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The impact of blockchain on firms' environmental and social performance 区块链对企业环境和社会绩效的影响
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-08-06 DOI: 10.1111/eufm.12510
Carole Bernard, Rebecca Cardot, Jamil Jaballah
{"title":"The impact of blockchain on firms' environmental and social performance","authors":"Carole Bernard,&nbsp;Rebecca Cardot,&nbsp;Jamil Jaballah","doi":"10.1111/eufm.12510","DOIUrl":"10.1111/eufm.12510","url":null,"abstract":"<p>This paper studies the relationship between blockchain patents and firms' environmental and social performance. Using data from USPTO, we assess the effect of these patents on subcategories and aggregate grades for social and environmental dimensions. Our results show a negative main effect of blockchain-related patents on social and environmental grades. However, this effect is moderated by company size and focus on R&amp;D. We exploit the first legislation favorable to blockchain in the United States and find a positive effect of blockchain patents on environmental grades, showing a change in corporate behavior regarding the use of blockchain.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"528-561"},"PeriodicalIF":2.1,"publicationDate":"2024-08-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141939205","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
Foreign versus domestic SPACs in the US Market 美国市场上的外国 SPAC 与国内 SPAC
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-07-26 DOI: 10.1111/eufm.12511
Yao-Min Chiang, Bokyung Park, S. Ghon Rhee, Hui-Ju Tsai
{"title":"Foreign versus domestic SPACs in the US Market","authors":"Yao-Min Chiang,&nbsp;Bokyung Park,&nbsp;S. Ghon Rhee,&nbsp;Hui-Ju Tsai","doi":"10.1111/eufm.12511","DOIUrl":"10.1111/eufm.12511","url":null,"abstract":"<p>This study compares domestic and foreign special purpose acquisition companies (SPACs) listed in the US market. Compared with domestic SPACs, we find that foreign SPACs raise lower proceeds from initial public offerings and private investments in public equity funding. Additionally, redemption rates of foreign SPACs are higher than those of domestic SPACs. Our findings suggest that foreign SPACs face a competitive disadvantage due to their limited networks in the US market.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"493-527"},"PeriodicalIF":2.1,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141777743","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
Gender inequality, institutional quality and economic outcomes in the European Union 欧盟的性别不平等、机构质量和经济成果
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-07-20 DOI: 10.1111/eufm.12508
Hyun-Jung Nam, Doojin Ryu, Peter G. Szilagyi
{"title":"Gender inequality, institutional quality and economic outcomes in the European Union","authors":"Hyun-Jung Nam,&nbsp;Doojin Ryu,&nbsp;Peter G. Szilagyi","doi":"10.1111/eufm.12508","DOIUrl":"10.1111/eufm.12508","url":null,"abstract":"<p>Our model, which analyses multi-decade annual data from the European Union, suggests that gender inequality mediates the relationship between institutional quality and economic outcomes. We find that institutional quality significantly influences these outcomes, with positive associations with trade and per capita GDP, and negative associations with innovation. Institutional quality positively (negatively) impacts labour force (educational) inequality. Institutions prioritize reducing labour force inequality to boost trade and per capita GDP but struggle to address educational inequality, which does not similarly contribute to economic growth. Whereas labour force inequality negligibly impacts innovation, educational inequality significantly impedes it.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"463-492"},"PeriodicalIF":2.1,"publicationDate":"2024-07-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141740859","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
Identifying greenwashing in corporate-social responsibility reports using natural-language processing 利用自然语言处理技术识别企业社会责任报告中的 "洗绿 "行为
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-07-19 DOI: 10.1111/eufm.12509
Nina Gorovaia, Michalis Makrominas
{"title":"Identifying greenwashing in corporate-social responsibility reports using natural-language processing","authors":"Nina Gorovaia,&nbsp;Michalis Makrominas","doi":"10.1111/eufm.12509","DOIUrl":"10.1111/eufm.12509","url":null,"abstract":"<p>A textual analysis of corporate-social responsibility (CSR) reports reveals that companies engaged in environmental violations report differently from firms with a clean record. The violators issue longer, more positive and more frequent reports to relay environmental content that is more copious but less readable. The violator firms appear to modify their reporting practices right after committing a violation. The findings suggest that culpable firms exploit the current unregulated–unaudited state of CSR reporting as a means of greenwashing and call for institutional change. Our results are robust to a number of industry-firm characteristics, including board composition, ownership dispersion and international presence.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"427-462"},"PeriodicalIF":2.1,"publicationDate":"2024-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12509","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141740875","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
Heterogeneous impact of cost of carry on corporate money demand 套利成本对企业货币需求的异质性影响
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-07-15 DOI: 10.1111/eufm.12507
Hadi Movaghari, Georgios Sermpinis
{"title":"Heterogeneous impact of cost of carry on corporate money demand","authors":"Hadi Movaghari,&nbsp;Georgios Sermpinis","doi":"10.1111/eufm.12507","DOIUrl":"10.1111/eufm.12507","url":null,"abstract":"<p>Transaction cost model predicts opportunity costs should negatively affect money demand. Examining the effect of cost of carry (CC) on cash holdings at the firm-level, rather the average effect for entire population, we find that such a pervasive negative relation does not hold in times of low interest rate with about a 10% chance of observing positive effects. Firm size emerges as the primary driver of this heterogeneity, demonstrating a hump-shaped effect on the cash-CC link. Our findings suggest that policymakers should track the distributional impacts of opportunity cost of money demand over time to better evaluation of monetary policy.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"400-426"},"PeriodicalIF":2.1,"publicationDate":"2024-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12507","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141645263","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
Short selling bans and price responses in a multimarket setting 多市场环境下的卖空禁令和价格反应
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-07-12 DOI: 10.1111/eufm.12505
Yu Hu, Pankaj K. Jain, Suchismita Mishra, Robinson Reyes-Peña
{"title":"Short selling bans and price responses in a multimarket setting","authors":"Yu Hu,&nbsp;Pankaj K. Jain,&nbsp;Suchismita Mishra,&nbsp;Robinson Reyes-Peña","doi":"10.1111/eufm.12505","DOIUrl":"10.1111/eufm.12505","url":null,"abstract":"<p>We evaluate the role of short sale bans in muting the price response to negative earnings surprises for stocks cross-listed in foreign unbanned markets. We update the global timeline of short sale restrictions up to the COVID-19 crisis. Given low dispersion of beliefs, we observe that the effects of a stock's home market bans extend to unbanned markets, as manifested in lagged price responses, reduced short interest, and failures to deliver. In contrast, large profit opportunities created by high dispersion of beliefs trigger cross-border short selling (regulatory arbitrage) and a leading price response in foreign unbanned markets vis-à-vis the home market.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"360-399"},"PeriodicalIF":2.1,"publicationDate":"2024-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141608611","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
The brown side of firm flexibility 坚定灵活的褐色一面
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-07-05 DOI: 10.1111/eufm.12495
Sadok El Ghoul, Omrane Guedhami, Samir Saadi, Syrine Sassi
{"title":"The brown side of firm flexibility","authors":"Sadok El Ghoul,&nbsp;Omrane Guedhami,&nbsp;Samir Saadi,&nbsp;Syrine Sassi","doi":"10.1111/eufm.12495","DOIUrl":"10.1111/eufm.12495","url":null,"abstract":"<p>Using a sample of 24,321 firm-year observations from 25 countries over the 2006–2021 period, we show that operating flexibility increases carbon emissions. This increase is due to to the efficiency and instability channels. The relation is stronger for firms where expansion flexibility outweighs contraction flexibility, and for focused and financially unconstrained firms. Cross-country analyses indicate that the effect of flexibility on carbon emissions is more prominent in developed economies with superior institutional quality. In contrast to prior studies that highlight the beneficial consequences of operating flexibility, our findings expose its adverse effect on environmental performance.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"299-359"},"PeriodicalIF":2.1,"publicationDate":"2024-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12495","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141573205","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
Industrial heterogeneity, governance structure and firm value 产业异质性、治理结构和公司价值
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-06-12 DOI: 10.1111/eufm.12497
Qazi Awais Amin, Douglas Cumming
{"title":"Industrial heterogeneity, governance structure and firm value","authors":"Qazi Awais Amin,&nbsp;Douglas Cumming","doi":"10.1111/eufm.12497","DOIUrl":"10.1111/eufm.12497","url":null,"abstract":"<p>We examine the impact of corporate governance on firm value by using a unique research approach ‘sector-wise analyses’ by employing a data set of listed firms in Taiwan. We investigate whether the unique dynamics of each industrial sector could differently affect internal corporate governance (CG) practice. In addition, we investigate the moderating effect of block ownership on the relationships between CG and firm value. Our results show that CG and firm value relationships significantly differ across industrial sectors and conclude that the CG model is not one-size-fits-all for industrial sectors—while observed a significant impact of block ownership as a moderating variable.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"265-298"},"PeriodicalIF":2.1,"publicationDate":"2024-06-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141354972","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
Issue Information: European Financial Management 3/2024 发行信息：欧洲财务管理 3/2024
IF 2.2 3区 经济学
European Financial Management Pub Date : 2024-06-03 DOI: 10.1111/eufm.12434
{"title":"Issue Information: European Financial Management 3/2024","authors":"","doi":"10.1111/eufm.12434","DOIUrl":"https://doi.org/10.1111/eufm.12434","url":null,"abstract":"","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"30 3","pages":"1063-1064"},"PeriodicalIF":2.2,"publicationDate":"2024-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/eufm.12434","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141245866","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
Short-selling restriction and return predictability: Evidence from China 卖空限制与收益可预测性：来自中国的证据
IF 2.1 3区 经济学
European Financial Management Pub Date : 2024-05-29 DOI: 10.1111/eufm.12504
Ying Jiang, Jiayan Qiu, Qian Sun
{"title":"Short-selling restriction and return predictability: Evidence from China","authors":"Ying Jiang,&nbsp;Jiayan Qiu,&nbsp;Qian Sun","doi":"10.1111/eufm.12504","DOIUrl":"https://doi.org/10.1111/eufm.12504","url":null,"abstract":"<p>We examine how the ban on <i>t</i>+0 short selling affects the return predictability of short sellers in China. If the ban drives out mostly less informed short sellers, then the return predictive power should be enhanced. However, if the ban drives out more informed short sellers instead of less informed short sellers, then the return predictability should worsen. We find that in China, where the stock market is dominated by retail investors, and short-selling activities are not active, the ban is likely to drive out more informed short sellers, and thus, worsen the predictive power of short selling.</p>","PeriodicalId":47815,"journal":{"name":"European Financial Management","volume":"31 1","pages":"219-264"},"PeriodicalIF":2.1,"publicationDate":"2024-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143120768","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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