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Fintech business and corporate social responsibility practices 金融科技企业与企业社会责任实践
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-01-01 DOI: 10.1016/j.ememar.2023.101105
Bin Li , Fei Guo , Lei Xu , Siqi Meng
{"title":"Fintech business and corporate social responsibility practices","authors":"Bin Li ,&nbsp;Fei Guo ,&nbsp;Lei Xu ,&nbsp;Siqi Meng","doi":"10.1016/j.ememar.2023.101105","DOIUrl":"10.1016/j.ememar.2023.101105","url":null,"abstract":"<div><p>Through a proprietary dataset of listed firms on the Shanghai and Shenzhen Stock Exchanges, we establish a positive link between firms' financial technology (Fintech) business and their corporate social responsibility (CSR) practices. Such a link can be more pronounced among firms of stronger political connections, lower agency costs, and better internal control. Enhanced supply of bank loans, internal capital market, public scrutiny, and firms' strategic differences are underlying the link. Fintech business may also effectively curb firms' corporate social irresponsibility (CSI) behaviour. Fintech business may have become a strategic endeavor to sustain long-term economic growth in the digital age.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101105"},"PeriodicalIF":4.8,"publicationDate":"2024-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1566014123001103/pdfft?md5=c0d047ac05a3b26c1d503cd0049d1253&pid=1-s2.0-S1566014123001103-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139129413","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
Trade liberalization, regional trade openness degree, and foreign direct investment:Evidence from China 贸易自由化、区域贸易开放程度与外商直接投资：来自中国的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2023-12-29 DOI: 10.1016/j.ememar.2023.101103
Hong Zhao , Yiying Li , Zengtao Wang , Runnan Zhao
{"title":"Trade liberalization, regional trade openness degree, and foreign direct investment:Evidence from China","authors":"Hong Zhao ,&nbsp;Yiying Li ,&nbsp;Zengtao Wang ,&nbsp;Runnan Zhao","doi":"10.1016/j.ememar.2023.101103","DOIUrl":"https://doi.org/10.1016/j.ememar.2023.101103","url":null,"abstract":"<div><p>This paper investigates the relationship among trade liberalization, the degree of trade openness (DTO) and regional foreign direct investment (FDI) using Chinese data for 2001–2018 by hand collection. We apply the fixed effect model and find that both trade liberalization and regional DTO have a significantly positive relationship with regional FDI. Furthermore, a variable coefficient model is used to prove that the effects of trade liberalization on regional FDI are heterogeneous across regions. Finally, we use the threshold model to prove the significant threshold effects of DTO on the relationship of trade liberalization and FDI. This paper provides theoretical and policy support for countries with obvious regional differences to attract FDI.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101103"},"PeriodicalIF":4.8,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139099816","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
Bank's balance sheet management as a bargaining tool: Evidence from Brazilian labor strikes 作为谈判工具的银行资产负债表管理：巴西劳工罢工的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2023-12-23 DOI: 10.1016/j.ememar.2023.101094
Patrick Behr , Weichao Wang , Sylvester Adasi Manu
{"title":"Bank's balance sheet management as a bargaining tool: Evidence from Brazilian labor strikes","authors":"Patrick Behr ,&nbsp;Weichao Wang ,&nbsp;Sylvester Adasi Manu","doi":"10.1016/j.ememar.2023.101094","DOIUrl":"10.1016/j.ememar.2023.101094","url":null,"abstract":"<div><p>We investigate whether and how banks adjust their financial positions in the wake of labor strikes. Using hand-collected data at the bank-municipality level in Brazil during 2006–2016, we find that banks significantly increase loan loss provisions, reduce loans disbursed, and hold less liquidity just before the bank labor strikes. These results are consistent with a bargaining hypothesis, suggesting that banks account for fewer current earnings, reduce expected cash flows, and reveal less cash and cash equivalents to labor unions before the anticipated strikes to counter the rent-seeking behavior of unions and strengthen their bargaining power in upcoming wage negotiations.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101094"},"PeriodicalIF":4.8,"publicationDate":"2023-12-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139027493","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 role of large shareholders in goodwill impairment decisions – Evidence from China 大股东在商誉减值决策中的作用--来自中国的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2023-12-22 DOI: 10.1016/j.ememar.2023.101093
Hongwen Han , Jiali Jenna Tang , Qingquan Tang
{"title":"The role of large shareholders in goodwill impairment decisions – Evidence from China","authors":"Hongwen Han ,&nbsp;Jiali Jenna Tang ,&nbsp;Qingquan Tang","doi":"10.1016/j.ememar.2023.101093","DOIUrl":"10.1016/j.ememar.2023.101093","url":null,"abstract":"<div><p>Our paper examines how large shareholders manage goodwill impairment to inflate earnings as well as the role of audit functions in this setting. The influence of large shareholders on corporate decisions is well documented, however, overlooked in goodwill literature. Using data from China, we find that a higher ownership percentage held by large shareholders associates with a lower likelihood of recording goodwill impairment as well as a reduced impairment amount, suggesting that goodwill impairment is intentionally avoided or decreased by large shareholders. We further find that the presence of big4 auditors mitigates such relationship.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101093"},"PeriodicalIF":4.8,"publicationDate":"2023-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139017111","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 effect of expanded audit report on IPO underpricing: Evidence from China 扩大审计报告对 IPO 定价过低的影响：来自中国的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2023-12-14 DOI: 10.1016/j.ememar.2023.101092
Mengmeng Guo , Yun Su , Rui Zhao
{"title":"The effect of expanded audit report on IPO underpricing: Evidence from China","authors":"Mengmeng Guo ,&nbsp;Yun Su ,&nbsp;Rui Zhao","doi":"10.1016/j.ememar.2023.101092","DOIUrl":"https://doi.org/10.1016/j.ememar.2023.101092","url":null,"abstract":"<div><p>This study investigates the impact of the expanded audit report on IPO underpricing. Using the sample of A-share listed firms in China from June 2014 to November 2021, we find that the expanded audit reports can reduce the speculative behavior of investors in the initial phase of IPOs, resulting in lower IPO underpricing and consecutive rising limits. The channel tests suggest that the disclosure of key audit matters reduces value uncertainty and alleviates investors' local bias. Our results are consistent to a series of robustness tests. Further analyses show that the negative relation between expanded audit reports and IPO underpricing intensifies when the legal environment is weak and firms' information transparency is low. Additional tests uncover positive market reaction after the mandatory disclosure rule in the long run. Overall, our study adds new insights to the information effects of the expanded audit reports in emerging markets.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"58 ","pages":"Article 101092"},"PeriodicalIF":4.8,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138739046","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 real effect of shadow banking regulation: Evidence from China 影子银行监管的实际效果：来自中国的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2023-12-14 DOI: 10.1016/j.ememar.2023.101087
Bo Jiang
{"title":"The real effect of shadow banking regulation: Evidence from China","authors":"Bo Jiang","doi":"10.1016/j.ememar.2023.101087","DOIUrl":"10.1016/j.ememar.2023.101087","url":null,"abstract":"<div><p>I find a crackdown on shadow banking has real effects. For identification, I exploit a policy — the “New Regulations on Asset Management” (NRAM) — that restricts the issuance of wealth<span> management products (WMP) in China. I show firms with high WMP exposure experience a decline in investments. The effects are pronounced for firms that are more profitable, have higher revenue growth, and are more financially constrained. Exploration of the possible channels of these effects shows a decline in the credit supply of banks that relied more on WMPs, driven by the fall in their shadow banking activities.</span></p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101087"},"PeriodicalIF":4.8,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139015885","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
Are FX communications effective? Evidence from emerging markets 外汇沟通是否有效？新兴市场的证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2023-12-14 DOI: 10.1016/j.ememar.2023.101091
Julián Parra-Polanía , Andrés Sánchez-Jabba , Miguel Sarmiento
{"title":"Are FX communications effective? Evidence from emerging markets","authors":"Julián Parra-Polanía ,&nbsp;Andrés Sánchez-Jabba ,&nbsp;Miguel Sarmiento","doi":"10.1016/j.ememar.2023.101091","DOIUrl":"10.1016/j.ememar.2023.101091","url":null,"abstract":"<div><p>This paper examines the effects of foreign exchange (FX) communications on FX markets in Colombia and Mexico. Our estimations follow the calendar-time portfolio approach using daily data between 2000 and 2019 on exchange rates and known risk factors. We find an asymmetric effect of such communications: while there is strong evidence indicating that communications aimed at weakening the local currency affect the exchange rate level in the intended direction, there is no evidence of impact when examining communications intended to strengthen it. These results are consistent with fear of appreciation and with previous evidence from developed economies.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101091"},"PeriodicalIF":4.8,"publicationDate":"2023-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138688495","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
Global supply chain inflationary pressures and monetary policy in Mexico 全球供应链通胀压力与墨西哥的货币政策
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2023-12-08 DOI: 10.1016/j.ememar.2023.101089
Juan R. Hernández, Daniel Ventosa-Santaulària, J. Eduardo Valencia
{"title":"Global supply chain inflationary pressures and monetary policy in Mexico","authors":"Juan R. Hernández,&nbsp;Daniel Ventosa-Santaulària,&nbsp;J. Eduardo Valencia","doi":"10.1016/j.ememar.2023.101089","DOIUrl":"10.1016/j.ememar.2023.101089","url":null,"abstract":"<div><p><span>In this paper, we examine the impact of stress in the global supply chains on inflation<span><span> and monetary policy in Mexico, a representative emerging market economy. Using non-linear local projections, we estimate the degree of monetary policy tightening required in a high-stress supply chain environment and compare it to that in a low-stress environment. We instrument the monetary policy shocks with shocks to the federal funds rate. Results suggest that in a high-stress regime, the effect of an increase in the monetary policy </span>interest rate on inflation over a one-year period is reduced considerably. We argue that this reduction is due to the slow response of </span></span>inflation expectations to a monetary policy tightening in a high-stress regime. Furthermore, raising the interest rate has an effect on producer price inflation, a channel that is absent in a low-stress regime. This finding highlights the role of monetary policy in stabilizing inflation when facing supply shocks that are not necessarily permanent.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"58 ","pages":"Article 101089"},"PeriodicalIF":4.8,"publicationDate":"2023-12-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138561629","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
Exploring the relationship between China's economic policy uncertainty and business cycles: Exogenous impulse or endogenous responses? 探索中国经济政策不确定性与商业周期之间的关系：外生脉冲还是内生反应？
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2023-12-07 DOI: 10.1016/j.ememar.2023.101090
Li Yujia , Zhu Zixiang , Che Ming
{"title":"Exploring the relationship between China's economic policy uncertainty and business cycles: Exogenous impulse or endogenous responses?","authors":"Li Yujia ,&nbsp;Zhu Zixiang ,&nbsp;Che Ming","doi":"10.1016/j.ememar.2023.101090","DOIUrl":"https://doi.org/10.1016/j.ememar.2023.101090","url":null,"abstract":"<div><p><span>This paper explores China's endogeneity of economic policy uncertainty (EPU). Previous studies have disagreed on the causal relationship between uncertainty and the business cycle. By using shock-based restrictions, we identify structural shocks and investigate the endogeneity of China's EPU index. The findings suggest that an increase in EPUs is more likely to cause fluctuations in the Chinese economy than the reverse. The paper also uncovers </span>spillovers of China's EPU on the US EPU, indicating a national strategy at play. In the long run, EPU shocks in China account for at least 22% of China's economic activity variation and 30% of the US EPU variation. These findings remain consistent when accounting for the COVID-19 period, adopting heteroskedasticity identification schemes, and using alternative EPU indexes.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"58 ","pages":"Article 101090"},"PeriodicalIF":4.8,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138564251","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
Finance dependence and exchange rate pass-through: Empirical evidence from China 金融依赖与汇率传递：中国的经验证据
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2023-12-03 DOI: 10.1016/j.ememar.2023.101088
Chenghao Hu
{"title":"Finance dependence and exchange rate pass-through: Empirical evidence from China","authors":"Chenghao Hu","doi":"10.1016/j.ememar.2023.101088","DOIUrl":"https://doi.org/10.1016/j.ememar.2023.101088","url":null,"abstract":"<div><p>Does the degree of finance dependence, defined as firms' reliance on external finance for regular production activities, determine exporters' heterogeneous responses to real exchange rate shocks? This paper develops a stylized model to illustrate the role of finance dependence in shaping exporters' pricing decisions when the bilateral real exchange rate fluctuates. The model features distribution costs, endogenous markup, and firm heterogeneity. In the model, finance dependence can impact firms' export pricing decisions in a way isomorphic to firm productivity but in the opposite direction: firms with high finance dependence have a high demand elasticity and a low price elasticity to exchange rate fluctuations. Therefore, in response to real exchange rate shocks, financially more dependent firms exhibit lower exchange rate pass-through into export prices denominated in home country currency (RMB). To assess the model prediction, I develop a firm-destination-year-specific measure of finance dependence based on the basket of goods that firms export and employ the Chinese manufacturing firm export data from 2000 to 2006 for analysis. The empirical test is carried out at the most disaggregated firm-product-destination level and confirms the model prediction.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"58 ","pages":"Article 101088"},"PeriodicalIF":4.8,"publicationDate":"2023-12-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1566014123000936/pdfft?md5=edd30d4b032cc4e2304b19f00374a200&pid=1-s2.0-S1566014123000936-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138564250","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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