationDate":"2025-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002159","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

Ideological and Political Baptism and Corporate Social Responsibility: Evidence From the Party School Experience of Chinese Executives 思想政治洗礼与企业社会责任：来自中国企业高管党校经历的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-04-14 DOI: 10.1002/ijfe.3168

Zhifang Zhou, Litian Zhu, Shangjie Han, Huixiang Zeng

{"title":"Ideological and Political Baptism and Corporate Social Responsibility: Evidence From the Party School Experience of Chinese Executives","authors":"Zhifang Zhou, Litian Zhu, Shangjie Han, Huixiang Zeng","doi":"10.1002/ijfe.3168","DOIUrl":"https://doi.org/10.1002/ijfe.3168","url":null,"abstract":"<div>\u0000 \u0000 <p>To a large extent, the existing literature has not comprehensively explored how the ideological and political baptism of executives in their early years influences corporate decision-making. Based on the imprinting and social identity theories, we investigate whether top executives' experience at Chinese Party schools (hereafter Party schools) significantly affects corporate social responsibility (CSR). Data on the Party school experience of the top executives of A-share listed state-owned enterprises (SOEs) in China from 2010 to 2019 were obtained. The Party school experience of top executives is found to significantly improve CSR performance, and this promotion effect is positively moderated by the level of regional poverty and government intervention. Further analyses show that experience at central-level Party schools has a more significant and positive impact on CSR than experience at local-level Party schools. Top executives' Party school experience is found to improve CSR in all dimensions, leading to the overall promotion of CSR. Moreover, the greater the power of management and the higher the quality of internal control, the more significant the promotion effect of top executive's Party school experience on CSR. This research reveals how internal and external factors influence the effect of top executives' Party school experience on CSR performance and examines the strengthening of executives' ideological imprint and social identity via different regional factors, ultimately contributing to the literature on both Party school experience and CSR.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"804-827"},"PeriodicalIF":2.8,"publicationDate":"2025-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007528","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 Transformation of Economic Structure in Developing Countries: Evidence of Financial Development as a Source of Financing 发展中国家经济结构的转型：金融发展作为融资来源的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-04-12 DOI: 10.1002/ijfe.3159

Bruno Emmanuel Ongo Nkoa, Henri Julien Brice Akeng Meboussa

{"title":"The Transformation of Economic Structure in Developing Countries: Evidence of Financial Development as a Source of Financing","authors":"Bruno Emmanuel Ongo Nkoa, Henri Julien Brice Akeng Meboussa","doi":"10.1002/ijfe.3159","DOIUrl":"https://doi.org/10.1002/ijfe.3159","url":null,"abstract":"<div>\u0000 \u0000 <p>This article examines the influence of financial development (FD) on the transformation of the economic structure in 89 developing countries (21 low-income countries and 68 middle-income countries) during 1996–2018. Different FD indicators are grouped and ungrouped: FD, financial institutions (FI) and financial markets (FM), each assessed through depth (FID, FMD), access (FIA, FMA) and efficiency (FIE, FME). An Economic Structure Transformation Index (ESTI) encompasses four dimensions: manufacturing, manufacturing trade, innovation and manufacturing employment. Empirical results demonstrate that FD stimulates economic transformation. Moreover, the mediation analysis reveals that FD not only has a direct positive effect on the transformation of the economic structure but also has a positive indirect effect through its impact on agricultural productivity, digitalization of the economy, and commercial openness. To accelerate the positive effects of FD on the transformation of the economic structure, governments should formulate policies aimed at improving productivity in the agricultural sector, thereby encouraging the migration of surplus labour from this sector to the manufacturing sector. Additionally, promoting the digitalization of the economy would be beneficial for fostering the adoption of advanced technologies. Furthermore, encouraging commercial openness aims to enhance the production and quality of goods and services by exploiting comparative advantages between countries.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"620-654"},"PeriodicalIF":2.8,"publicationDate":"2025-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002097","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

Audit Quality and CSR Decoupling: An International Perspective 审计质量与企业社会责任脱钩：一个国际视角

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-04-11 DOI: 10.1002/ijfe.3162

Asif Saeed, Muhammad Usman Khurram, Riadh Manita, Thanarerk Thanakijsombat

{"title":"Audit Quality and CSR Decoupling: An International Perspective","authors":"Asif Saeed, Muhammad Usman Khurram, Riadh Manita, Thanarerk Thanakijsombat","doi":"10.1002/ijfe.3162","DOIUrl":"https://doi.org/10.1002/ijfe.3162","url":null,"abstract":"<div>\u0000 \u0000 <p>CSR decoupling practices undermine the legitimacy of corporate social responsibility (CSR) reports, prompting a desire to use legitimacy-enhancing techniques, like external assurance (BIG4) of CSR reports. Our study uses the international sample of 34 countries from 2006 to 2019, and results indicate that good audit quality (BIG4) can significantly reduce the CSR performance and disclosure gap (CSR decoupling practices). Further, these results still hold even when using the alternate proxies of CSR decoupling (i.e., SUM) and audit quality (i.e., audit fee), and they emerge mainly in unqualified audit reports. Additionally, we use the GMM and PSM regression analysis to control endogeneity concerns, and the results are still consistent. Overall, our findings suggest that BIG4 auditors assure the legitimacy and dependability of their auditees' non-financial disclosures (CSR disclosure), as evidenced by their stringent auditing practices. Finally, our study's key implications are that companies are prone to a lower level of CSR decoupling when their external auditor is one of the BIG4 auditing firms. Our findings are particularly apparent to scholars, regulatory agencies and corporate practices.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"705-725"},"PeriodicalIF":2.8,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002140","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

CSR Governance Committee and Carbon Emission Performance: Does Committee Composition Matter? 企业社会责任治理委员会与碳排放绩效：委员会组成是否重要？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-04-09 DOI: 10.1002/ijfe.3164

Rasmi Meqbel, Mohammad Alta'any, Mohammad Abweny, Habiba Al-Shaer

{"title":"CSR Governance Committee and Carbon Emission Performance: Does Committee Composition Matter?","authors":"Rasmi Meqbel, Mohammad Alta'any, Mohammad Abweny, Habiba Al-Shaer","doi":"10.1002/ijfe.3164","DOIUrl":"https://doi.org/10.1002/ijfe.3164","url":null,"abstract":"<p>This study examines the effect of corporate social responsibility (CSR) committee characteristics, namely the committee size, independence, chairperson independence, and meeting frequency, on firms' carbon emission performance. The authors test the hypotheses through a panel data analysis for a sample of non-financial firms listed on the Bloomberg World Large and Mid-Index from 2010 to 2020. Using data from Refinitiv Eikon and Bloomberg databases, the findings show that the CSR committee's presence is positively linked with carbon emission performance, suggesting that these committees play a crucial role in diminishing firms' carbon footprints. Moreover, the results indicate that larger committee size, the independence of the CSR committee chairperson, and increased meeting frequencies are positively associated with carbon emission performance. Our study underlines the importance of CSR committee in elevating firms' awareness and management of their carbon footprint, encouraging their adoption as a strategic measure against the rising concerns over carbon emissions. It highlights that the structure of these committees is necessary for their effectiveness, offering actionable insights for firms and policy considerations for regulators globally.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"1395-1423"},"PeriodicalIF":2.8,"publicationDate":"2025-04-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3164","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007408","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

Exchange Rate Risk and Deviations From Purchasing Power Parity 汇率风险与偏离购买力平价

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-04-06 DOI: 10.1002/ijfe.3160

Michael G. Arghyrou, Wenna Lu, Panayiotis M. Pourpourides

引用次数: 0

The Impact of Social Media Activities on Stock Price Informativeness 社交媒体活动对股价信息性的影响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-04-03 DOI: 10.1002/ijfe.3155

Wansu Hu, Frank Kwabi, Samuel Fulgence, Agyenim Boateng, Bolaji Iyiola

引用次数: 0

Governing Decentralised Finance 管理分散的财政