International Journal of Finance & Economics最新文献_第8页

Monetary policy and equity returns: The role of investor risk aversion 货币政策与股票回报：投资者风险规避的作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-09-17 DOI: 10.1002/ijfe.3047

Licheng Zhang

引用次数: 0

Climate transition risk and corporate environment, social and governance performance: Evidence from Chinese listed companies 气候转型风险与公司环境、社会和治理绩效：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 : 2024-09-16 DOI: 10.1002/ijfe.3045

Jinyu Chen, Yixin Qiu, Qian Ding, Yuan Geng

引用次数: 0

How does board gender diversity drive the ESG performance-cash holdings relationship? Evidence from China 董事会性别多样性如何推动ESG绩效-现金持有关系？来自中国的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-09-15 DOI: 10.1002/ijfe.3037

Mohamed Marie, Baolei Qi, Ahmed A. Elamer, Ibrahim N. Khatatbeh, Eltayyeb Al-Fakir Al Rabab'a

{"title":"How does board gender diversity drive the ESG performance-cash holdings relationship? Evidence from China","authors":"Mohamed Marie, Baolei Qi, Ahmed A. Elamer, Ibrahim N. Khatatbeh, Eltayyeb Al-Fakir Al Rabab'a","doi":"10.1002/ijfe.3037","DOIUrl":"https://doi.org/10.1002/ijfe.3037","url":null,"abstract":"This study investigates the influence of board gender diversity on the relationship between environmental, social, and governance (ESG) performance and corporate cash holdings in Chinese A-share listed companies from 2015 to 2022. Our research shows that ESG performance is positively associated with cash holdings. Drawing on critical mass theory, the study finds a moderating effect of board gender diversity in the relationship between ESG performance and the cash-holding relationship. Specifically, the study finds a negative relation between ESG performance and cash holdings with the presence of a single female board member. However, this relationship shifts to a highly positive association when three or more female directors are on the board, underscoring the significant impact of gender diversity. Further heterogeneity analysis reveals that firms with a younger age profile and a strong commitment to green innovation exhibit a negative relationship between ESG performance and cash holdings. These findings highlight the complex and dynamic nature of the ESG performance-cash holdings relationship, which varies according to specific firm characteristics. Overall, this study offers valuable insights into the multifaceted dynamics of ESG factors, enhancing our understanding of their impact on corporate financial strategies.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2705-2723"},"PeriodicalIF":2.8,"publicationDate":"2024-09-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3037","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514556","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

Do the specific characteristics of female directors work as alternative governance mechanisms to restrict earnings management in a developing country? 在发展中国家，女性董事的具体特征是否可以作为限制盈余管理的替代治理机制？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-09-02 DOI: 10.1002/ijfe.3040

Haseeb Ur Rahman, Muhammad Zahid, Mamdouh Abdulaziz Saleh Al-Faryan, Anas A. Salameh

{"title":"Do the specific characteristics of female directors work as alternative governance mechanisms to restrict earnings management in a developing country?","authors":"Haseeb Ur Rahman, Muhammad Zahid, Mamdouh Abdulaziz Saleh Al-Faryan, Anas A. Salameh","doi":"10.1002/ijfe.3040","DOIUrl":"https://doi.org/10.1002/ijfe.3040","url":null,"abstract":"This inquiry probes whether or not female directors and their specific characteristics effectively restrict earnings management (EM) measured by accrual-based earnings management (AEM) and real-based earnings management (REM) in a sample of 217 Pakistani companies from 2016 to 2021. The outcomes of the ordinary least squares with panel corrected standard errors demonstrated that boards with female directors are more effective in restricting EM than others. The results also explain that the proportion of female directors on the board and audit committee and the experience of the former are significantly and inversely associated with AEM and REM. However, women directors should be at least two or more on the board to effectively control AEM and REM since the role of a lone female director is insignificant in their mitigation. The positive effect of the female directors' master's or above qualification is slightly higher than their bachelor's or below education in opposing AEM and REM. Furthermore, the business education of female directors significantly, while their non-business education insignificantly reduces AEM and REM. The findings are consistent and reliable for being validated by the generalised method of moments as an alternative estimator. Overall, the inquiry complements the literature, theory, practice, and policy in several ways.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2745-2770"},"PeriodicalIF":2.8,"publicationDate":"2024-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514912","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

International mergers and acquisitions and institutional differences: An integrated approach 国际并购与制度差异：综合方法

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-08-30 DOI: 10.1002/ijfe.3033

Andrzej Cieślik, Monika Tarsalewska

引用次数: 0

Islamic mutual funds: Seasonal patterns and determinants of performance across regions 伊斯兰共同基金：各地区业绩的季节性模式和决定因素

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-08-29 DOI: 10.1002/ijfe.3042

Chiraz Labidi, Jose Arreola Hernandez, Gazi Salah Uddin, Ali Ahmed, Muhammad Yahya, Seong-Min Yoon

引用次数: 0

Corporate capital structure in BRICS economies: An integrated analysis of ESG, firm, industry, and macroeconomic determinants 金砖国家企业资本结构：ESG、企业、行业和宏观经济决定因素的综合分析

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-08-28 DOI: 10.1002/ijfe.3036

Tanveer Bagh, Ahmed Imran Hunjra, Yongsheng Guo, Elie Bouri

{"title":"Corporate capital structure in BRICS economies: An integrated analysis of ESG, firm, industry, and macroeconomic determinants","authors":"Tanveer Bagh, Ahmed Imran Hunjra, Yongsheng Guo, Elie Bouri","doi":"10.1002/ijfe.3036","DOIUrl":"https://doi.org/10.1002/ijfe.3036","url":null,"abstract":"In this study, we examine the effect of environmental, social, and governance (ESG) performance, firms, industry, macroeconomics, and financial determinants on corporate capital structure. Using a sample of 3420 listed firms from BRICS (Brazil, Russia, India, China, and South Africa) countries over the period 2013 to 2022, the key findings are summarised as follows: ESG performance negatively impacts market leverage, whereas it positively affects book leverage, implying that firms with a higher ESG score benefit from lower financing costs. Firm characteristics, such as the tangibility of assets and the size of the firm, have a positive impact on leverage, whereas profitability, growth opportunity, and business risk have a negative impact. Industry-level determinants, such as munificence and industry concentration, negatively affect leverage, whereas dynamism has a positive effect. Additionally, higher GDP growth and lower inflation are negatively associated with leverage. Private credit positively impacts capital structure, while stock market development has a negative impact. A sub-sample (country-wise) analysis highlights varying impacts across BRICS countries, showing positive effects on book leverage. ESG scores have varying effects on leverage. The study findings have implications for firm managers and policymakers, stressing the need to align financing strategies with sustainability, firm characteristics, and economic conditions in these influential countries.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2682-2704"},"PeriodicalIF":2.8,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144514541","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

A portfolio diversification measure in the unit interval: A coherent and practical approach 单位区间内的投资组合多样化度量：连贯实用的方法

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-08-27 DOI: 10.1002/ijfe.3041

Yuri Salazar Flores, Adan Diaz-Hernandez, Oralia Nolasco-Jauregui, Luis Alberto Quezada-Tellez

{"title":"A portfolio diversification measure in the unit interval: A coherent and practical approach","authors":"Yuri Salazar Flores, Adan Diaz-Hernandez, Oralia Nolasco-Jauregui, Luis Alberto Quezada-Tellez","doi":"10.1002/ijfe.3041","DOIUrl":"10.1002/ijfe.3041","url":null,"abstract":"In this article, we introduce and examine the efficiency of a portfolio diversification measure. Using the recently developed coherence properties for diversification measures as well as other criteria, we show that the novel measure outperforms the most commonly used diversification measures. Although similar in shape to other measures, our measure is the only one that satisfies all nine coherence properties whilst being easily interpreted. After testing interpretability and coherence for all measures, we perform an empirical analysis divided into two main parts. In the first part, we test some common diversification measures in a Gaussian context and in the second part we consider three empirical portfolios during the COVID-19 pandemic. We establish the efficiency of our measure in capturing the changing level of diversification in empirical portfolios. We believe these results imply a competitive advantage for our measure and make it relevant for econometricians, practitioners and decision-makers in general in a portfolio optimisation context.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"2771-2785"},"PeriodicalIF":2.8,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3041","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142205575","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 moderating role of governance on the nexus of financial crime and sustainable development 治理对金融犯罪与可持续发展之间关系的调节作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-08-27 DOI: 10.1002/ijfe.3043

Monica Violeta Achim, Viorela Ligia Văidean, Nawazish Mirza

{"title":"The moderating role of governance on the nexus of financial crime and sustainable development","authors":"Monica Violeta Achim, Viorela Ligia Văidean, Nawazish Mirza","doi":"10.1002/ijfe.3043","DOIUrl":"10.1002/ijfe.3043","url":null,"abstract":"This study aims to highlight the connection between good governance and financial crime to achieve optimal sustainable development for society. Governance issues are integral to a sustainable economy, as sustainability cannot be considered without strong measures to combat financial crime. The theoretical foundation of this relationship posits that enhanced institutional quality and laws reduce opportunities to circumvent environmental regulations, thereby improving the ecological footprint. This paper examines the moderating role of governance on the impact of four types of crime—corruption, shadow economy, money laundering, and cybercrime—on sustainable development indicators such as the Human Development Index, Environmental Performance Index, carbon dioxide emissions and greenhouse gas emissions. The sample includes 185 countries, analysed over the period from 2015 to 2022. Methodologies used range from the Pooled OLS method for panel data with interactions to panel threshold regression modelling. Our findings provide strong evidence of the mediating role of good governance in mitigating the negative impact of financial crime on sustainable development, potentially reducing it by up to half. This study offers insights into how improving governance can manage the environmental effects of financial crimes, thereby enhancing sustainable development and reducing financial and economic crime.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 3","pages":"3280-3306"},"PeriodicalIF":2.8,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142205571","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 cash policy and double machine learning 企业现金政策与双重机器学习

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2024-08-22 DOI: 10.1002/ijfe.3039

Hadi Movaghari, Serafeim Tsoukas, Evangelos Vagenas-Nanos

引用次数: 0