North American Journal of Economics and Finance最新文献

ESG rating and default risk: Evidence from China ESG评级与违约风险：来自中国的证据

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2024-11-15 DOI: 10.1016/j.najef.2024.102314

Huihui Li, Yonghong Hu

{"title":"ESG rating and default risk: Evidence from China","authors":"Huihui Li, Yonghong Hu","doi":"10.1016/j.najef.2024.102314","DOIUrl":"10.1016/j.najef.2024.102314","url":null,"abstract":"<div><div>Based on the data of Chinese A-share listed companies from 2009 to 2022, this study constructs a bivariate panel vector autoregression (PVAR) model to examine the dynamic equilibrium relationship between default risk and environmental, social, and governance (ESG) performance and its individual dimensions. Results indicate that ESG performance and corporate stability exhibit growth inertia and self-reinforcing mechanisms, with overall ESG performance significantly mitigating default risk. Although no bidirectional causality was found between environmental and governance performance and default risk, corporate stability positively impacts both over time. The findings indicate a synergistic relationship between social performance and default risk, in which strong social performance helps mitigate default risk. Financial stability encourages companies to engage in social responsibility initiatives. Heterogeneity analysis demonstrates that the mitigating effects of ESG performance on default risk are more pronounced for non-state-owned enterprises (non-SOEs) and small- and medium-sized enterprises (SMEs). Social responsibility and corporate governance are more significant in enhancing financial stability in manufacturing firms. These findings provide valuable insights for investors and policymakers in mitigating default risks while promoting the development of green finance.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"75 ","pages":"Article 102314"},"PeriodicalIF":3.8,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658406","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

Decoding the stock market dynamics in the banking sector: Short versus long-term insights 解密银行业的股市动态：短期与长期见解

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2024-11-13 DOI: 10.1016/j.najef.2024.102311

Barbara Čeryová, Peter Árendáš

{"title":"Decoding the stock market dynamics in the banking sector: Short versus long-term insights","authors":"Barbara Čeryová, Peter Árendáš","doi":"10.1016/j.najef.2024.102311","DOIUrl":"10.1016/j.najef.2024.102311","url":null,"abstract":"<div><div>The severity of extreme fluctuations and crises within the global banking sector is escalating. Conventional models, operating on a single time scale, may misinterpret any shift as a change in the long-term trend, distorting market insights. To address this issue, the present paper introduces a hierarchical structure into the standard hidden Markov model, enabling the differentiation of short and long-term trends within the U.S. banking industry. Using NASDAQ Bank stock market index data from January 1, 2007, to July 31, 2023 at two different frequencies, we construct and evaluate different calibrations of the hierarchical hidden Markov model. Results reveal two long-term regimes: turbulent periods with high volatility, instability, and negative returns, and prevalent stable markets. Within each of them, two distinct states representing short-term trends are identified, exhibiting significant differences in persistence, likelihood, expected returns, and risk profiles. The results show that an investor should carefully differentiate between regimes on both hierarchies to make informed investment decisions.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"75 ","pages":"Article 102311"},"PeriodicalIF":3.8,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658405","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

Static and dynamic return and volatility connectedness between transportation tokens and transportation indices: Evidence from quantile connectedness approach 交通代币与交通指数之间的静态和动态收益率与波动率关联性：量化关联性方法的证据

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2024-11-10 DOI: 10.1016/j.najef.2024.102312

Erkan Ustaoglu

{"title":"Static and dynamic return and volatility connectedness between transportation tokens and transportation indices: Evidence from quantile connectedness approach","authors":"Erkan Ustaoglu","doi":"10.1016/j.najef.2024.102312","DOIUrl":"10.1016/j.najef.2024.102312","url":null,"abstract":"<div><div>The aim of the study is to examine the return and volatility connectedness between transportation tokens and transportation stock indices. Since the QVAR model is used in the study, we can obtain information about the return and volatility connectedness between assets not only under normal market conditions but also under extreme market conditions. The return and volatility spillovers between transportation tokens and transportation stock indices are time-varying and also vary under different market conditions. Under normal market conditions, transportation tokens and transportation indices are largely unconnected. The return connectedness between the assets increases significantly during extreme market downturns and upturns, with similar increases in volatility connectedness during periods of extreme volatility. Return and volatility connectedness between assets are affected by extreme events such as COVID-19, the Russia–Ukraine war, and the collapse of the cryptocurrency market. The study investigates the determinants of total return and volatility connectedness between transportation tokens and transportation stock indices. It is found that EPU, GVZ, VIX, and crises are significant determinants affecting the return and volatility connectivity between transportation tokens and transportation stock indices across all market conditions. The results are significant for strategies to be implemented by investors and portfolio managers.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"75 ","pages":"Article 102312"},"PeriodicalIF":3.8,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658402","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 role of digital transformation in mergers and acquisitions 数字化转型在并购中的作用

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2024-11-05 DOI: 10.1016/j.najef.2024.102306

Nan Yang , Shanmin Li , Zhihong Huang , Caiping Wang

{"title":"The role of digital transformation in mergers and acquisitions","authors":"Nan Yang , Shanmin Li , Zhihong Huang , Caiping Wang","doi":"10.1016/j.najef.2024.102306","DOIUrl":"10.1016/j.najef.2024.102306","url":null,"abstract":"<div><div>How digital transformation influences mergers and acquisitions (M&A) in firms is a significant yet seldom-explored inquiry. We argue that, differing from the “winner-take-all” logic observed in M&A undertaken by born-digital enterprises, digital transformation initiatives pursued by traditional firms can enhance long-term M&A performance by mitigating internal control costs in terms of organizational inertia. The findings from an analysis of M&A activities conducted by publicly listed Chinese firms demonstrate that the digital transformation efforts of traditional enterprises possess the potential to substantially augment long-term M&A performance. Nevertheless, this facilitative impact may encounter limitations due to structural inertia, strategic persistence and external pressure. Moreover, when compared to “technology-based” digital transformation, “application-based” digital transformation exhibits a superior capacity to facilitate long-term M&A performance by alleviating routine rigidity. This study extends the application of organizational inertia theory to the digital economy era and provides practical insights for enterprises that are implementing digital-transformation strategies.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"75 ","pages":"Article 102306"},"PeriodicalIF":3.8,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658404","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

Spillover of fear among the US and BRICS equity markets during the COVID-19 crisis and the Russo-Ukrainian conflict 在 COVID-19 危机和俄乌冲突期间，美国和金砖国家股票市场的恐慌蔓延

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2024-11-01 DOI: 10.1016/j.najef.2024.102308

Yi Zhang , Long Zhou , Zhidong Liu , Baoxiu Wu

引用次数: 0

Hand in hand or left behind: The dual impact of leading firms’ digital technologies on industry digital transformation 携手还是落后？领先企业的数字技术对行业数字化转型的双重影响

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2024-10-31 DOI: 10.1016/j.najef.2024.102305

Chuanhui Liu , Zhongyuan Sheng , Xuetong Hu , Chunxiao Tian

{"title":"Hand in hand or left behind: The dual impact of leading firms’ digital technologies on industry digital transformation","authors":"Chuanhui Liu , Zhongyuan Sheng , Xuetong Hu , Chunxiao Tian","doi":"10.1016/j.najef.2024.102305","DOIUrl":"10.1016/j.najef.2024.102305","url":null,"abstract":"<div><div>This study, utilizing Chinese listed companies from 2007 to 2022, reveals that enterprises can improve their digital transformation strategies by learning from the digital technologies of industry-leading companies. By free-riding on technology adoption, enterprises can reduce their R&D investments in implementing digital transformation projects, as existing digital technologies can be copied and improved for their own use. Furthermore, we find that firms with stronger research capabilities are more efficient at learning from leading firms’ digital technologies. Better digital technologies not only optimize a firm’s strategic plan for digital transformation but also enhance the actual implementation of such projects. This enhancement is achieved by easing financing constraints and diversifying the upstream chain. Our findings are robust to alternative variable measures and endogeneity tests. Overall, we highlight the technological spillovers of digital technology innovations by leading firms, facilitating a deeper digital transformation of other firms through various governance channels.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"75 ","pages":"Article 102305"},"PeriodicalIF":3.8,"publicationDate":"2024-10-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142577917","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

Regional FinTech development and total factor productivity among firms: Evidence from China 区域金融科技发展与企业全要素生产率：来自中国的证据

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2024-10-26 DOI: 10.1016/j.najef.2024.102304

Yunzhong Li , Chengfang Ye , Mingxi Li , Wai Yan Shum , Fujun Lai

{"title":"Regional FinTech development and total factor productivity among firms: Evidence from China","authors":"Yunzhong Li , Chengfang Ye , Mingxi Li , Wai Yan Shum , Fujun Lai","doi":"10.1016/j.najef.2024.102304","DOIUrl":"10.1016/j.najef.2024.102304","url":null,"abstract":"<div><div>FinTech has been extensively applied in China in the context of high-quality development. This study quantifies the level of FinTech development in various Chinese cities based on the number of FinTech companies present, investigating the impact and mechanisms of regional FinTech development on enterprises’ Total Factor Productivity (TFP). The results indicate that FinTech significantly enhances enterprises’ TFP. This conclusion remains valid after a series of robustness tests. Mechanism analysis reveals that FinTech contributes to this improvement by enhancing credit availability of enterprises, increasing financing accessibility for businesses, reducing financing costs, alleviating financing constraints, and fostering technological innovation within enterprises. Heterogeneity analysis shows that this positive effect is more pronounced in highly competitive firms, non-financial background firms and regions with more favorable business environments. Overall, our findings demonstrate a positive impact of FinTech on enterprises’ TFP, providing new insights into its beneficial effects.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"75 ","pages":"Article 102304"},"PeriodicalIF":3.8,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142535944","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

Does oil price uncertainty affect corporate total factor productivity? Evidence from China 石油价格的不确定性会影响企业全要素生产率吗？来自中国的证据

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2024-10-24 DOI: 10.1016/j.najef.2024.102302

Ziqing Wu, Leyi Chen

{"title":"Does oil price uncertainty affect corporate total factor productivity? Evidence from China","authors":"Ziqing Wu, Leyi Chen","doi":"10.1016/j.najef.2024.102302","DOIUrl":"10.1016/j.najef.2024.102302","url":null,"abstract":"<div><div>In the era of high-quality economic development, oil price uncertainty (OVX) and the total factor productivity (TFP) of corporations are pivotal issues for both policymakers and scholars. This study leverages the implied volatility of oil prices and financial data from Chinese listed industrial companies spanning 2010 to 2022 to investigate the influence of OVX on firms’ TFP and the underlying mechanisms. The findings reveal that OVX substantially dampens firms’ TFP, with corporate leverage and financialization identified as key channels through which this impact occurs. Further heterogeneity analysis indicates that the negative impact of OVX on TFP is particularly pronounced in firms operating in industries with low concentration and among small and medium-sized enterprises (SMEs). The extension analysis suggests a threshold effect in the relationship between OVX and corporate TFP, with the suppressive effect of OVX on TFP intensifying as the level of corporate financialization increases. Consequently, it is imperative for policymakers to closely monitor oil price fluctuations and implement timely strategies to mitigate the risks associated with OVX.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"75 ","pages":"Article 102302"},"PeriodicalIF":3.8,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658403","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

Impact of government’s support policy on decision-making of platform participants under ESG 政府支持政策对 ESG 平台参与者决策的影响

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2024-10-24 DOI: 10.1016/j.najef.2024.102303

Renzhong Li , Chen Fei , Weiyin Fei

{"title":"Impact of government’s support policy on decision-making of platform participants under ESG","authors":"Renzhong Li , Chen Fei , Weiyin Fei","doi":"10.1016/j.najef.2024.102303","DOIUrl":"10.1016/j.najef.2024.102303","url":null,"abstract":"<div><div>Blockchain-based token platform economy is a new branch of digital platform economics. Constructing a continuous time dynamic model of token platform economy, this paper analyzes what kind of ESG policy is appropriate for the government, meanwhile the token platform participants (developers, users and speculators) make optimal investments and decisions under ESG policy. Simulation result shows neutral ESG policy is optimal. Based on the given neutral ESG policy, we have done the research on ESG investment and decision strategies for platform participants. Our research shows that the tokens selling rate and efforts of green platform (ESG score greater than 0) developers are lower than the ones of brown platform (ESG score less than 0). Consequently, when developers’ token retention is about half of the initial amount, users should invest more brown tokens. Speculators should invest brown tokens for developers’ high token retention. Green token investments of speculators and users are needed in other cases. Next, the impact of the government’s three ESG policies on the maturity or termination of the platform also been analyzed. An important conclusion occurred: the government’s aggressive or conservative ESG policy cannot make the development of the green platform better; Therefore, we suggest a neutral ESG policy which means that the government could adopt high tax incentive and high tax burden on the green and brown platform while it is not necessary to implement the extra subsidy and punishment policy on the green and brown platform.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"75 ","pages":"Article 102303"},"PeriodicalIF":3.8,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658401","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 effect of consumer willingness to pay on enterprises’ decisions about adopting low-carbon technology 消费者支付意愿对企业采用低碳技术决策的影响

IF 3.8 3区经济学

North American Journal of Economics and Finance Pub Date : 2024-10-19 DOI: 10.1016/j.najef.2024.102301

Yantao Ling , Yan Han , Qingzhong Ren , Jing Xu , Mengqiu Cao , Xing Gao

{"title":"The effect of consumer willingness to pay on enterprises’ decisions about adopting low-carbon technology","authors":"Yantao Ling , Yan Han , Qingzhong Ren , Jing Xu , Mengqiu Cao , Xing Gao","doi":"10.1016/j.najef.2024.102301","DOIUrl":"10.1016/j.najef.2024.102301","url":null,"abstract":"<div><div>There is no ‘one size fits all’ product strategy for the ‘green’ market. Although prior studies have explored the influence of consumer environmental awareness on decisions pertaining to green production, further investigation is required regarding the impact of consumer willingness to pay (WTP) on green technology choices and product design, and the ongoing debate about the environmental consequences of both firm and consumer behaviour. This study aims to explore strategies adopted by an enterprise intending to introduce a green product. Utilising optimisation methodology, we investigate the strategies employed for introducing green products, considering pivotal factors such as consumers’ WTP, variable costs, the research costs associated with green technology, and the constraints imposed by the level of green technology. Our research investigates the strategies for introducing, and the optimal pricing of, green products, outlining the impact of the aforementioned factors on the market penetration of green products and company profits. Additionally, this research further explores the impact of consumers’ WTP and enterprises’ use of eco-friendly materials on environmental quality. The results indicate that the strategies for launching green products and the impact of eco-friendly materials on environmental quality depend on the enterprise’s technological parameters and consumers’ WTP. The findings suggest that the market penetration rate of green products increases in line with consumers’ WTP and the level of greenness of products, while higher research costs will decrease the penetration rate of green products. This research contributes to the field of green innovation by showcasing how enterprises make decisions about production and green technology innovation.</div></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"75 ","pages":"Article 102301"},"PeriodicalIF":3.8,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142587170","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