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Green SPACs 绿色 SPAC
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-08-16 DOI: 10.1111/eufm.12453
Nebojsa Dimic, John W. Goodell, Vanja Piljak, Milos Vulanovic
{"title":"Green SPACs","authors":"Nebojsa Dimic,&nbsp;John W. Goodell,&nbsp;Vanja Piljak,&nbsp;Milos Vulanovic","doi":"10.1111/eufm.12453","DOIUrl":"10.1111/eufm.12453","url":null,"abstract":"<p>We examine the structural characteristics of special purpose acquisition companies (SPACs) focused on green causes. We explain their ecosystem, primary determinants of initial public offering (IPO) size, and speed of going public, and we calculate their returns around merger announcements and subsequent acquisition. Green SPAC size depends on CEO characteristics, choice of exchange and specialisation of respective stakeholders. The speed to IPO is related to the respective concentration of legal counsel. Green SPACs exhibit cumulative market-adjusted returns in the range 6%–12% around the merger announcement. Merger returns are positive at the merger date but quickly become negative (−1% to −9%) and decline further with time.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"770-799"},"PeriodicalIF":2.2,"publicationDate":"2023-08-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135017627","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
Coordinated monitoring and mergers and acquisitions 协调监测和并购
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-08-08 DOI: 10.1111/eufm.12449
Ettore Croci, Mieszko Mazur, Galla Salganik-Shoshan
{"title":"Coordinated monitoring and mergers and acquisitions","authors":"Ettore Croci,&nbsp;Mieszko Mazur,&nbsp;Galla Salganik-Shoshan","doi":"10.1111/eufm.12449","DOIUrl":"10.1111/eufm.12449","url":null,"abstract":"<p>This paper shows that coordinated monitoring by institutional investors affects how firms behave in the M&amp;A market. We employ the spatial dimension of geographic links between major institutions as a proxy for interaction and information exchange—a process that determines the effectiveness of investor monitoring over firm management. Using data over the last 30 years, we show that the returns to acquiring shareholders are significantly higher, and M&amp;A activity is significantly more intense when institutions coordinate better their monitoring efforts. Our results are robust to series of tests to gauge their sensitivity to different model specifications and estimation procedures.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1422-1459"},"PeriodicalIF":2.2,"publicationDate":"2023-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12449","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43674042","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
Determinants and effects of trade credit financing: Evidence from the maritime shipping industry 贸易信贷融资的决定因素和影响：来自海运业的证据
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-29 DOI: 10.1111/eufm.12448
Elisavet Mantzari, Anna Merika, Christos Sigalas
{"title":"Determinants and effects of trade credit financing: Evidence from the maritime shipping industry","authors":"Elisavet Mantzari,&nbsp;Anna Merika,&nbsp;Christos Sigalas","doi":"10.1111/eufm.12448","DOIUrl":"10.1111/eufm.12448","url":null,"abstract":"<p>This paper investigates the factors and effects of trade credit, as an alternative source of capital, by employing a generalized method of moments instrumenting for endogeneity based on a panel data set of public maritime shipping companies and compatible companies in other industries. Our study shows that the magnitude of trade credit is affected by profitability, financial leverage, company size, cost of capital, financial distress, institutional ownership, corporate power, corporate liquidity, asset intensity, and corporate growth. It also suggests that trade credit affects financial performance, equity value, and risk. These empirical findings yield important implications for principal financial officers, as discussed herein.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1385-1421"},"PeriodicalIF":2.2,"publicationDate":"2023-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"135444051","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
ESG disclosure, CEO power and incentives and corporate risk-taking ESG披露、CEO权力和激励与企业风险承担
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-28 DOI: 10.1111/eufm.12447
Faek Menla Ali, Yuanyuan Wu, Xiaoxiang Zhang
{"title":"ESG disclosure, CEO power and incentives and corporate risk-taking","authors":"Faek Menla Ali,&nbsp;Yuanyuan Wu,&nbsp;Xiaoxiang Zhang","doi":"10.1111/eufm.12447","DOIUrl":"10.1111/eufm.12447","url":null,"abstract":"<p>This paper investigates the impact of environmental, social and governance (ESG) disclosure on corporate risk-taking and how this impact is further affected by chief executive officer (CEO) power and incentives within US companies. We find that ESG disclosure decreases corporate risk-taking based on both accounting-based and market-based returns. Further, we find that ESG disclosure is more effective in mitigating market-based risk-taking than accounting-based risk-taking in a firm with a powerful CEO. In contrast, CEO's ESG-incentivized engagement bonuses weaken ESG disclosure impacts in reducing both types of risk-taking. Our analysis helps understanding of different trade-offs of ESG disclosure in aligning all stakeholders' benefits under different managerial-related factors.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"961-1011"},"PeriodicalIF":2.2,"publicationDate":"2023-07-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12447","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46301257","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, blockholder trading and stock price crash risk 多个大股东、大股东交易和股价崩盘风险
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-26 DOI: 10.1111/eufm.12446
Jiao Ji, Hanwen Sun, Haofeng Xu
{"title":"Multiple large shareholders, blockholder trading and stock price crash risk","authors":"Jiao Ji,&nbsp;Hanwen Sun,&nbsp;Haofeng Xu","doi":"10.1111/eufm.12446","DOIUrl":"10.1111/eufm.12446","url":null,"abstract":"<p>We show that in a setting with a strong concern for controlling shareholder entrenchment, firms with multiple large shareholders (MLS) are more likely to experience stock price crashes. As a result, when anticipating future revelations of bad news concerning corporate misconduct on information disclosure, large shareholders can exploit their information advantage and initiate their sales ex ante as far as eight quarters ahead. The positive association between MLS and crashes is more pronounced in the presence of noncontrolling shareholders' sales. Also, the positive predictive power of MLS on crash risk is more potent in firms with weak internal or external governance.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1344-1384"},"PeriodicalIF":2.2,"publicationDate":"2023-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12446","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47570966","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
Institutional investors and corporate environmental costs: The roles of investment horizon and investor origin 机构投资者与企业环境成本：投资视野和投资者来源的作用
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-19 DOI: 10.1111/eufm.12444
Wolfgang Drobetz, Sadok El Ghoul, Zhengwei Fu, Omrane Guedhami
{"title":"Institutional investors and corporate environmental costs: The roles of investment horizon and investor origin","authors":"Wolfgang Drobetz,&nbsp;Sadok El Ghoul,&nbsp;Zhengwei Fu,&nbsp;Omrane Guedhami","doi":"10.1111/eufm.12444","DOIUrl":"10.1111/eufm.12444","url":null,"abstract":"<p>Using an international data set that quantifies corporate environmental costs, we analyze the influence of institutional investor ownership, particularly investment horizon and investor origin, on the monetized environmental impact generated by their investee firms. Institutional investor ownership is negatively related to corporate environmental costs. This effect is driven by long-term foreign institutional investors, especially investors from advanced economies. Corporate environmental costs are negatively correlated with firm valuation and positively correlated with the cost of equity. Since corporate environmental costs are not reflected in environmental, social and governance ratings, our results shed new light on the role of institutional investors in shaping corporate environmental impact.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"727-769"},"PeriodicalIF":2.2,"publicationDate":"2023-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12444","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44683673","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
Environmental tax incentives and corporate environmental behaviour: An unintended consequence from a natural experiment in China 环境税收激励与企业环境行为:中国自然实验的意外结果
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-17 DOI: 10.1111/eufm.12445
Sabri Boubaker, Feiyang Cheng, Jing Liao, Shuai Yue
{"title":"Environmental tax incentives and corporate environmental behaviour: An unintended consequence from a natural experiment in China","authors":"Sabri Boubaker,&nbsp;Feiyang Cheng,&nbsp;Jing Liao,&nbsp;Shuai Yue","doi":"10.1111/eufm.12445","DOIUrl":"10.1111/eufm.12445","url":null,"abstract":"<p>Using the implementation of the Environmental Protection Tax (EPT) Law in China as a natural experiment, we explore the impact of environmental tax incentives on corporate environmental engagement. Evidence shows that, after the implementation of the EPT Law, there exists a significant improvement in the environmental performance of firms located in regions with increased EPT rates. However, our results reveal an unintended consequence that this effect is more salient for nonheavy-polluting companies rather than for heavy polluters that are more targeted by the EPT Law.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 2","pages":"800-838"},"PeriodicalIF":2.2,"publicationDate":"2023-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41794830","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
Survival and value: The conglomerate case 生存与价值:企业集团案例
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-13 DOI: 10.1111/eufm.12442
Michela Altieri, Giovanna Nicodano
{"title":"Survival and value: The conglomerate case","authors":"Michela Altieri,&nbsp;Giovanna Nicodano","doi":"10.1111/eufm.12442","DOIUrl":"10.1111/eufm.12442","url":null,"abstract":"<p>This paper investigates the relationship between default probability and value when there is a selection bias due to missing controls for firm heterogeneous likelihood to survive in the sample. Our model delivers the following implications for the conglomerate case: (a) the sample conglomerate value increases in their default probability, (b) the sample conglomerate discount falls together with their excess default probability with respect to focused companies, (c) both effects disappear when the analyst controls for survival probability. The data support the presence of a selection bias distorting downwards the relative value of sample firms with higher survival probability.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1305-1343"},"PeriodicalIF":2.2,"publicationDate":"2023-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12442","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45639700","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
Build, buy or partner? The relative performance of an acquisitive strategy 建立、购买还是合作?收购策略的相对表现
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-10 DOI: 10.1111/eufm.12443
Olubunmi Faleye
{"title":"Build, buy or partner? The relative performance of an acquisitive strategy","authors":"Olubunmi Faleye","doi":"10.1111/eufm.12443","DOIUrl":"10.1111/eufm.12443","url":null,"abstract":"<p>We conceptualize mergers as one of several strategies for creating value and study merger performance by evaluating the performance of firms employing an acquisitive strategy. Relative to other firms, acquisitive firms are valued lower, exhibit lower employee and total factor productivity, and innovate less. These effects are concentrated among firms whose workforce is vulnerable to acquisition-related personnel disruptions and/or those that are more dependent on employee relationship-specific investments. We therefore propose that an acquisitive strategy diminishes firm value and performance by fostering disruptive conditions that undermine employee effectiveness and weaken their incentives.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1271-1304"},"PeriodicalIF":2.2,"publicationDate":"2023-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12443","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138542495","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
Does innovation drive mergers and acquisitions in the financial sector? 创新是否推动了金融部门的并购？
IF 2.2 3区 经济学
European Financial Management Pub Date : 2023-07-04 DOI: 10.1111/eufm.12440
Tram H. Dang
{"title":"Does innovation drive mergers and acquisitions in the financial sector?","authors":"Tram H. Dang","doi":"10.1111/eufm.12440","DOIUrl":"10.1111/eufm.12440","url":null,"abstract":"<p>Does innovation drive mergers and acquisitions in the financial sector? This issue is challenging because classical measures of innovation are unavailable in the financial sector. Thus, we introduce an innovation measure that can be used for financial firms. Considering US financial deals, we highlight the impact of a financial firm's innovative activities on the likelihood of becoming an acquirer or a target. We detect a ‘like buys like’ effect, implying that financial mergers and acquisitions are more likely when firms are at a similar level of innovation. We further show that this effect is associated with greater synergistic value.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1238-1270"},"PeriodicalIF":2.2,"publicationDate":"2023-07-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"41350923","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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