International Journal of Finance & Economics最新文献_第7页

Closer Cooperates, More Greenly Disclosures? The Impact of Supplier Concentration on Climate Change Disclosure Performance 更紧密的合作，更环保的披露？供应商集中度对气候变化信息披露绩效的影响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-05-20 DOI: 10.1002/ijfe.3182

Liukai Wang, Tingting Li, Xiangrui Meng

{"title":"Closer Cooperates, More Greenly Disclosures? The Impact of Supplier Concentration on Climate Change Disclosure Performance","authors":"Liukai Wang, Tingting Li, Xiangrui Meng","doi":"10.1002/ijfe.3182","DOIUrl":"https://doi.org/10.1002/ijfe.3182","url":null,"abstract":"<div>\u0000 \u0000 <p>As carbon neutrality and peak CO<sub>2</sub> emissions approach, an increasing number of enterprises are being required—either willingly or under duress—to disclose their commitments to combating climate change. In response, Chinese listed enterprises are showing that they are willing to embrace social responsibility and maintain environmental reputation by actively taking part in the Carbon Disclosure Project (CDP). The motivation behind and efficacy of these disclosures, however, remain unclear due to the inherent challenge of integrating environmentally beneficial activities into the supply base. Accordingly, this study examines the relationship between upstream supply chain and climate change disclosure levels of enterprises through the lens of dynamic operational capability. Using an ordinal logistic regression analysis of 1092 climate change disclosures of Chinese listed enterprises, we find that enterprises with high supplier concentration have higher levels of climate change disclosure. This impact is further amplified in firms with higher levels of lean production and high absorptive capacity, yet attenuated in firms that prefer to use a differentiation strategy. In addition, this study further utilises climate change disclosure rating as a mediating effect to explore its effectiveness on enterprises' profitability. Overall, this study reveals the significance of supplier concentration and key dynamic operational capabilities to climate change disclosure, contributing to the stream of environmental disclosure in suppliers' cooperation.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"1024-1043"},"PeriodicalIF":2.8,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007591","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

Public Debt Dynamics Over the Business Cycle: A Fresh Perspective 商业周期中的公共债务动态：一个新的视角

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-05-20 DOI: 10.1002/ijfe.3181

Chenyue Zhou, Zhixin Liu, Yingying Xu, Haitao Zheng

{"title":"Public Debt Dynamics Over the Business Cycle: A Fresh Perspective","authors":"Chenyue Zhou, Zhixin Liu, Yingying Xu, Haitao Zheng","doi":"10.1002/ijfe.3181","DOIUrl":"https://doi.org/10.1002/ijfe.3181","url":null,"abstract":"<div>\u0000 \u0000 <p>Understanding the cyclical nature of the public debt-to-GDP ratio is essential for policy decision-making. This article proposes a theoretical framework to explain the dynamics of the public debt-to-GDP ratio over the business cycle by categorising them into three phases. There is a bounded interval within which the public debt-to-GDP ratio is in the counter-cyclical phase, increasing in booms and decreasing in recessions. The debt-to-GDP ratio is in the accumulation phase when it is below the interval and in the reduction phase when it is above the interval. Importantly, the accumulation or reduction phase is expected to be followed by the counter-cyclical phase. The bounded interval is not static, implying the significant recurrence of the counter-cyclical phase and the time-varying cyclical properties of the debt-to-GDP ratio. This study further proposes an iteration scheme to estimate the interval. Empirical results from five developed and five developing countries indicate that the patterns of the three phases differ across countries but exhibit similar trends within each country group. External factors such as income risks and austerity can change the bounds of the interval, thereby shifting the public debt dynamics to the accumulation or reduction from the counter-cyclical phase.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"1005-1023"},"PeriodicalIF":2.8,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007592","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

Second-Generation Involvement and Earnings Management in Family Firms 家族企业的第二代参与与盈余管理

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-05-20 DOI: 10.1002/ijfe.3183

Xiangfang Zhao, Yongliang Zeng, Qun Wang, Jiamin Weng

{"title":"Second-Generation Involvement and Earnings Management in Family Firms","authors":"Xiangfang Zhao, Yongliang Zeng, Qun Wang, Jiamin Weng","doi":"10.1002/ijfe.3183","DOIUrl":"https://doi.org/10.1002/ijfe.3183","url":null,"abstract":"<div>\u0000 \u0000 <p>Intergenerational succession is an important issue in family firm research. Utilising data from Chinese family firms, we examine the impact of second-generation involvement (i.e., involving second-generation family members as directors or top executives) on earnings management. Our results indicate that second-generation involvement can decrease earnings management, particularly regarding real earnings management. This suggests that second-generation managers have incentives to protect the family's reputation and prioritise long-term benefits, thus avoiding the negative consequences of real earnings management on socioemotional wealth. The heterogeneity analysis shows that the curbing effect on real earnings management is stronger when second-generation members have longer tenure, higher education levels, overseas backgrounds, and are female, older, or in key positions. Additionally, the effect is more pronounced in firms with greater institutional ownership and analyst coverage. This study provides valuable insights into the relationship between second-generation involvement and earnings management in family firms.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"1044-1069"},"PeriodicalIF":2.8,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002322","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

Do Analysts Care About ESG Performance? Evidence From Tracking Decisions 分析师关心ESG绩效吗？跟踪决策的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-05-14 DOI: 10.1002/ijfe.3179

Zihao Lin

引用次数: 0

Boardroom Gender Diversity's Effect on the Relationship Between Corporate Charitable Donations and Earnings Management: Evidence From Borsa Istanbul 董事会性别多样性对企业慈善捐赠与盈余管理关系的影响：来自Borsa Istanbul的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-05-12 DOI: 10.1002/ijfe.3177

Mohamed Chakib Kolsi, Ahmad Al-Hiyari

{"title":"Boardroom Gender Diversity's Effect on the Relationship Between Corporate Charitable Donations and Earnings Management: Evidence From Borsa Istanbul","authors":"Mohamed Chakib Kolsi, Ahmad Al-Hiyari","doi":"10.1002/ijfe.3177","DOIUrl":"https://doi.org/10.1002/ijfe.3177","url":null,"abstract":"<div>\u0000 \u0000 <p>Corporate charitable donations, a form of corporate social responsibility (CSR) initiative, are increasingly important for improving a firm's reputation and fostering long-term societal benefits. Nevertheless, despite the increasing level of interest in corporate donations among managers, academics, and the business community, literature on how and whether corporate donations impact earnings management is still scarce. As a result, this study aims to examine the relationship between corporate charitable donations and earnings management (EM) practices, considering the interacting role of boardroom gender diversity. Based on stakeholder theory, we posit that donating firms behave ethically to meet shareholders' needs and society expectations, thereby eliminating the opportunistic perspective of earnings management. Furthermore, the presence of female directors' acts as a signal for financial reporting quality and mitigates the agent-principal conflicts of interests. By using a fixed effect regression on panel data of 79 Turkish-listed firms from 2008 to 2022, the results show that corporate donations are positively associated with discretionary accruals, suggesting that donating firms are more likely to engage in earnings management. The results also show that gender diversity on boards helps greatly in mitigating the positive link between corporate donations and income-increasing abnormal accruals. Our findings have important implications for investors when assessing donating firms since such donations may be used as a strategy mechanism to window-dress their reputation. This article advances our understanding of the interplay among corporate donations, board gender diversity, and earnings management in an emerging market.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"1472-1486"},"PeriodicalIF":2.8,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146001994","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

Uncertainty and Innovation: Assessing the Impact of Economic, Monetary, Trade, and Fiscal Shocks in Japan and the United States 不确定性与创新：评估日本和美国经济、货币、贸易和财政冲击的影响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-05-12 DOI: 10.1002/ijfe.3178

Umar Farooq, Seemab Gillani, Bilal Haider Subhani, Muhammad Nouman Shafiq

{"title":"Uncertainty and Innovation: Assessing the Impact of Economic, Monetary, Trade, and Fiscal Shocks in Japan and the United States","authors":"Umar Farooq, Seemab Gillani, Bilal Haider Subhani, Muhammad Nouman Shafiq","doi":"10.1002/ijfe.3178","DOIUrl":"https://doi.org/10.1002/ijfe.3178","url":null,"abstract":"<div>\u0000 \u0000 <p>In today's competitive global economy, innovation is crucial for growth, competitiveness and societal progress. This study examines the relationship between various economic uncertainties and innovation outputs from 1987 to 2022 in the United States and Japan. Using the PMG-ARDL model, it analyzes the effects of economic policy uncertainty (EPU), monetary policy uncertainty (MPU), trade policy uncertainty (TPU) and fiscal policy uncertainty (FPU) on innovation. Pre-estimation techniques, including CD analysis, unit root analysis and cointegration analysis, ensure methodological rigour. The findings indicate that EPU, MPU, TPU and FPU negatively affect ICT exports and patent applications (PTA), as uncertainties hinder business decision-making and investment in research and development. However, MPU and TPU positively affect innovation in Japan, and MPU has a positive effect in the United States. These results highlight the importance of considering country-specific dynamics in policy formulation. Policymakers should enhance transparency, stability and communication to foster innovation. This study contributes by exploring the diverse impacts of economic uncertainties on innovation.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"955-972"},"PeriodicalIF":2.8,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007431","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 the Stock Market Performance Vulnerable to the Russian–Ukrainian War? Evidence From the Twitter Sentiment Index 俄乌战争会影响股市表现吗？来自Twitter情绪指数的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-05-10 DOI: 10.1002/ijfe.3174

Yi-Shuai Ren, Tony Klein, Ngoc Quang Anh Huynh, Xukang Liu

{"title":"Is the Stock Market Performance Vulnerable to the Russian–Ukrainian War? Evidence From the Twitter Sentiment Index","authors":"Yi-Shuai Ren, Tony Klein, Ngoc Quang Anh Huynh, Xukang Liu","doi":"10.1002/ijfe.3174","DOIUrl":"https://doi.org/10.1002/ijfe.3174","url":null,"abstract":"<div>\u0000 \u0000 <p>Utilising Twitter's daily negative investor sentiment index based on the Russian–Ukrainian war event, this study explores the impact of the investor sentiment index on company stock market returns and liquidity through a comprehensive analytical framework of panel regression and panel vector autoregression models. The results show that there is a negative correlation between the Twitter-based negative investor sentiment index and company stock returns, the direction of company stock inflows, and a positive correlation with stock trading volume; companies that do not respond to decisions promptly after the issuance of sanctions are more significantly affected by investor sentiment. Meanwhile, the findings of this study remain robust after using a system-generalised method of moments model to consider potential endogeneity and replacing the samples in different periods. Finally, the paper gives insights into the role of government agencies, investors and firms in facing major event shocks and predicting stock market performance.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"1444-1471"},"PeriodicalIF":2.8,"publicationDate":"2025-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002137","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

Corporate ESG Performance, Ownership Structure and Export Intensity: Evidence From Chinese Listed Companies 企业ESG绩效、股权结构与出口强度：来自中国上市公司的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-05-07 DOI: 10.1002/ijfe.3167

Yuchen Pan, Han Wang, Zhen Liu

{"title":"Corporate ESG Performance, Ownership Structure and Export Intensity: Evidence From Chinese Listed Companies","authors":"Yuchen Pan, Han Wang, Zhen Liu","doi":"10.1002/ijfe.3167","DOIUrl":"https://doi.org/10.1002/ijfe.3167","url":null,"abstract":"<div>\u0000 \u0000 <p>Although the importance of environmental, social and governance (ESG) practices on corporate performance has been acknowledged in the literature, the impact of ESG performance on corporate export intensity within the manufacturing sector has attracted limited attention. Additionally, the influence of corporate ownership structure on the association between ESG performance and export intensity remains understudied. We fill this gap by using data from 2012 to 2022 of Chinese listed manufacturing companies in the Shanghai Stock Exchange and Shenzhen Stock Exchange to examine the impact of corporate ESG performance on export intensity and the role of ownership structure in this link. Results indicate that enhanced ESG performance is positively related to export intensity. Such an effect is weakened for state-owned enterprises. We further propose that the potential mechanisms include alleviating financing constraints, promoting innovation, mitigating principal–agent problems and elevating reputation levels. The ownership structure significantly moderates the positive impact of ESG performance on export intensity. We suggest that small-scale enterprises are more prone to be influenced by the positive effect of ESG performance on export intensity than larger ones. Moreover, among the ESG subdimensions, the environmental and governance dimensions play more significant roles in enhancing export intensity than the social dimension. The findings shed light on how to reap ESG benefits for export-oriented manufacturing enterprises and promote their export intensity for firms' stakeholders and policymakers, thus providing practical policy recommendations.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"789-803"},"PeriodicalIF":2.8,"publicationDate":"2025-05-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146001984","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

Noncausal AR-ARCH Model and Its Applications to Financial Time Series 非因果AR-ARCH模型及其在金融时间序列中的应用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-05-06 DOI: 10.1002/ijfe.3171

Yaosong Zhan, Shiqing Ling, Zhenya Liu, Shixuan Wang

{"title":"Noncausal AR-ARCH Model and Its Applications to Financial Time Series","authors":"Yaosong Zhan, Shiqing Ling, Zhenya Liu, Shixuan Wang","doi":"10.1002/ijfe.3171","DOIUrl":"https://doi.org/10.1002/ijfe.3171","url":null,"abstract":"<p>We extend the noncausal autoregressive models by introducing noncausality into the variance component, allowing the volatility to depend on future prices as well. We refer to this model as the noncausal AR-ARCH model, and it enables us to account for shocks arising from market agents who possess more information and engage in forward-looking trading behaviours, leading to a better fit for financial time series. In terms of parameter estimation, we develop a quasi-maximum likelihood estimation method and establish its asymptotic properties. Building on this, we propose three hypothesis testing statistics to determine whether the data exhibits a noncausal AR structure and whether the innovation term follows a noncausal ARCH model. The simulation results demonstrate the consistency of the parameter estimation as well as the good size control and high power of the hypothesis tests in detecting noncausal structures. In our empirical applications, we employ the proposed model in both stock markets and crude oil futures markets. Our empirical findings indicate that the variance is causal in the US stock market but noncausal in the Chinese stock market. Furthermore, we observe a noticeable distinction between Brent and WTI crude oil futures, as Brent exhibits noncausality in both its mean and variance, whereas WTI follows a purely causal process.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"1424-1443"},"PeriodicalIF":2.8,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3171","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007371","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

Fiscal Adjustments and Structural Reforms in OECD Countries 经合组织国家的财政调整和结构改革

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-05-02 DOI: 10.1002/ijfe.3176

Christos Chrysanthakopoulos, Christos Mavrogiannis, Athanasios Tagkalakis

引用次数: 0