International Journal of Finance & Economics最新文献_第9页

The Impact of Say-On-Pay on Firm Efficiency in Anglo-Saxon Economies—Do CEO Personal Traits and CG Mechanisms Matter? 盎格鲁-撒克逊经济中薪酬话语权对企业效率的影响——CEO个人特质和CG机制是否重要？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-12 DOI: 10.1002/ijfe.3131

Essam Joura, Ali Meftah Gerged, Qin Xiao, Subhan Ullah

{"title":"The Impact of Say-On-Pay on Firm Efficiency in Anglo-Saxon Economies—Do CEO Personal Traits and CG Mechanisms Matter?","authors":"Essam Joura, Ali Meftah Gerged, Qin Xiao, Subhan Ullah","doi":"10.1002/ijfe.3131","DOIUrl":"https://doi.org/10.1002/ijfe.3131","url":null,"abstract":"In this study, we explore how the personal traits of CEOs and corporate governance mechanisms moderate the link between say-on-pay (SOP) votes and various aspects of firm efficiency. Our sample consists of 1931 firms listed in four Anglo-Saxon economies (i.e., USA, UK, Canada and Australia) during a period of notable regulatory changes. Our findings reveal a significant and positive impact of SOP votes on firm efficiency. This suggests that company executives recognise that lower efficiency leads to lower pay or even job loss. Interestingly, our analysis indicates that younger managers can contribute more to creating value and improving business performance compared with their older counterparts. However, the relationship between gender and firm efficiency remains inconclusive. Furthermore, our study highlights the limited involvement of the board of directors in driving firm efficiency. This could be attributed to inadequate monitoring, cooperation and communication among board members, particularly in the case of audit committees, which seem to have less skilled members. Alternatively, this lack of board engagement may be due to the influence of powerful managers within the company. This paper also offers practical implications to policymakers and practitioners and suggests avenues for future research that can build upon our evidence.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"129-150"},"PeriodicalIF":2.8,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3131","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007307","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

Measuring Currency Risk Premium: The Case of Turkey 衡量货币风险溢价：以土耳其为例

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-06 DOI: 10.1002/ijfe.3126

Idil Uz Akdogan, Ferda Halicioglu, Ishak Demir

{"title":"Measuring Currency Risk Premium: The Case of Turkey","authors":"Idil Uz Akdogan, Ferda Halicioglu, Ishak Demir","doi":"10.1002/ijfe.3126","DOIUrl":"https://doi.org/10.1002/ijfe.3126","url":null,"abstract":"This study examines the determinants of a change in currency expectations for the Turkish Lira (TL) versus the US dollar with different maturities (1 month, 3 months and 1 year). The risk premium is estimated using the interest rate differential and a latent component called the missing risk premium. The empirical model is extended to break down the risk component by introducing other explanatory variables, such as currency swap agreements, credit default swap (CDS), foreign reserves and the volatility index (VIX). A state-space model is employed to explain the behaviour of an unobserved variable over the period between January 2005 and March 2023 with daily and weekly data frequencies. Our findings suggest that the uncovered interest parity (UIP) condition does not hold consistently in Turkey during this period. Deviations from UIP can be attributed to a time-varying risk premium as outlined in Fama's framework. Additionally, our analysis also shows that interest rates and swaps play a significant role in explaining the variations in the TL's risk premium. Moreover, we found a substantial increase in both the level and volatility of the missing risk premium for longer maturities after 2018. Incorporating observable variables substantially reduces both the magnitude and the long-lasting impact of the missing risk premium shocks on expectations. Overall, this study sheds light on the intricate relationship between monetary policy changes, exchange rates and risk premia in the context of an emerging market.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"4-28"},"PeriodicalIF":2.8,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3126","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007368","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

Climate Change and Investors' Behaviour: Assessing a New Type of Systematic Risk 气候变化与投资者行为：评估一种新型的系统风险

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-05 DOI: 10.1002/ijfe.3108

Natthinee Thampanya, Junjie Wu

{"title":"Climate Change and Investors' Behaviour: Assessing a New Type of Systematic Risk","authors":"Natthinee Thampanya, Junjie Wu","doi":"10.1002/ijfe.3108","DOIUrl":"https://doi.org/10.1002/ijfe.3108","url":null,"abstract":"This study explores how temperature anomalies, a novel form of systematic risk, affect financial markets, expanding the traditional understanding of market-wide risks. While climate change is becoming an important consideration, the extent to which temperature anomalies disrupt economic activities and influence stock returns is urgently needed to assess. Using data from 479 Thai companies (2010–2023), we apply linear and nonlinear autoregressive distributed lag (ARDL) models to examine the impact of temperature anomalies and investor sentiment on stock returns. Our findings reveal that (1) temperature anomalies significantly affect short-term stock returns, especially when prioritising sustainability and environmental, social, and governance (ESG) factors; (2) public awareness, measured by Google Search Volume Index (GSVI), has a complex, nonlinear impact on the stock market; (3) temperature anomalies act like traditional risk measures, influencing stock returns similarly to market volatility. The study highlights the growing importance of climate change in financial decision-making and offers insights into investor reactions to climate risks and economic sentiment. It emphasises the need to consider short-term market reactions to climate-related news and suggests that temperature anomalies could be viewed as a systematic risk in financial markets.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"1250-1268"},"PeriodicalIF":2.8,"publicationDate":"2025-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3108","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146007482","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

Household Portfolios and Monetary Policy 家庭投资组合与货币政策

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-05 DOI: 10.1002/ijfe.3125

Raslan Alzuabi, Sarah Brown, Alexandros Kontonikas, Alberto Montagnoli

引用次数: 0

Fiscal Rules, Independent Fiscal Institutions and Sovereign Risk: Evidence From the European Union 财政规则、独立财政机构与主权风险：来自欧盟的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-02-01 DOI: 10.1002/ijfe.3127

Bogdan Căpraru, George Georgescu, Nicu Sprincean

{"title":"Fiscal Rules, Independent Fiscal Institutions and Sovereign Risk: Evidence From the European Union","authors":"Bogdan Căpraru, George Georgescu, Nicu Sprincean","doi":"10.1002/ijfe.3127","DOIUrl":"https://doi.org/10.1002/ijfe.3127","url":null,"abstract":"This paper examines the effects of fiscal rules (FRs) and independent fiscal institutions (IFIs) on sovereign risk. To address potential endogeneity issues, we employ the System Generalised Method of Moments (GMM) estimator in an analysis comprising 24 European Union member states throughout the 2007–2019 period. Our results indicate that FRs are effective in mitigating sovereign default risk, as measured by credit default swap (CDS) spreads on sovereign bonds. In addition, we document that Member States with better numerical compliance rates with European Union fiscal rules have lower sovereign CDS spreads and thus lower risk. By overseeing and fostering compliance with numerical fiscal targets and enhancing the transparency of the budgetary process, IFIs exert a beneficial impact on the probability of sovereign default, particularly those subject to institutional reforms. Furthermore, more developed financial markets supported by both FRs and IFIs contribute to a reduction in sovereign CDS premiums. Our findings have critical policy implications against the backdrop of European economic and fiscal governance reform.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 1","pages":"29-45"},"PeriodicalIF":2.8,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3127","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146002174","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

An Ensemble Model Minimising Misjudgment Cost: Empirical Evidence From Chinese Listed Companies 误判成本最小化的集成模型：来自中国上市公司的经验证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-31 DOI: 10.1002/ijfe.3097

Kunpeng Yuan, Mohammad Zoynul Abedin, Petr Hajek

{"title":"An Ensemble Model Minimising Misjudgment Cost: Empirical Evidence From Chinese Listed Companies","authors":"Kunpeng Yuan, Mohammad Zoynul Abedin, Petr Hajek","doi":"10.1002/ijfe.3097","DOIUrl":"https://doi.org/10.1002/ijfe.3097","url":null,"abstract":"Predicting corporate financial distress is critical for bank lending and corporate bond investment decisions. Incorrect identification of default status can mislead lenders and investors, leading to substantial losses. This paper proposes an ensemble model that minimises the overall cost of misjudgment by considering the imbalanced ratio weighted loss of the unbalanced ratio of Type I and Type II errors in the objective function. Unlike existing static financial distress prediction models, the proposed model integrates panel data by using time-shifting to account for credit risk dynamics. To validate the prediction model, data were collected for Chinese listed companies, considering geographic area, ownership structure and firm size. We demonstrate that by weighting predictions from different classification models, the overall misjudgment cost can be minimised. This study identifies earnings per share and the product price index as the most relevant indicators affecting the financial performance of Chinese-listed companies. Overall, the results indicate that the proposed model has a predictive capacity of up to 5 years, with 98.7% for 1-year forecasting horizons and 96.8% for 5-year-ahead forecasting horizons. Furthermore, the proposed model outperforms existing distress prediction models in overall prediction performance by correctly identifying defaulting companies while avoiding misjudging good companies.","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"3875-3900"},"PeriodicalIF":2.8,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.3097","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248604","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

Digital Transformation Disclosure and Bank Loans: An Information Heterogeneity Perspective 数字化转型、信息披露与银行贷款：一个信息异质性的视角

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-31 DOI: 10.1002/ijfe.3105

Jianmei Liu, Shujing Chen, Fei Su, Jia Liu

{"title":"Digital Transformation Disclosure and Bank Loans: An Information Heterogeneity Perspective","authors":"Jianmei Liu, Shujing Chen, Fei Su, Jia Liu","doi":"10.1002/ijfe.3105","DOIUrl":"https://doi.org/10.1002/ijfe.3105","url":null,"abstract":"<div>\u0000 \u0000 This study examines the impact of digital transformation disclosure on firms' ability to obtain bank loans, drawing upon a large dataset of Chinese listed firms from 2007 to 2021. Our findings reveal that both substantive and non-substantive digital transformation disclosures are positively related to bank loans. However, for firms with higher information credibility, the positive relationship between substantive (non-substantive) digital transformation disclosures and bank loans is relatively stronger. Channel analyses indicate that digital transformation disclosures bolster the accessibility of bank loans by boosting market attention and mitigating banks' default risk concerns. Moreover, government intervention is an alternative mechanism that impacts corporate access to bank loans. Further analysis reveals that substantive digital transformation disclosures can enhance corporate performance, improve resource allocation efficiency and alleviate underinvestment. In contrast, non-substantial digital transformation disclosures have no such positive effects and may even lead to overinvestment. The moderating analysis indicates that firms that disclose non-substantive digital transformation information may obtain excessive bank loans; however, corporate governance quality and FinTech development can constrain such speculative behaviour. Therefore, this study adds to the literature on the impact of digital transformation disclosure and complements studies on the determinants of bank loans.\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4004-4038"},"PeriodicalIF":2.8,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248603","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

Pivoting to Avoid Pitfalls: Trade Policy Uncertainty and Corporate ESG Performance 转向避免陷阱：贸易政策不确定性与企业ESG绩效

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-27 DOI: 10.1002/ijfe.3122

Xue Tan, Zhixuan Shen, Xi Wen

{"title":"Pivoting to Avoid Pitfalls: Trade Policy Uncertainty and Corporate ESG Performance","authors":"Xue Tan, Zhixuan Shen, Xi Wen","doi":"10.1002/ijfe.3122","DOIUrl":"https://doi.org/10.1002/ijfe.3122","url":null,"abstract":"<div>\u0000 \u0000 In the context of the U.S.-China trade war, this study constructed a corporate trade policy uncertainty index through text analysis and found that rising trade policy uncertainty significantly improves corporate ESG performance. Mechanism analyses show that trade policy uncertainty promotes corporate ESG performance through a risk-reducing channel, which has increased operational risks and dampened managers' optimistic expectations. Heterogeneity analyses find that the positive effect is more pronounced in target industries subject to tariff escalations of trade wars, non-state-owned enterprises and firms with lower foreign shareholdings. Tests of economic consequences show that better ESG performance positively affects market value during periods of high trade policy uncertainty while having little impact on financial performance. We further find that the promoting effect of trade policy uncertainty on ESG performance only persisted for 2 years, indicating that social responsibility activities compelled by export pressures manifest more as a short-term strategy with insurance value. Our findings support the view that ESG acts as a nonmarket strategy to mitigate negative external shocks.\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"30 4","pages":"4305-4327"},"PeriodicalIF":2.8,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145248599","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

Contemporaneous Spillovers Across Foreign Exchange Markets 外汇市场的同期溢出效应

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-27 DOI: 10.1002/ijfe.3117

Ahmed BenSaïda

引用次数: 0

ESG Rating Uncertainty and the Cost of Debt Financing ESG评级的不确定性与债务融资成本

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2025-01-24 DOI: 10.1002/ijfe.3123

Jinyu Chen, Xinyu Guo, Ran Liu

引用次数: 0