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Issue Information: European Financial Management 04/2025 发行信息：《欧洲财务管理》2025年4月号
IF 3.1 3区 经济学
European Financial Management Pub Date : 2025-09-09 DOI: 10.1111/eufm.12502
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引用次数: 0
Issue Information: European Financial Management 06/2025 发行信息：《欧洲财务管理》第6/2025期
IF 2.1 3区 经济学
European Financial Management Pub Date : 2025-06-20 DOI: 10.1111/eufm.12501
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引用次数: 0
The Effects of CEO-Board Interpersonal Networks on Cross-Border Merger Outcomes ceo -董事会人际网络对跨国并购结果的影响
IF 3.1 3区 经济学
European Financial Management Pub Date : 2025-04-14 DOI: 10.1111/eufm.12549
Md Nazmul Hasan Bhuyan, Luis García-Feijóo, David Javakhadze, Tijana Rajkovic
{"title":"The Effects of CEO-Board Interpersonal Networks on Cross-Border Merger Outcomes","authors":"Md Nazmul Hasan Bhuyan,&nbsp;Luis García-Feijóo,&nbsp;David Javakhadze,&nbsp;Tijana Rajkovic","doi":"10.1111/eufm.12549","DOIUrl":"https://doi.org/10.1111/eufm.12549","url":null,"abstract":"<div>\u0000 \u0000 <p>We demonstrate that interpersonal relationships between the CEO and outside directors of the firm, referred to as board friendliness, significantly influence cross-border merger outcomes. Analyzing deals across 34 countries, we find a positive investor reaction to merger announcements by firms with friendly boards. This effect is particularly strong for firms needing substantial advisory support and boards with better advising abilities. Acquirers with friendly boards are more likely to complete deals, contingent on strong institutional quality, robust regulatory standards, property rights protection, government integrity, accountability, economic and financial freedom, globalization and development status. Additionally, these acquirers experience superior postmerger financial performance.</p>\u0000 </div>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 4","pages":"1526-1559"},"PeriodicalIF":3.1,"publicationDate":"2025-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145012828","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
CEO's Culture and Firms' Leverage Decisions CEO文化与企业杠杆决策
IF 3.1 3区 经济学
European Financial Management Pub Date : 2025-04-05 DOI: 10.1111/eufm.12550
Supun Chandrasena, Sijia Dai, Ranadeva Jayasekera, Tapas Mishra, Gazi Salah Uddin
{"title":"CEO's Culture and Firms' Leverage Decisions","authors":"Supun Chandrasena,&nbsp;Sijia Dai,&nbsp;Ranadeva Jayasekera,&nbsp;Tapas Mishra,&nbsp;Gazi Salah Uddin","doi":"10.1111/eufm.12550","DOIUrl":"https://doi.org/10.1111/eufm.12550","url":null,"abstract":"<p>Debt mitigates agency problems between managers and stockholders by reducing free cashflows; yet, why managers voluntarily adopt debt discipline remains unclear. This paper examines how chief executive officers' (CEOs') managerial traits, shaped by national culture, influence leverage decisions. Analysing 3338 CEOs from 41 nationalities in 2280 US firms in Bloomberg 3000 index (from 2007 to 2024), we find that cultural values impact CEOs' perceptions of debt's costs/benefits. High-mastery CEOs reduce debt regardless of current leverage, while highly embedded CEOs inadvertently pursue target capital structures. A non-US CEO sample shows that cultural values are portable. Our findings are robust to sensitivity and endogeneity tests.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 4","pages":"1489-1525"},"PeriodicalIF":3.1,"publicationDate":"2025-04-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12550","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145012566","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 Trade and Financial Development in European Transition Economies 欧洲转型经济体的数字贸易与金融发展
IF 3.1 3区 经济学
European Financial Management Pub Date : 2025-03-19 DOI: 10.1111/eufm.12548
Hyun-Jung Nam, Jonathan A. Batten, Doojin Ryu
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引用次数: 0
Time Zone Difference and Equity Market Price Efficiency Post-Earnings Announcements 时区差异和股票市场价格效率收益后公告
IF 3.1 3区 经济学
European Financial Management Pub Date : 2025-03-15 DOI: 10.1111/eufm.12546
Anil Gautam, Grace Lepone
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引用次数: 0
The Role of Intangible Assets in Shaping Firm Value 无形资产在企业价值形成中的作用
IF 3.1 3区 经济学
European Financial Management Pub Date : 2025-03-13 DOI: 10.1111/eufm.12547
Feng Dong, John Doukas
{"title":"The Role of Intangible Assets in Shaping Firm Value","authors":"Feng Dong,&nbsp;John Doukas","doi":"10.1111/eufm.12547","DOIUrl":"https://doi.org/10.1111/eufm.12547","url":null,"abstract":"<p>This study introduces a new metric to evaluate a firm's intangible asset intensity, focusing on its ability to generate revenue from nonphysical assets. It finds a strong positive correlation between firm performance and both internally generated and externally acquired intangible assets. Firms with high intangible intensity outperform peers by 3% annually. The oversight of intangible assets is identified as a factor in value stocks' underperformance. Rigorous tests, including endogeneity checks, confirm these firms exhibit superior accounting quality, labour investment efficiency and acquisition returns. A framework highlights how managerial attributes enhance firm value through decision-making.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 4","pages":"1325-1353"},"PeriodicalIF":3.1,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12547","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145012862","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
Issue Information: European Financial Management 03/2025 发行信息：《欧洲财务管理》2025年3月号
IF 2.1 3区 经济学
European Financial Management Pub Date : 2025-03-03 DOI: 10.1111/eufm.12500
{"title":"Issue Information: European Financial Management 03/2025","authors":"","doi":"10.1111/eufm.12500","DOIUrl":"https://doi.org/10.1111/eufm.12500","url":null,"abstract":"","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 2","pages":"563-564"},"PeriodicalIF":2.1,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12500","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143533963","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
Pilot CEOs and Corporate Cash Holdings 试点ceo和企业现金持有
IF 3.1 3区 经济学
European Financial Management Pub Date : 2025-02-19 DOI: 10.1111/eufm.12545
Lili Chen, Lingwei Li, Marvin Wee
{"title":"Pilot CEOs and Corporate Cash Holdings","authors":"Lili Chen,&nbsp;Lingwei Li,&nbsp;Marvin Wee","doi":"10.1111/eufm.12545","DOIUrl":"https://doi.org/10.1111/eufm.12545","url":null,"abstract":"<p>This study examines the effect of a personality trait exhibited by pilot chief executive officers (CEOs), that is, situation awareness, on corporate cash policies. Our results show that firms led by pilot CEOs are more likely to hold higher levels of cash for firms with higher growth opportunities and greater firm risks. The findings suggest that pilot CEOs have greater situation awareness and are more likely to plan ahead to cope with future liquidity needs. We also find that the strength of their situation awareness is associated with pilot certification levels but does not change between the pre- and post-certification periods.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 4","pages":"1297-1324"},"PeriodicalIF":3.1,"publicationDate":"2025-02-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12545","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145013040","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
When Do Optimistic CEOs Enhance Firm Value? 乐观的ceo何时能提升公司价值？
IF 3.1 3区 经济学
European Financial Management Pub Date : 2025-01-30 DOI: 10.1111/eufm.12544
Sanjay Deshmukh, Anand Goel
{"title":"When Do Optimistic CEOs Enhance Firm Value?","authors":"Sanjay Deshmukh,&nbsp;Anand Goel","doi":"10.1111/eufm.12544","DOIUrl":"https://doi.org/10.1111/eufm.12544","url":null,"abstract":"<div>\u0000 \u0000 <p>We predict how the effect of CEO optimism on firm value varies across firms and model how industry competition impacts the relation between CEO optimism and firm value. Estimating optimism from option-exercise behaviour, we find that CEO optimism increases firm value by about 17% on average. Consistent with theoretical predictions, CEO optimism is more value-enhancing in firms that are riskier, engage in greater innovation and investment, have more internal resources and operate in industries that are more competitive or have a larger fraction of optimistic CEOs. Various endogeneity checks support a causal impact of CEO optimism on firm value.</p>\u0000 </div>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 4","pages":"1271-1296"},"PeriodicalIF":3.1,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145013125","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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