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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
{"title":"Disruptive technology and audit risks: Evidence from FTSE 100 companies","authors":"","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":null,"pages":null},"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
{"title":"Will Southeast Asia be the next global manufacturing hub? A multiway cointegration, causality, and dynamic connectedness analyses","authors":"","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":null,"pages":null},"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
{"title":"Climate policy and China's external balances","authors":"","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":null,"pages":null},"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
{"title":"International financial integration and financial stress of emerging market economies: The role of institutional quality","authors":"","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":null,"pages":null},"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
{"title":"CEO early-life experience and corporate accounting conservatism: Insights from the socio-political context","authors":"","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":null,"pages":null},"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
{"title":"Can value-added tax refund policy inhibit corporate financial fraud? Evidence from China","authors":"","doi":"10.1016/j.ememar.2024.101212","DOIUrl":"10.1016/j.ememar.2024.101212","url":null,"abstract":"<div><div>This paper examines the impact of China's 2018 VAT refund policy on corporate financial fraud, using a difference-in-differences approach. Findings demonstrate that the policy significantly reduces corporate financial fraud, which is confirmed through various robustness tests. The VAT refund policy deters corporate financial fraud by addressing motivational pressures, limiting opportunities, and challenging justifications, effectively targeting the fraud triangle's core elements. The policy's effects are especially strong in high-tech and privately-held firms. The study extends knowledge of VAT policies' roles in corporate decision-making and offers policy guidelines to combat corporate malfeasance.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142432056","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
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
{"title":"Heterogeneous uncertainty matters! Evidence based on firms' cost management decisions","authors":"","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":null,"pages":null},"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
{"title":"The imprint effect of initial institutional environments and bank financing in family businesses","authors":"","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":null,"pages":null},"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
{"title":"Fintech competencies in emerging markets: Cognitive hybrid decision-making approach","authors":"","doi":"10.1016/j.ememar.2024.101211","DOIUrl":"10.1016/j.ememar.2024.101211","url":null,"abstract":"<div><div>The purpose of this study is to make a priority analysis for the factors affecting fintech competency for emerging markets. A novel 3-stage decision-making model has been established to reach this objective. First, missing evaluations are completed by using recommender systems. The next stage includes the weight calculation of the criteria via quantum spherical fuzzy cognitive maps. The final stage gives information about the ranking of BRIC countries (Brazil, Russia, India, China) for the fintech competency performance. It is defined that technological infrastructure plays the most crucial role in this regard.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-10-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142422771","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
Evaluation of the space-time effects of Covid-19 on household loans and savings in Romania - A spatial panel data approach at county level 评估 Covid-19 对罗马尼亚家庭贷款和储蓄的时空影响--县级空间面板数据方法
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-30 DOI: 10.1016/j.ememar.2024.101209
{"title":"Evaluation of the space-time effects of Covid-19 on household loans and savings in Romania - A spatial panel data approach at county level","authors":"","doi":"10.1016/j.ememar.2024.101209","DOIUrl":"10.1016/j.ememar.2024.101209","url":null,"abstract":"<div><div>This article examines the effects of the Covid-19 crisis on the banking sector of Romania using a spatial panel dataset of 21 months, from April 2020 to December 2021, among 41 counties. The empirical setup exploits the spatial and time-series variations of the banking sector during the pandemic via means of exploratory data analysis, simple linear models for each month with spatial diagnosis, and spatial panel data models with fixed effects. County-level differences and particular disturbances in the trend of banking services are highlighted against the turning points of the pandemic. We show that increasing Covid-19 infections result in higher loans and savings per capita, with significant spatial interactions given by the neighboring counties.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":null,"pages":null},"PeriodicalIF":5.6,"publicationDate":"2024-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142422770","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
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