Emerging Markets Review最新文献

From framing to priming: How does media coverage promote ESG preferences of institutional investors 从框架到引导：媒体报道如何促进机构投资者的环境、社会和治理偏好

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2024-11-07 DOI: 10.1016/j.ememar.2024.101220

Geling Li , Kangjun Ren , Yuhao Qiao , Bao Wu

引用次数: 0

Disruptive technology and audit risks: Evidence from FTSE 100 companies 颠覆性技术与审计风险：来自富时 100 指数公司的证据

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2024-10-26 DOI: 10.1016/j.ememar.2024.101218

Marwa Elnahass , Xinrui Jia , Louise Crawford

引用次数: 0

Will Southeast Asia be the next global manufacturing hub? A multiway cointegration, causality, and dynamic connectedness analyses 东南亚会成为下一个全球制造业中心吗？多向协整、因果关系和动态关联分析

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2024-10-23 DOI: 10.1016/j.ememar.2024.101217

Haibo Wang , Lutfu S. Sua , Jun Huang , Jaime Ortiz , Bahram Alidaee

引用次数: 0

Climate policy and China's external balances 气候政策与中国的对外收支平衡

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2024-10-18 DOI: 10.1016/j.ememar.2024.101216

Shuang Zheng , Xiaohui Liu , Yue Gu

引用次数: 0

International financial integration and financial stress of emerging market economies: The role of institutional quality 国际金融一体化与新兴市场经济体的金融压力：机构质量的作用

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2024-10-16 DOI: 10.1016/j.ememar.2024.101214

Sook-Rei Tan , Xiu Wei Yeap , Changtai Li

{"title":"International financial integration and financial stress of emerging market economies: The role of institutional quality","authors":"Sook-Rei Tan , Xiu Wei Yeap , Changtai Li","doi":"10.1016/j.ememar.2024.101214","DOIUrl":"10.1016/j.ememar.2024.101214","url":null,"abstract":"<div><div>In the wake of unprecedented financial liberalization policies adopted by Emerging Market Economies (EMEs) since the late 20th century, their integration into global financial markets has brought forth both opportunities and challenges. This paper endeavors to assess the intricate relationship between international financial integration (IFI) and financial stress in EMEs, focusing on the potential moderating effect of institutional quality. Addressing key questions, it examines how various IFI indicators impact financial stress and evaluates the role of different dimensions of institutional quality in influencing this relationship. Using a Financial Stress Index (FSI) and employing the panel threshold regression technique, the study unveils significant threshold effects of institutional quality on the IFI-FSI nexus, with variations across different institutional factors. This study underscores the vital need for policymakers to identify threshold levels in institutional quality indicators to strike a balance between attracting investments and preventing unwarranted financial distress.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101214"},"PeriodicalIF":5.6,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 early-life experience and corporate accounting conservatism: Insights from the socio-political context 首席执行官的早年经历与企业会计保守主义：社会政治背景的启示

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2024-10-14 DOI: 10.1016/j.ememar.2024.101215

Xutang Liu , Martin Young , Jing Liao

{"title":"CEO early-life experience and corporate accounting conservatism: Insights from the socio-political context","authors":"Xutang Liu , Martin Young , Jing Liao","doi":"10.1016/j.ememar.2024.101215","DOIUrl":"10.1016/j.ememar.2024.101215","url":null,"abstract":"<div><div>Using China's Cultural Revolution as a shock to risk attitude, this study investigates the effect of CEOs' early-life experience on corporate accounting conservatism. We find that CEOs who experienced the Cultural Revolution in their early life are more risk-averse and conservative, and thereby are associated with a higher level of accounting conservatism. Such a positive relationship is more pronounced in provinces with higher political risks, e.g., where the provincial leadership changes and where high-profile provincial bureaucratic corruption cases occur. Also, the positive effect of CEOs' early-life experience is stronger in SOEs where CEOs' political career concerns are more pronounced. Additional analysis suggests that CEOs with early-life Cultural Revolution experience are more likely to adopt conservative accounting practice, such as increasing firm's provisions for liabilities and reducing accrual-based earnings management. Our results add new evidence to support the upper echelons theory and imprinting theory by highlighting the enduring impact of influential socio-political events during early life on the decision-making processes of CEOs.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101215"},"PeriodicalIF":5.6,"publicationDate":"2024-10-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533417","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Can value-added tax refund policy inhibit corporate financial fraud? Evidence from China 增值税退税政策能否抑制企业财务造假？来自中国的证据

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2024-10-05 DOI: 10.1016/j.ememar.2024.101212

Wei Yu , Yueyun Yan , Keying Zhu , Peijue Zhang

引用次数: 0

Heterogeneous uncertainty matters! Evidence based on firms' cost management decisions 异质性不确定性很重要！基于企业成本管理决策的证据

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2024-10-03 DOI: 10.1016/j.ememar.2024.101210

Lu Li , Xi Yuan , Shuang Wei , Guochao Yang

{"title":"Heterogeneous uncertainty matters! Evidence based on firms' cost management decisions","authors":"Lu Li , Xi Yuan , Shuang Wei , Guochao Yang","doi":"10.1016/j.ememar.2024.101210","DOIUrl":"10.1016/j.ememar.2024.101210","url":null,"abstract":"<div><div>The literature traditionally treats the uncertainty firms encounter as a whole, neglecting the inherent heterogeneity of uncertainty that prevails in the real world. To address this critical issue, this study employs natural language processing methods to decompose uncertainty into three distinct levels: firm-level, industry-level, and macro-level uncertainty. We then examine the impact of heterogeneous uncertainty on corporate decision-making from a cost management perspective. Our findings indicate that while uncertainty as a whole increases cost stickiness, this effect mainly stems from firm-level uncertainty rather than industry-level and macro-level uncertainty. These findings suggest that firms only respond to uncertainty when they perceive uncertainty at the firm level. Cross-sectional tests indicate that the impact of uncertainty on cost stickiness is more pronounced when firms face higher adjustment costs, lower financing constraints, and lower competitive pressures than otherwise. Additionally, uncertainty diminishes firms' cost elasticity, curtailing their production flexibility. Collectively, our results provide insights into comprehending the internal mechanisms of firms' decision-making in the face of uncertainty.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101210"},"PeriodicalIF":5.6,"publicationDate":"2024-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142446307","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 imprint effect of initial institutional environments and bank financing in family businesses 家族企业初始制度环境和银行融资的印记效应

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2024-10-03 DOI: 10.1016/j.ememar.2024.101213

Chen Cheng, Ke Qiu, Yufan Yang

{"title":"The imprint effect of initial institutional environments and bank financing in family businesses","authors":"Chen Cheng, Ke Qiu, Yufan Yang","doi":"10.1016/j.ememar.2024.101213","DOIUrl":"10.1016/j.ememar.2024.101213","url":null,"abstract":"<div><div>The initial imprint embedded in family business origin provides us with favorable support for identifying how past institutional environments and then current governance characteristics influence financing. This study investigates the influence of family business origin on loan borrowing, and finds that restructured family firms (RFFs), which are formed through the restructuring of collective-ownership enterprises, are likely to obtain more loans compared to entrepreneurial counterparts (EFFs). The effect varies with local marketization, family control rights, and intergenerational succession. Our findings suggest that restructured family firms have a sounder modern enterprise system, less information asymmetry, and consequently pose less credit risk, which allows them to access loans more easily. In addition, institutional differences stemming from the origin of the firms affect the composition and cost of bank financing. RFFs outperform EFFs in terms of the size of non-local bank loans and the cost of loans. Overall, this study shows that the institutional environment of family firms at the founding stage has a long-term impact on future financing.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101213"},"PeriodicalIF":5.6,"publicationDate":"2024-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142422773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Fintech competencies in emerging markets: Cognitive hybrid decision-making approach 新兴市场的金融科技能力：认知混合决策方法

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2024-10-02 DOI: 10.1016/j.ememar.2024.101211

Dadan Rahadian , Anisah Firli , Serhat Yüksel , Hasan Dinçer

引用次数: 0