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(Un)risky commitments
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-11-26 DOI: 10.1016/j.ememar.2024.101230
Jamila Abubakar, Ahmet F. Aysan, Mustafa Disli
{"title":"(Un)risky commitments","authors":"Jamila Abubakar,&nbsp;Ahmet F. Aysan,&nbsp;Mustafa Disli","doi":"10.1016/j.ememar.2024.101230","DOIUrl":"10.1016/j.ememar.2024.101230","url":null,"abstract":"<div><div>There is increasing concern regarding how uncertainty influences the demand for commitment devices, especially due to the complexity it introduces into the decision-making environment while activating risk preferences. This study examines how the proportion of automated transactions varies on a Nigerian FinTech platform, given exposure to uncertainty and individual risk aversion in two distinct risk-level environments. One environment is risk-free, while the other is characterised by uncertainty about future outcomes. Our findings support the hypothesis that risk aversion varies inversely with the demand for commitment, specifically among low and medium-risk groups. Additionally, we find significant differences in the behaviour of women and the influence of interest rates on automation between the certainty and uncertainty domains. Our findings suggest that behavioural variations across decision environments are influenced by both platform choice sets and potential exogenous factors that may affect income and wealth after automating transactions.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"64 ","pages":"Article 101230"},"PeriodicalIF":5.6,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142743782","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
Perceived risks of financial misconduct and fintech in crowdfunding of Vietnamese individual investors
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-11-26 DOI: 10.1016/j.ememar.2024.101229
Anh The Khuc , Phuong Thi Hoai Nguyen , Manh Cuong Nguyen , Ha Thu Le
{"title":"Perceived risks of financial misconduct and fintech in crowdfunding of Vietnamese individual investors","authors":"Anh The Khuc ,&nbsp;Phuong Thi Hoai Nguyen ,&nbsp;Manh Cuong Nguyen ,&nbsp;Ha Thu Le","doi":"10.1016/j.ememar.2024.101229","DOIUrl":"10.1016/j.ememar.2024.101229","url":null,"abstract":"<div><div>Crowdfunding is a method of funding a project or venture by collecting small amounts of money from a large number of people – typically via the Internet – which presents both opportunities for financial inclusion and risks to financial consumers. This study aimed to investigate the influence of perceived risks of financial misconduct and fintech on the intentions of individual investors to participate in crowdfunding. The authors employed a quantitative method to gather approximately 900 survey responses, which were subsequently collated for further analysis. The findings indicate that the perceived risk of financial misconduct is a second-order factor that is reflected by four first-order factors: credibility risk, market risk, asymmetric information risk, and financial risk. Similarly, the perceived risk of fintech is a second-order factor that is reflected by three first-order factors: security risk, time-consuming risk, and expense risk. The study reveals that the perceived risk of financial misconduct negatively affects the intention to participate in crowdfunding, while the perceived risk of fintech positively influences the intention to participate. Additionally, the perceived risk of fintech also positively impacts the perceived risk of financial misconduct. Based on these research results, this study proposes policy implications for project owners, investors and regulatory agencies to enhance the quality of crowdfunding platforms. These recommendations aim to protect users from threats and risks associated with using these platforms, thereby improving the overall effectiveness and safety of the crowdfunding environment.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"64 ","pages":"Article 101229"},"PeriodicalIF":5.6,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142744062","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
Does party organization embeddedness boost corporate environmental performance?
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-11-26 DOI: 10.1016/j.ememar.2024.101228
Xiaoxia Li, Xingye Tao, Jinhua Xu, Jiahua Lin
{"title":"Does party organization embeddedness boost corporate environmental performance?","authors":"Xiaoxia Li,&nbsp;Xingye Tao,&nbsp;Jinhua Xu,&nbsp;Jiahua Lin","doi":"10.1016/j.ememar.2024.101228","DOIUrl":"10.1016/j.ememar.2024.101228","url":null,"abstract":"<div><div>In contrast to corporations in other countries, the role that party organizations play in Chinese firms is distinctly unique. This paper presents empirical evidence of a positive effect of party organization embeddedness on corporate environmental performance. This effect is particularly pronounced for firms operating in regulated industries and those with a stronger cultural system of environmental protection. The study also reveals that the embedding of party organization enhances corporate environmental performance through reducing agency costs and increasing access to environmental subsidies. Overall, this paper emphasizes the importance of the unique arrangement of corporate party organizations in China and provides policy implications for improving the distinct Chinese corporate governance system, promoting green development, and advancing ecological civilization.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"64 ","pages":"Article 101228"},"PeriodicalIF":5.6,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142743781","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
Unintended consequences: Examining the effects of government digital regulation on corporate fintech innovation in China 意想不到的后果：考察政府数字监管对中国企业金融科技创新的影响
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-11-19 DOI: 10.1016/j.ememar.2024.101221
Weijie Tan , Qiuyu Tang , Wanting Sun , Xuanyu Du
{"title":"Unintended consequences: Examining the effects of government digital regulation on corporate fintech innovation in China","authors":"Weijie Tan ,&nbsp;Qiuyu Tang ,&nbsp;Wanting Sun ,&nbsp;Xuanyu Du","doi":"10.1016/j.ememar.2024.101221","DOIUrl":"10.1016/j.ememar.2024.101221","url":null,"abstract":"<div><div>In the financial sector, government digital regulation significantly influences the development of financial technology (fintech), yet it has not been sufficiently studied. This research leverages patent text data from A-share listed companies in China from 2011 to 2021 and digital administrative penalty information from various cities, utilizing machine learning techniques to measure enterprise fintech innovation and city-level digital regulation indicators. Grounded in institutional theory, this study investigates the impact of government digital regulation on enterprise fintech innovation and its underlying mechanisms. The findings suggest that government digital regulation impedes enterprise fintech innovation, as it heightens the overall external environmental risks and increases internal operational burdens for enterprises. Heterogeneity analysis shows that this inhibitory effect is more pronounced in private enterprises, firms with stronger financial stability, and high-tech companies. Furthermore, significant differences exist across various dimensions of digital regulation and fintech innovation. Nonetheless, the study also finds that the synergistic development between government digital regulation and enterprise fintech innovation can produce positive governance outcomes, thereby fostering fintech innovation.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"64 ","pages":"Article 101221"},"PeriodicalIF":5.6,"publicationDate":"2024-11-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142705213","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
ESG disclosure quality and cost of debt ESG 披露质量和债务成本
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-11-15 DOI: 10.1016/j.ememar.2024.101219
Xianghua You , Can Chen , Ke Peng , Yubin Li
{"title":"ESG disclosure quality and cost of debt","authors":"Xianghua You ,&nbsp;Can Chen ,&nbsp;Ke Peng ,&nbsp;Yubin Li","doi":"10.1016/j.ememar.2024.101219","DOIUrl":"10.1016/j.ememar.2024.101219","url":null,"abstract":"<div><div>This study reveals a negative correlation between the quality of ESG (Environmental, Social, and Governance) disclosure and the cost of debt financing among Chinese listed companies from 2011 to 2020. Furthermore, this relationship is only significant for non-SOE firms, firms in areas with higher marketization level, firms with lower accounting transparency, firms voluntarily publishing social responsibility reports, or firms operating in non-high-pollution industries. These results are robust to a series of tests including two-stage regressions based on instrumental variable and alternative measures of disclosure quality based on textual analyses.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"64 ","pages":"Article 101219"},"PeriodicalIF":5.6,"publicationDate":"2024-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142722667","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
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
{"title":"From framing to priming: How does media coverage promote ESG preferences of institutional investors","authors":"Geling Li ,&nbsp;Kangjun Ren ,&nbsp;Yuhao Qiao ,&nbsp;Bao Wu","doi":"10.1016/j.ememar.2024.101220","DOIUrl":"10.1016/j.ememar.2024.101220","url":null,"abstract":"<div><div>How media coverage influences the ESG preferences of institutional investors remains an unsettled issue. We tackle this issue based on a framing-to-priming framework. By analyzing a dataset of 22,941 observations from Chinese listed firms from 2012 to 2021, we find that positive media coverage attracts institutional investors with inherent ESG preferences to invest in the firm, whereas negative media coverage discourages their investment. It implies that a screening process underpins the institutional investors' ESG preferences. Moreover, our findings indicate that analyst attention and public attention play pivotal mediating roles in the relationship between media coverage and institutional investors' ESG preferences.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101220"},"PeriodicalIF":5.6,"publicationDate":"2024-11-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142651912","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
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
{"title":"Disruptive technology and audit risks: Evidence from FTSE 100 companies","authors":"Marwa Elnahass ,&nbsp;Xinrui Jia ,&nbsp;Louise Crawford","doi":"10.1016/j.ememar.2024.101218","DOIUrl":"10.1016/j.ememar.2024.101218","url":null,"abstract":"<div><div>We investigate the use of disruptive technology on the level of audit risk, within both companies and audit firms. A sample of FTSE 100 and their corresponding audit firms—specifically, the ‘Big 4’—are selected for the period 2015 to 2020. Our findings indicate that the utilisation of disruptive technology results in a significant reduction in audit risk for both companies and audit firms. Disruptive technology seems to promote benefits to companies and audit firms by significantly mitigating the risk of material misstatements (i.e. inherent and control risk) and detection risk; these results are consistent across various industry classifications.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101218"},"PeriodicalIF":5.6,"publicationDate":"2024-10-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142555043","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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
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
{"title":"Will Southeast Asia be the next global manufacturing hub? A multiway cointegration, causality, and dynamic connectedness analyses","authors":"Haibo Wang ,&nbsp;Lutfu S. Sua ,&nbsp;Jun Huang ,&nbsp;Jaime Ortiz ,&nbsp;Bahram Alidaee","doi":"10.1016/j.ememar.2024.101217","DOIUrl":"10.1016/j.ememar.2024.101217","url":null,"abstract":"<div><div>We propose a novel framework to examine relationships among drivers of economic growth in Southeast Asia, a region poised to become a significant manufacturing destination. However, unbalanced economic growth among countries poses risks to multinational companies considering offshoring decisions. Our two-stage framework uses multi-way cointegration analysis and a vector error correction model (VECM) to investigate critical drivers of economic growth. We apply a QVAR model to evaluate dynamic connectedness and spillover effects of offshoring decisions. Using World Bank data, our results show that Southeast Asian countries are interconnected through complex relationships featuring multi-way cointegration and dynamic connectedness, informing evidence-based policy.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101217"},"PeriodicalIF":5.6,"publicationDate":"2024-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533295","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
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
{"title":"Climate policy and China's external balances","authors":"Shuang Zheng ,&nbsp;Xiaohui Liu ,&nbsp;Yue Gu","doi":"10.1016/j.ememar.2024.101216","DOIUrl":"10.1016/j.ememar.2024.101216","url":null,"abstract":"<div><div>To explore the impact of the China Carbon Emissions Trading Exchange (CCETE) on international trade and capital flow, we develop a two-country dynamic general equilibrium model with asymmetric climate policies. We use targets of decreasing carbon emissions intensity to simulate the strengthening of the CCETE policy. We find that the strengthening of climate policy improves China's trade balance and current account. We also find that output and carbon emissions of the rest of the world with a less stringent climate policy increase (known as carbon leakage) in the short run, but decrease (known as positive externalities of climate policy) in the long run. These findings suggest that China could benefit from more stringent climate policy due to the improvement of its external balances, and the world could also benefit due to the mitigation of climate change.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101216"},"PeriodicalIF":5.6,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533293","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
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 ,&nbsp;Xiu Wei Yeap ,&nbsp;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
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