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

How languages differ: Evidence from firm-level stock price crash risk in 36 countries 语言有何不同？36 个国家公司层面股价暴跌风险的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2023-08-16 DOI: 10.1002/ijfe.2876

Kung-Cheng Ho

引用次数: 0

Retraction 撤回

IF 2.9 3区经济学

International Journal of Finance & Economics Pub Date : 2023-08-15 DOI: 10.1002/ijfe.2873

引用次数: 0

Effect of Credit Financing on Financial Performance of Small and Medium Enterprises (Smes) in Thika Town, Kiambu County 信用融资对基安布县锡卡镇中小企业财务绩效的影响

IF 2.9 3区经济学

International Journal of Finance & Economics Pub Date : 2023-08-15 DOI: 10.47941/ijf.1395

Joseph Makau David, L. Njogu

{"title":"Effect of Credit Financing on Financial Performance of Small and Medium Enterprises (Smes) in Thika Town, Kiambu County","authors":"Joseph Makau David, L. Njogu","doi":"10.47941/ijf.1395","DOIUrl":"https://doi.org/10.47941/ijf.1395","url":null,"abstract":"Purpose: To determine effect that credit financing has on the financial performance of SMEs in Thika Town, Kiambu County. \u0000Methodology: The study adopted a descriptive survey design and the targeted population was 468 registered SMEs in Thika town. A structured questionnaire was used to collect both qualitative and quantitative data. The quantitative data collected was analyzed for both inferential and descriptive statistics and the qualitative data from the open-ended questions were analyzed using content analysis. \u0000Results: The study found that trade credit has a significant effect on financial performance of SMEs in Thika town (B=0.804; p=0.026) and that bank credit has a significant effect on financial performance of SMEs in Thika town (B=0.956; p=0.000). The study also revealed that micro-finance credit has a significant effect on financial performance of SMEs in Thika town (B=0.783; p=0.000) and that informal associations credit has a significant effect on financial performance of SMEs in Thika town (B=0.892; p=0.002). \u0000Unique contribution to theory, policy and practice: The study concluded that bank credit had the greatest effect followed by informal associations credit, then trade credit while micro-finance credit had the least effect on financial performance of SMEs in Thika town. The study recommends that the Kenyan government should devise strategies of regulating and reducing interest rates in order to protect small and medium-sized enterprises (SMEs) from unfair shylocks who lend money at unsustainable high interest rates coupled with undisclosed fees.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"12 1","pages":""},"PeriodicalIF":2.9,"publicationDate":"2023-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73894260","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: 1

Corporate risk disclosure and firm value: UK evidence 公司风险披露与公司价值：英国证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2023-08-10 DOI: 10.1002/ijfe.2871

Awad Elsayed Awad Ibrahim, Ahmed Aboud

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How does monetary policy moderate the influence of economic complexity and technological innovation on environmental sustainability? The role of green central banking 货币政策如何缓和经济复杂性和技术创新对环境可持续性的影响？绿色中央银行的作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2023-08-08 DOI: 10.1002/ijfe.2872

Munir Ahmad, Elma Satrovic

{"title":"How does monetary policy moderate the influence of economic complexity and technological innovation on environmental sustainability? The role of green central banking","authors":"Munir Ahmad, Elma Satrovic","doi":"10.1002/ijfe.2872","DOIUrl":"10.1002/ijfe.2872","url":null,"abstract":"The debate on whether central banks should consider climate change risks in their mandate could reach some informed consensus given it is explicit how monetary policy, directly and indirectly, interacts with environmental sustainability. To unriddle this issue, we touch upon a novel perspective by exploring how monetary policy moderates the influence of economic complexity and technological innovation on energy productivity and carbon productivity in the presence of the labour force participation ratio, trade openness, financial inclusion, and GDP. Our study builds upon the Stochastic Impacts by Regression on Population, Affluence, and Technology (STIRPAT) structure, considering the Group of Seven (G7) countries as the analytical laboratory over the 1995–2019 period. The principal outcomes based on the novel Method of Moments Quantile Regression (MMQR) are as follows: A higher level of economic complexity is associated with enhanced environmental sustainability. In addition, technological innovation is beneficial to environmental sustainability, especially across countries reporting moderate levels of environmental sustainability. Considering the direct impact, contractionary monetary policy deteriorates environmental sustainability, while expansionary monetary policy promotes it for green central banking in place. Regarding the moderating impacts, expansionary monetary policy is unveiled to manifest beneficial environmental impacts of economic complexity and technological innovation, provided that inflationary pressures remain under control. Based on our findings, it is recommended to formulate a monetary policy inclusive of climate-related risks to capitalize on the environmentally favourable impacts of economic complexity and technological innovation. Finally, the monetary expansions keeping the inflationary pressures under control would benefit environmental sustainability.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4197-4224"},"PeriodicalIF":2.8,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121533597","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 optimal time to buy and hold stock in a reversal 在反转行情中买入并持有股票的最佳时机

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2023-07-31 DOI: 10.1002/ijfe.2868

Xuyuan Han, Zhenya Liu

引用次数: 0

Does ESG investing pay-off? An analysis of the Eurozone area before and during the Covid-19 pandemic 环境、社会和治理投资是否有回报？对 Covid-19 大流行之前和期间欧元区的分析

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2023-07-28 DOI: 10.1002/ijfe.2865

Dimitrios Asteriou, Keith Pilbeam, William Pouliot

{"title":"Does ESG investing pay-off? An analysis of the Eurozone area before and during the Covid-19 pandemic","authors":"Dimitrios Asteriou, Keith Pilbeam, William Pouliot","doi":"10.1002/ijfe.2865","DOIUrl":"10.1002/ijfe.2865","url":null,"abstract":"We examine whether the stock return performance of 620 Eurozone companies based on their environmental, social and governance (ESG) ratings both before and during the Covid-19 pandemic on both a nominal and risk adjusted basis. We also look at how country level governance indicators interact with our samples of ESGHigh and ESGLow companies to affect both nominal and risk adjusted investment returns. We use both panel data and cross-sectional regressions as well as the difference-in-differences approach to derive the empirical results. We generally find some evidence that highly rated ESG firms performed slightly worse than lower rated ESG both overall and during the pandemic. However, once we control for governance at the country level, we find that in high governance scoring countries ESGHigh companies perform better than ESGLow companies. Finally, when we examine the relative performance of EU companies compared to companies in economies less impacted by the Covid-19 pandemic, namely South Korea and Australia, we find that during the pandemic, the South Korean and Australian companies performed much better than their counterparts in Europe.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4157-4181"},"PeriodicalIF":2.8,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2865","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116560679","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

Decision-making of powerful CEOs on green innovation: The roles of performance feedback and institutional investors 强势首席执行官的绿色创新决策：绩效反馈和机构投资者的作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2023-07-27 DOI: 10.1002/ijfe.2870

Jianyu Zhao, Jing Qu

{"title":"Decision-making of powerful CEOs on green innovation: The roles of performance feedback and institutional investors","authors":"Jianyu Zhao, Jing Qu","doi":"10.1002/ijfe.2870","DOIUrl":"10.1002/ijfe.2870","url":null,"abstract":"This study assesses the effects of CEO power on green innovation and, more importantly, explores how different performance feedback affects this relationship by considering the positive and negative aspects of financial and environmental performance feedback. We further discuss how institutional investors respond to the decision-making of powerful CEOs on green innovation. By using Chinese manufacturing observations, we find that although powerful CEOs positively promote firms' green innovation, this positive effect does not apply to all conditions. The impacts of CEO power on green innovation are different under the positive and negative aspects of performance feedback, and under financial and environmental performance feedback. Accordingly, heterogeneous institutional investors respond differently to these various situations. Specifically, pressure-resistant institutional investors serve as ‘supervisors’ under the positive aspects of financial and environmental performance feedback and shift to ‘bystanders’ under the negative aspects of financial and environmental performance feedback. Pressure-sensitive institutional investors always act as ‘bystanders’ under different performance feedback.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4125-4156"},"PeriodicalIF":2.8,"publicationDate":"2023-07-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123682824","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

Accounting-based variables as an early warning indicator of financial distress in crisis and non-crisis periods 基于会计的变量作为危机和非危机时期财务困境的预警指标

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2023-07-26 DOI: 10.1002/ijfe.2864

Robert J. Powell, Dung V. Dinh, Nam Thanh Vu, Duc Hong Vo

{"title":"Accounting-based variables as an early warning indicator of financial distress in crisis and non-crisis periods","authors":"Robert J. Powell, Dung V. Dinh, Nam Thanh Vu, Duc Hong Vo","doi":"10.1002/ijfe.2864","DOIUrl":"10.1002/ijfe.2864","url":null,"abstract":"Financial integration in the Association of Southeast Asian Nations (ASEAN) region is a key focus of the ASEAN Economic Community. Whereas many studies focus on modelling corporate default, this paper identifies early warning indicators of financial distress before a default, using multiple discriminant analysis (MDA) models with a sample of listed and delisted companies in the ASEAN region. The analysis examines 720 companies in 10 different industries across six ASEAN countries from 1997 to 2016. The study constructs individual models for each country as well as an overall model for the entire region, using both in-sample and out-of-sample approaches. This overall model could be useful for an integrated banking system. To ensure robustness, the study also separately examines the predictive performance of the MDA models across different economic crises: the Asian financial crisis (AFC) from 1997 to 2000, the global financial crisis (GFC) from 2007 to 2009 and their pre- and post-crisis periods. We find that profitability ratios are the best indicators of financial distress in the ASEAN region, followed by liquidity and leverage ratios. In addition, our findings reveal common indicators that can be used to predict financial distress across ASEAN countries. The single model performs reasonably well in predicting financial distress 1 year ahead. In addition, the model is extended to incorporate a market-based indicator into the MDA models, the distance to default. However, the inclusion of this indicator does not significantly improve the accuracy of the models in predicting financial distress at listed firms in the ASEAN region.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4105-4124"},"PeriodicalIF":2.8,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.2864","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122687329","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

Sustainable finance research: Review and agenda 可持续金融研究：回顾与议程

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2023-07-25 DOI: 10.1002/ijfe.2854

Monica Singhania, Gurmani Chadha, Renuka Prasad

{"title":"Sustainable finance research: Review and agenda","authors":"Monica Singhania, Gurmani Chadha, Renuka Prasad","doi":"10.1002/ijfe.2854","DOIUrl":"10.1002/ijfe.2854","url":null,"abstract":"Amidst increased climatic disasters, persisting social evils, and governance concerns, sustainable finance and its new and innovative financial instruments have gained prominence across stakeholders globally. Green, social sustainability, sustainability-linked, and transition (collectively GSS+) debt have a market worth USD 3.9 trillion since 2007 (Climate Bonds Initiative, 2018). We provide a comprehensive review of the evolution and future research directions of the sustainable finance research field by analysing overall publication trends, subject categories, co-authorship networks, keywords, countries and institutions, journal co-citation, and cluster analysis. Findings include the emergent need for greater collaboration among authors globally. Future research directions include research questions for themes such as carbon emission trading, financial inclusion, reporting of proceeds related to sustainable finance to prevent greenwashing, the impact of climate change and climate finance on sustainable finance, mobilisation of sustainable finance through green bonds, and technological interactions between sustainable finance and blockchain and artificial intelligence. The study also provides implications for the stakeholders.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"29 4","pages":"4010-4045"},"PeriodicalIF":2.8,"publicationDate":"2023-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120925404","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