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

To What Extent Does Green Finance Influence Carbon Intensity: The Role of Green Innovation and Industrial Structure 绿色金融对碳强度的影响：绿色创新和产业结构的作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-26 DOI: 10.1002/ijfe.3143

Haiying Lin, Jingpeng Chen, Zigong Cai

{"title":"To What Extent Does Green Finance Influence Carbon Intensity: The Role of Green Innovation and Industrial Structure","authors":"Haiying Lin, Jingpeng Chen, Zigong Cai","doi":"10.1002/ijfe.3143","DOIUrl":"https://doi.org/10.1002/ijfe.3143","url":null,"abstract":"<div>\u0000 \u0000 <p>Against the backdrop of global climate change and slowing economic growth, nations are urgently seeking strategies to both stimulate economic recovery and reduce carbon intensity (CI). In this context, China has prioritised the expansion of green finance as a pivotal mechanism for fostering green transformation and securing sustainable growth. This study delves into the effect of green finance on China's CI. Employing an empirical analysis across 30 Chinese provinces from 2007 to 2020, this paper leverages the entropy method to forge a comprehensive green finance indicator. The findings show green finance diminishing CI, predominantly driven by green innovation and industrial structure. Further examination using the threshold effect model reveals a pronounced threshold impact of green innovation and industrial structure on the efficacy of green finance in reducing CI, with the inhibitory effect of green finance peaking within an optimal threshold range. The heterogeneity test reveals that, compared to the western and northeastern regions, green finance has a more pronounced inhibitory effect on CI in the eastern and central regions. The research findings of this paper provide a perspective on how green finance facilitates the reduction of regional CI.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"317-334"},"PeriodicalIF":2.8,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007791","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

How Do GCC Countries Stocks Interact With US and European Debt Markets? 海湾合作委员会国家的股票如何与美欧债券市场互动？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-19 DOI: 10.1002/ijfe.3129

Waqas Hanif, Rim El Khoury, Mariya Gubareva

{"title":"How Do GCC Countries Stocks Interact With US and European Debt Markets?","authors":"Waqas Hanif, Rim El Khoury, Mariya Gubareva","doi":"10.1002/ijfe.3129","DOIUrl":"https://doi.org/10.1002/ijfe.3129","url":null,"abstract":"<div>\u0000 \u0000 <p>This study conducts a comprehensive analysis of interconnectedness in Gulf Cooperation Council (GCC) equity markets and global bond markets, primarily focusing on European Monetary Union (EMU) and US bonds, from July 2007 to September 2023. Using innovative methodologies such as quantile connectedness and quantile coherency, we capture the dynamic relationships across different market conditions, particularly during extreme events. The quantile connectedness includes a moderate to low degree of interconnectedness during normal market conditions, intensifying during extreme market conditions. The United Arab Emirates (UAE) and Saudi Arabia are identified as influential players, transcending borders to impact returns in other GCC markets. Roles of GCC countries as net transmitters or receivers of returns shift over time, necessitating adaptable investment strategies. The interconnectedness of GCC markets with bonds responds differently to global crises and turbulences, including geopolitical and health crises. Our quantile coherence analysis provides insights for risk management and portfolio allocation. These findings have crucial implications for investors, encouraging adaptive asset allocation strategies, and for policymakers to monitor intra-regional spillovers in shaping market dynamics.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"70-98"},"PeriodicalIF":2.8,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007657","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

Bank Capital Regulation and Derivatives Clearing 银行资本监管和衍生品清算

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-18 DOI: 10.1002/ijfe.3104

Jonathan Acosta-Smith, Gerardo Ferrara, Francesc Rodriguez-Tous

引用次数: 0

The Role of FinTech on the Relationship Between Ownership Structure and Dividend Payments 金融科技在股权结构与股利支付关系中的作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-18 DOI: 10.1002/ijfe.3130

Tahir Akhtar

{"title":"The Role of FinTech on the Relationship Between Ownership Structure and Dividend Payments","authors":"Tahir Akhtar","doi":"10.1002/ijfe.3130","DOIUrl":"https://doi.org/10.1002/ijfe.3130","url":null,"abstract":"<div>\u0000 \u0000 <p>This study aims to investigate the relationship between ownership structure and dividend payments (DP) and whether financial technology (FinTech) has an impact on this relationship. The study uses a panel sample of 278 Chinese financial firms during the period 2009–2022. The study applies regressions and finds that FinTech firms pay lower dividends, suggesting that these firms are holding onto the money to re-invest for future growth. The results demonstrate that Institutional-shareholding, and inside shareholding (Chairman-shareholdings and Managerial-shareholdings) increase DP in firms, while Largest- and Top_10 shareholdings decrease the DP. With the induction of FinTech, the Institutional-shareholdings and inside shareholding decrease DP, so they utilise funds for future growth. Moreover, FinTech intensifies the negative impact of the Largest- and Top10-shareholdings on DP. The results from the sub-sample further support the findings. Several other economic parameters, such as the dynamic panel model, difference-in-differences and propensity score matching, and different dividend measures confirm the findings. The study contributes to other contentious findings found in the literature and offers helpful insights into the effects of innovation on prospective financial sector firms' ownership structure and DP, which seem to be impacted by FinTech.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"99-128"},"PeriodicalIF":2.8,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007583","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

Capital Structure Decisions and Zombie Firms in India 印度的资本结构决策与僵尸企业

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-18 DOI: 10.1002/ijfe.3135

Asha K. Rai, Ruchi Sharma

{"title":"Capital Structure Decisions and Zombie Firms in India","authors":"Asha K. Rai, Ruchi Sharma","doi":"10.1002/ijfe.3135","DOIUrl":"https://doi.org/10.1002/ijfe.3135","url":null,"abstract":"<div>\u0000 \u0000 <p>This study explores the impact of Indian non-financial firms' capital structure on corporate zombification. The study uses a logit model, with the capital structure mix as a covariate, to determine the likelihood of a firm becoming a zombie. Panel data from 1999 to 2020 for all non-financial firms were utilised to examine the effect of debt capital on the probability of corporate zombification. The findings reveal that increased debt-to-equity financing raises the risk of default. However, the study underscores the importance of maintaining an optimal debt level and conscious capital structure decision-making by managers that support relevant capital structure theories. Going overboard with debt capital erodes its benefits. Debt financing is associated with an unequal distribution of information and financial commitments. To a certain extent, the conclusions of the present study could guide firm managers to make informed decisions related to capital structure and adjust the intensity and direction of a firm turning into a zombie. By providing practical insights, the study empowers managers to make strategic decisions that can potentially prevent their firms from becoming zombies. The study will further enrich the literature, focusing on the factors responsible for a firm turning into a zombie.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"210-225"},"PeriodicalIF":2.8,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007585","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

Assessing US and Global Economic Policy Uncertainty Effects on Non-Performing Loans in MENA's Islamic and Conventional Banks 评估美国和全球经济政策的不确定性对中东和北非地区伊斯兰和传统银行不良贷款的影响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-18 DOI: 10.1002/ijfe.3121

Shadi Ratib Mohammad Aledeimat, Murad Abdurahman Bein

{"title":"Assessing US and Global Economic Policy Uncertainty Effects on Non-Performing Loans in MENA's Islamic and Conventional Banks","authors":"Shadi Ratib Mohammad Aledeimat, Murad Abdurahman Bein","doi":"10.1002/ijfe.3121","DOIUrl":"https://doi.org/10.1002/ijfe.3121","url":null,"abstract":"<p>Banks within the MENA regions serve as pivotal agents in fostering economic growth through extensive lending to businesses, individuals and corporations, thereby amplifying employment within the banking sector. A pressing concern affecting these banks is the proliferation of NPLs, which not only diminishes net earnings but also escalates credit risks. This study examined the impact of US monetary certainty and global economic policy uncertainty on NPLs within MENA, involving both conventional and Islamic banks. The study selected 92 banks from 13 countries across the MENA region, spanning an 18-year dataset from 2005 to 2022, comprising 50 conventional and 42 Islamic institutions. Utilising GMM estimation to surmount endogeneity and auto-serial correlation. The study discerned that US monetary policy uncertainty exerted a significant negative influence on NPLs across MENA, encompassing both conventional and Islamic banks. Moreover, the research highlighted a positive and significant relationship between global economic policy uncertainty, bank size and capital adequacy ratio with NPLs in MENA banks. These findings provide comprehensive insights for banks in the MENA region, informing their loan-granting strategies amidst uncertainty, ultimately mitigating the incidence of NPLs.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4279-4304"},"PeriodicalIF":2.8,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3121","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248745","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

Multiple Large Shareholders and Controlling Shareholders' Equity Pledging 多重大股东与控股股东股权质押

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-16 DOI: 10.1002/ijfe.3133

Caiyu Yan, Rui Li, Juan Li, Min Zhang

{"title":"Multiple Large Shareholders and Controlling Shareholders' Equity Pledging","authors":"Caiyu Yan, Rui Li, Juan Li, Min Zhang","doi":"10.1002/ijfe.3133","DOIUrl":"https://doi.org/10.1002/ijfe.3133","url":null,"abstract":"<div>\u0000 \u0000 <p>Controlling shareholders essentially engage in equity pledging with the goal of promoting their own self-interest, but few studies have explored the mechanisms that can restrict this activity. By reference to a sample of Chinese firms listed on the Shanghai and Shenzhen A-share markets from 2007 to 2022, we find evidence indicating that the presence of active multiple large shareholders has a significant constraining effect on controlling shareholders' equity pledging. Furthermore, we conduct deep analyses of this situation in terms of its timing, path and economic consequences. Specifically, the timing analysis reveals that active multiple large shareholders can moderate the equity pledging on the part of controlling shareholders that results from the separation between cash flow and control rights as well as excess goodwill. The path analysis reveals that active multiple large shareholders can decrease controlling shareholders' equity pledging by motivating management and reducing press coverage. Finally, the economic consequence analysis reveals that active multiple large shareholders can decrease tunnelling among controlling shareholders and reduce the risk of future stock price crashes resulting from equity pledging.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"174-209"},"PeriodicalIF":2.8,"publicationDate":"2025-02-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002341","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

Managers' Risk Preferences and Firm Investment: The Moderating Role of Early-Life War Exposure and Firm Size 经理人风险偏好与企业投资：早期战争暴露与企业规模的调节作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-13 DOI: 10.1002/ijfe.3134

Huong Trang Kim, Quang Nguyen

引用次数: 0

Geopolitical Risks and the Predictability of Green Investments: A GARCH-Based Mixed Data Sampling Approach 地缘政治风险与绿色投资的可预测性：基于garch的混合数据抽样方法

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-12 DOI: 10.1002/ijfe.3124

Oluwasegun B. Adekoya, Jamiu O. Badmus, Mamdouh Abdulaziz Saleh Al-Faryan

{"title":"Geopolitical Risks and the Predictability of Green Investments: A GARCH-Based Mixed Data Sampling Approach","authors":"Oluwasegun B. Adekoya, Jamiu O. Badmus, Mamdouh Abdulaziz Saleh Al-Faryan","doi":"10.1002/ijfe.3124","DOIUrl":"https://doi.org/10.1002/ijfe.3124","url":null,"abstract":"<div>\u0000 \u0000 <p>The frequent occurrences of geopolitical tensions, wars and conflicts continue to place a great limitation on the development of green projects, thereby reducing the incentives for sustainable investments. While there have been several attempts to connect geopolitical risks with financial market performance, there are still several limitations that this study intends to address. Among others, we make a comparison between the predictive impacts of global and country-specific geopolitical risks on the volatility of green investment assets, putting threats and actual acts into perspective. Using the GARCH-MIDAS methodology, we find that global geopolitical risks increase the volatility of most of the green investment assets, with the highest impact attributed to geopolitical risk threats. The country-specific analysis shows more heterogeneous impacts, although a positive relationship is found in most cases. In Europe, the geopolitical risks of the Netherlands and the United Kingdom exert the strongest impacts on the volatility of green investments, whereas in the non-European countries, the geopolitical risks of Russia and the United States have the strongest influence. Comparing regional impacts, the geopolitical risks of the non-European countries have a stronger impact than those of the European countries.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4343-4357"},"PeriodicalIF":2.8,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248634","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

Information Flows, Stock Market Volatility and the Systemic Risk in Global Finance 信息流、股票市场波动与全球金融系统风险

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-12 DOI: 10.1002/ijfe.3132

Yen-Hsiao Chen, Jiang Wu, Richard McManus, Yang Liu

{"title":"Information Flows, Stock Market Volatility and the Systemic Risk in Global Finance","authors":"Yen-Hsiao Chen, Jiang Wu, Richard McManus, Yang Liu","doi":"10.1002/ijfe.3132","DOIUrl":"https://doi.org/10.1002/ijfe.3132","url":null,"abstract":"<p>Information flows are a theoretical explanation for stock market volatility, but controversy remains regarding how to measure them. Based on cross-sectional and temporal properties of information flows, we decompose total trading volume into four types: cross-country shocks and country-specific shocks due to arrivals of private information, and trading volume shocks and stock volatility shocks due to public information. We then use a Structural Vector Autoregressive model to reconstruct historical trading volume resulted from the four types of information shocks. The evidence shows that the historical trading volumes due to private information flow can explain volatility clustering of stock markets. By analysing sources of information flow, we find private information flow reflects systemic risk in the global financial system. The result conforms to Mixture of Distribution Hypothesis and finds that quality of information content is what differentiates privately informed trading from public information trading. It further suggests the main drivers of stock market volatility are uncertainties about fundamental values of assets and about other investors' behaviours.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"151-173"},"PeriodicalIF":2.8,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3132","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002099","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