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A Novel Metric for Corporate Environmental Responsibility and Its Impact on Investment Inefficiency 企业环境责任的新度量及其对投资低效的影响
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-10-24 DOI: 10.1002/ijfe.3055
Yadong Wang, Khaldoon Albitar, Imad Chbib
{"title":"A Novel Metric for Corporate Environmental Responsibility and Its Impact on Investment Inefficiency","authors":"Yadong Wang,&nbsp;Khaldoon Albitar,&nbsp;Imad Chbib","doi":"10.1002/ijfe.3055","DOIUrl":"https://doi.org/10.1002/ijfe.3055","url":null,"abstract":"<p>This study aims to establish a new measurement standard for quantifying Corporate Environmental Responsibility (CER) information and activities disclosed by enterprises and to examine the relationship between CER and investment inefficiency (IIE), with a specific focus on the mediating role of information asymmetry (IA). By analysing how CER influences IIE through information asymmetry, the study provides insights into how transparency and responsible environmental practices can enhance investment decisions and overall corporate performance. Regression analysis of 22,413 firm-year observations from China A-shares (2011–2021) shows that active CER disclosure effectively reduces IIE by mitigating information asymmetry, particularly moral hazard (MH) and adverse selection (AS). Robustness tests, including instrumental variable analysis, the Heckman self-selection model, and Propensity Score Matching (PSM), consistently support these findings. The study also reveals that CER disclosures by non-state-owned enterprises (non-SOEs) and enterprises less sensitive to environmental concerns (NES) significantly diminish IIE by addressing information asymmetry. This research underscores the need for enterprises to embrace environmental responsibility actively, encouraging proactive engagement and transparent disclosure of environmental activities and information.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"3003-3030"},"PeriodicalIF":2.8,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3055","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514803","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
Connectedness Structure and Volatility Dynamics Between BRICS Markets and International Volatility Indices: An Investigation 金砖国家市场与国际波动指数的连通性结构与波动动态研究
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-10-22 DOI: 10.1002/ijfe.3053
Halilibrahim Gökgöz, Salha Ben Salem, Azza Bejaoui, Ahmed Jeribi
{"title":"Connectedness Structure and Volatility Dynamics Between BRICS Markets and International Volatility Indices: An Investigation","authors":"Halilibrahim Gökgöz,&nbsp;Salha Ben Salem,&nbsp;Azza Bejaoui,&nbsp;Ahmed Jeribi","doi":"10.1002/ijfe.3053","DOIUrl":"https://doi.org/10.1002/ijfe.3053","url":null,"abstract":"<p>This research aims to explore and understand the dynamic nature of volatility connectedness between BRICS stock markets and various asset price implied volatility indices through a TVP-VAR broadened connectedness approach. Results display nontrivial dynamic connectedness in the BRICS stock markets and uncertainties in different markets during the period 31 March 2019–31 August 2023. They also report heterogeneous patterns in the connectedness between stock indices and volatility indices. The time-varying spillover effect seems to be strong during the black-swan events. The variations of volatility connectedness among each volatility index and stock market increasingly depend on unusual stress caused by the outbreak of unexpected events. These finding provide significant guidance for investors seeking to enhance their risk management practices. By leveraging the insights into volatility transmission mechanisms and the roles of different volatility indices, investors can make informed decisions to protect and grow their investments in an increasingly volatile global market.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2981-3002"},"PeriodicalIF":2.8,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3053","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514932","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
Environmental Performance in Insurance Companies: The Role of Women 保险公司的环境绩效：妇女的作用
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-10-15 DOI: 10.1002/ijfe.3054
Evita Allodi, Aymen Ammari, Dario Salerno, Gian Paolo Stella
{"title":"Environmental Performance in Insurance Companies: The Role of Women","authors":"Evita Allodi,&nbsp;Aymen Ammari,&nbsp;Dario Salerno,&nbsp;Gian Paolo Stella","doi":"10.1002/ijfe.3054","DOIUrl":"https://doi.org/10.1002/ijfe.3054","url":null,"abstract":"<div>\u0000 \u0000 <p>This study aims to investigate the relationship between board gender diversity and environmental performance in European insurance companies. Through an analysis of 53 insurance companies listed in 14 European countries between 2011 and 2021, the empirical analysis presents a significant and positive relationship between board gender diversity and the environmental performance of insurance companies, especially in reducing emissions and increasing environmental innovations. Furthermore, external factors such as renewable energy consumption and forest area demonstrate a significant and positive moderating role in the connection between board gender diversity and environmental performance.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"3307-3321"},"PeriodicalIF":2.8,"publicationDate":"2024-10-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514555","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 Memory in Return Volatility: An Analysis of Mutual Fund Returns 收益波动中的记忆：共同基金收益分析
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-10-13 DOI: 10.1002/ijfe.3050
Kai Yao, Kun Duan, Rong Huang, Thanaset Chevapatrakul
{"title":"The Memory in Return Volatility: An Analysis of Mutual Fund Returns","authors":"Kai Yao,&nbsp;Kun Duan,&nbsp;Rong Huang,&nbsp;Thanaset Chevapatrakul","doi":"10.1002/ijfe.3050","DOIUrl":"https://doi.org/10.1002/ijfe.3050","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines long memory in the return volatility in the cross-section of U.S. mutual funds. Our results provide evidence of this phenomenon. Through univariate analysis, we find that the long memory in mutual fund return volatility is more pronounced than in stock return volatility. Additionally, the long memory estimate is negatively related to expected fund returns. Holding a long position in shorter-term memory funds and a short position in longer-term memory funds generates significant excess returns of 0.26% per month for value-weighted portfolios.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2930-2945"},"PeriodicalIF":2.8,"publicationDate":"2024-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514876","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 Brexit Disclosure on Trade Credit 英国脱欧信息披露对贸易信贷的影响
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-10-10 DOI: 10.1002/ijfe.3051
Mahmoud Elmarzouky, Khaled Hussainey, Khaldoon Albitar, Fadi Alkaraan
{"title":"The Impact of Brexit Disclosure on Trade Credit","authors":"Mahmoud Elmarzouky,&nbsp;Khaled Hussainey,&nbsp;Khaldoon Albitar,&nbsp;Fadi Alkaraan","doi":"10.1002/ijfe.3051","DOIUrl":"https://doi.org/10.1002/ijfe.3051","url":null,"abstract":"<p>The Financial Reporting Council (FRC) issued guidance for companies regarding the disclosure of significant changes in principal risks. We explore the nexus between Brexit disclosure and trade credit decisions. Our findings suggest a positive relationship between Brexit disclosure and trade credit decisions; however, this relationship varies across industries. This variation indicates that UK companies are responsive to regulatory requirements and pressures, undertaking the necessary adjustments to minimize their exposure to Brexit-related risks.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2946-2963"},"PeriodicalIF":2.8,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3051","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514598","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
Integrating sustainable finance into energy policies: A comprehensive study on the influence of green investments on energy performance in OECD nations 将可持续金融纳入能源政策：经合组织国家绿色投资对能源绩效影响的综合研究
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-10-03 DOI: 10.1002/ijfe.3048
Bilgehan Tekin, Sadik Aden Dirir, Kadir Aden
{"title":"Integrating sustainable finance into energy policies: A comprehensive study on the influence of green investments on energy performance in OECD nations","authors":"Bilgehan Tekin,&nbsp;Sadik Aden Dirir,&nbsp;Kadir Aden","doi":"10.1002/ijfe.3048","DOIUrl":"https://doi.org/10.1002/ijfe.3048","url":null,"abstract":"<p>This research investigates the interplay between sustainable finance, energy policies, and environmental outcomes in OECD countries from 2005 to 2018. Recognising the pivotal role of OECD countries in global sustainability efforts, this study focuses on Australia, Belgium, Denmark, Germany, Japan, Norway, Portugal, Spain, Sweden, and Switzerland. Within this framework, the key independent variables are climate finance, renewable energy, financial inclusion, energy intensity, and economic growth, and the load capacity factor and CO<sub>2</sub> emissions are dependent variables. The current analysis was carried out by employing econometric techniques, such as the panel mean group autoregressive distributed lag (PMG-ARDL) model, the Arellano-Bond test, random effects modelling, and ordinary least squares (OLS) modelling, due to the panel sample format of the data. The empirical results from the initial model focusing on the load capacity factor indicate that economic growth, energy intensity, financial inclusion, and renewable energy consumption positively contribute to the load capacity factor in OECD countries. Notably, climate finance was observed to diminish the load capacity factor within this model. In the subsequent model, examining CO<sub>2</sub> emissions as the dependent variable, the findings reveal that all variables, except renewable energy consumption, exhibit a positive and statistically significant influence on CO<sub>2</sub> emissions.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2883-2911"},"PeriodicalIF":2.8,"publicationDate":"2024-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3048","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514868","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 impact of cryptocurrency heists on Bitcoin's market efficiency 加密货币抢劫对比特币市场效率的影响
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-09-28 DOI: 10.1002/ijfe.3049
Mingnan Li, Viktor Manahov, John Ashton
{"title":"The impact of cryptocurrency heists on Bitcoin's market efficiency","authors":"Mingnan Li,&nbsp;Viktor Manahov,&nbsp;John Ashton","doi":"10.1002/ijfe.3049","DOIUrl":"https://doi.org/10.1002/ijfe.3049","url":null,"abstract":"<p>Within the adaptive market hypothesis (AMH) framework, this study explores the dynamic impact of cryptocurrency heists on Bitcoin's market efficiency. By analysing Bitcoin's one-minute price data, we calculate permutation entropy to assess market disorder and employ the complexity-entropy causality plane to quantify structural changes in the market. The analysis focuses on the market efficiency changes the day before, the day of, and the day after a heist, revealing that heists significantly disrupt market efficiency. Specifically, on the day of and following a heist, we observe a marked decrease in permutation entropy alongside a significant increase in complexity, indicating a notable decline in market efficiency. Further analysis shows that when a heist targets a specific token, this token draws investor attention, causing a less severe drop in Bitcoin's market efficiency, while the affected token's market efficiency drops more dramatically. These findings suggest that different token markets react differently to heists, and investors should consider adjusting their strategies to respond to these changes. For policymakers, the results highlight the critical need to enhance market stability and security through informed policy measures to mitigate the impact of such disruptive events.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2912-2929"},"PeriodicalIF":2.8,"publicationDate":"2024-09-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3049","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514569","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
Communicating tokenomics and monetary policy: A comparative analysis of real and virtual economies 通证经济学与货币政策：真实经济与虚拟经济的比较分析
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-09-19 DOI: 10.1002/ijfe.3046
Kane Falco ter Veer, Timo Heinrich
{"title":"Communicating tokenomics and monetary policy: A comparative analysis of real and virtual economies","authors":"Kane Falco ter Veer,&nbsp;Timo Heinrich","doi":"10.1002/ijfe.3046","DOIUrl":"https://doi.org/10.1002/ijfe.3046","url":null,"abstract":"<p>This article investigates the economic governance of blockchain-based virtual economies in the context of monetary policy. Focusing on tokenomics communication, we employ deductive and inductive approaches, applying real-world monetary policy metrics and text mining frameworks. Our comparative analysis reveals that the tokenomics communication in blockchain-based virtual economies primarily functions as a fundraising tool, lacking policy discussions, with divergences from real-world economies in policy goals and numerical targets. Furthermore, our research highlights similarities between blockchain-based virtual economies and early-stage low-income developing countries in communication dynamics.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2849-2866"},"PeriodicalIF":2.8,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3046","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514710","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 repo market under Basel III: Effects of capital and liquidity regulations on market fragmentation 巴塞尔协议III下的回购市场：资本和流动性监管对市场分割的影响
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-09-19 DOI: 10.1002/ijfe.3038
Eddie Gerba, Petros Katsoulis
{"title":"The repo market under Basel III: Effects of capital and liquidity regulations on market fragmentation","authors":"Eddie Gerba,&nbsp;Petros Katsoulis","doi":"10.1002/ijfe.3038","DOIUrl":"https://doi.org/10.1002/ijfe.3038","url":null,"abstract":"<p>Regulatory requirements can affect banks' ability and willingness to intermediate in financial markets. Yet, evidence on how these requirements interact to affect bank behaviour is thin. We contribute by assessing the effects of Basel III regulatory ratios on financial market fragmentation using the UK repo market as an important case study. Using panel regressions with proprietary data on repo transactions and holdings backed by gilts and lower-quality collateral, we find affirmative evidence of a fragmentation. The leverage ratio incentivises banks to net transactions which leads to a fragmentation across prices between netted and non-netted trades. Central bank liquidity can ease market conditions during stress and benefit banks that use it and their counterparties via reduced prices. In addition, the liquidity coverage ratio incentivises banks to increase long-term lending backed by gilts, but reduce lending backed by lower-quality collateral. This results in a fragmentation across maturities.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2724-2744"},"PeriodicalIF":2.8,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514711","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
Monetary policy transmission under pandemic uncertainty: Effect on banks' risk and capital adjustments 大流行病不确定性下的货币政策传导：对银行风险和资本调整的影响
IF 2.8 3区 经济学
International Journal of Finance & Economics Pub Date : 2024-09-17 DOI: 10.1002/ijfe.3044
Moau Yong Toh, Dekui Jia
{"title":"Monetary policy transmission under pandemic uncertainty: Effect on banks' risk and capital adjustments","authors":"Moau Yong Toh,&nbsp;Dekui Jia","doi":"10.1002/ijfe.3044","DOIUrl":"10.1002/ijfe.3044","url":null,"abstract":"<p>This paper investigates the effects of monetary policy on the simultaneous adjustments in asset portfolio risk and capital of banks amidst the uncertainty of the COVID-19 pandemic, focusing on the 12 largest economies from 2018 Q1 to 2021 Q4. Results indicate that banks show lower portfolio risk and capital levels when the monetary policy stance is eased. However, amid heightened pandemic uncertainty, the risk-reducing effect of monetary policy on banks amplifies, while bank capital levels remain unchanged. Heterogeneity analyses reveal that banks with higher levels of diversification and herding are more responsive to interest rates amid pandemic uncertainty, exhibiting lower risk exposure in their asset portfolios. Banks in countries adopting negative interest rate policies also tend to assume greater asset risk to accommodate the intended stimulus of monetary policies.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2803-2828"},"PeriodicalIF":2.8,"publicationDate":"2024-09-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142259635","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
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