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Political control, corporate governance and stock-price crash risk: Evidence from China
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-02-01 DOI: 10.1016/j.ememar.2025.101260
Ziyao San , Shuai Wang , Zongfeng Xiu , Ling Zhou , Zejiang Zhou
{"title":"Political control, corporate governance and stock-price crash risk: Evidence from China","authors":"Ziyao San ,&nbsp;Shuai Wang ,&nbsp;Zongfeng Xiu ,&nbsp;Ling Zhou ,&nbsp;Zejiang Zhou","doi":"10.1016/j.ememar.2025.101260","DOIUrl":"10.1016/j.ememar.2025.101260","url":null,"abstract":"<div><div>We find that Chinese state-owned enterprise (SOEs) with Disciplinary Commission members on the board experience lower stock price crash risk than their counterparts. This effect is less pronounced for SOEs with more shares held by non-state large shareholders. The results are robust after addressing potential endogeneity issues related to the appointment of the board of directors. Additional analysis suggests that the inclusion of Disciplinary Commission members on the board of directors reduces crash risk by mitigating agency costs, curtailing overinvestment, and improving financial reporting transparency. Collectively, our findings support the notion that the presence of Disciplinary Commission members on the board of directors strengthens the governance of SOEs.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101260"},"PeriodicalIF":5.6,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164426","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
On the communication efforts of the central banks in emerging economies: The case of India
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-31 DOI: 10.1016/j.ememar.2025.101259
Suruchi Shrimali, Wasim Ahmad
{"title":"On the communication efforts of the central banks in emerging economies: The case of India","authors":"Suruchi Shrimali,&nbsp;Wasim Ahmad","doi":"10.1016/j.ememar.2025.101259","DOIUrl":"10.1016/j.ememar.2025.101259","url":null,"abstract":"<div><div>The emerging market economies have revamped their monetary policy frameworks and adopted prudent policy communication, bearing in mind their structural challenges. Thus, it is crucial to examine the efficacy of the central bank communication as a policy tool in these economies. This study leverages natural language processing and textual analysis procedures to quantify the tone of the monetary policy statements by the Reserve Bank of India (RBI) – India's central bank, and answer the following questions: Does the tone of RBI's policy communication contain information indicating future policy decisions? Does the stock market respond to the tone of RBI's policy communication? The study answers the above questions and shows that the RBI's policy statements contain forward-looking information about future policy decisions and their effectiveness in manoeuvring the Indian stock market.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101259"},"PeriodicalIF":5.6,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143210746","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 risk and corporate investment behavior in emerging economies
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-27 DOI: 10.1016/j.ememar.2025.101257
Adam Arian , Muhammad A. Naeem
{"title":"Climate risk and corporate investment behavior in emerging economies","authors":"Adam Arian ,&nbsp;Muhammad A. Naeem","doi":"10.1016/j.ememar.2025.101257","DOIUrl":"10.1016/j.ememar.2025.101257","url":null,"abstract":"<div><div>Our study examines the impact of climate risk on the investment outcomes of publicly traded firms in emerging economies, an important yet understudied issue amid the rising occurrence of severe climate events. Despite the emphasis on the macroeconomic impacts of climate events in existing literature, there is limited insight into the impacts on firm-level investment decisions and outcomes, particularly in regions with higher vulnerability to climate change. We assess climate risk and corporate investment efficiency through the Global Climate Risk Index (CRI), utilizing a dataset comprising 308,620 firm-year observations across 52 countries between 2007–2019. The findings of our study show that firms in higher climate risk regions experience lower investment efficiency due to adopting more conservative investment strategies to mitigate operational and financial uncertainties. Additional analysis of the industries that require stable environmental conditions for operation or depend heavily on fixed assets highlights the significance of integrating climate risks into financial and investment policies that can improve corporate resilience and long-term growth.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101257"},"PeriodicalIF":5.6,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164434","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
Share pledging and stock price synchronicity: Evidence from China
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-25 DOI: 10.1016/j.ememar.2025.101258
Yanbo Jin , Siqi Wei , Jian Xu
{"title":"Share pledging and stock price synchronicity: Evidence from China","authors":"Yanbo Jin ,&nbsp;Siqi Wei ,&nbsp;Jian Xu","doi":"10.1016/j.ememar.2025.101258","DOIUrl":"10.1016/j.ememar.2025.101258","url":null,"abstract":"<div><div>This paper examines the impact of share pledging on the incorporation of firm-specific information into stock prices, measured by stock price synchronicity. Using a comprehensive dataset of listed firms in China, we find that share pledging significantly increases the amount of firm-specific information reflected in stock prices. This effect is particularly pronounced in firms with lower transparency. Additionally, we explore the implications of share pledging and synchronicity for firm value. While stock price synchronicity is negatively associated with firm value, share pledging alone shows no direct relationship. However, in firms with lower stock price synchronicity, share pledging positively influences firm value.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101258"},"PeriodicalIF":5.6,"publicationDate":"2025-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164425","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
Climate risks, balance-of-payments constraints and central banking in emerging economies – Insights from Nigeria
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-23 DOI: 10.1016/j.ememar.2025.101255
Anne Löscher , Annina Kaltenbrunner
{"title":"Climate risks, balance-of-payments constraints and central banking in emerging economies – Insights from Nigeria","authors":"Anne Löscher ,&nbsp;Annina Kaltenbrunner","doi":"10.1016/j.ememar.2025.101255","DOIUrl":"10.1016/j.ememar.2025.101255","url":null,"abstract":"<div><div>This paper explores the question in how far physical and transition effects of climate change impact central banking transmitted through the balance-of-payments in emerging economies. We conduct a country case study of Nigeria by triangulating primary qualitative data generated from ten semi-structured interviews with secondary quantitative data used to construct two structural vector autoregressive models. We find that climate risks impact Nigeria's balance-of-payments both through the financial and current account channel to the detriment of the central bank's objectives. Long-term physical effects of climate change and the strong connection between crude oil and Nigeria's domestic economy, its financial system and its trade balance are key explanatory variables. They effectuate an aggravated pressure on the exchange rate, in particular when global instability rises, reduce foreign exchange income and increase the need thereof – further putting pressure on the exchange rate and undermining the acceptance of Nigerian financial assets. As a result, the central bank is forced to keep interest rates high. These effects have recessionary implications for the domestic economy and impede economic diversification as well as green transition in Nigeria. We empirically show how climate risks are exponents of challenges to central banking in emerging economies which perpetuates global inequality.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101255"},"PeriodicalIF":5.6,"publicationDate":"2025-01-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164427","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 compliance with screening standards affect the performance of firms?
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-21 DOI: 10.1016/j.ememar.2025.101256
Dawood Ashraf , Muhammad Suhail Rizwan , Muhammad Wajid Raza
{"title":"Does compliance with screening standards affect the performance of firms?","authors":"Dawood Ashraf ,&nbsp;Muhammad Suhail Rizwan ,&nbsp;Muhammad Wajid Raza","doi":"10.1016/j.ememar.2025.101256","DOIUrl":"10.1016/j.ememar.2025.101256","url":null,"abstract":"<div><div>Thematic investments, such as sustainability and ESG, are often opaque because they have proprietary screening criteria that are not visible to investors. A transparent screening criterion based on publicly available information is desirable to help firms know what investors seek from their business activities. Screening criteria developed for Muslim investors serve this purpose; however, adherence to any such screening criteria requires significant business transformation and may affect the fundamental and market performance of firms. To empirically investigate this hypothesis, this paper examines the changes in screening criteria introduced by the Malaysian Financial Services Act 2013 as a case study. The empirical findings suggest that firms that switch between compliance and non-compliance not only underperform but also experience volatility and loss of shareholder value as compared with those firms that remained Shari'ah-compliant throughout the sample period. This suggests that being Shari'ah-compliant is not simply meeting some objective criteria. It is more about developing a business culture that is long-term oriented as being in and out of Shari'ah compliance in the short term does not serve the purpose of shareholder value maximization. The findings of this paper are important for regulators, firm managers, and investors' confidence in the screening process when transparent, rules-based screening criteria are in place.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101256"},"PeriodicalIF":5.6,"publicationDate":"2025-01-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164433","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 impacts of green bonds on the green innovation: Evidence from the corporate green transformation in China
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-20 DOI: 10.1016/j.ememar.2025.101252
Minhua Yang , Linkun Ma , Yan Gu , Wenfeng Wu
{"title":"The impacts of green bonds on the green innovation: Evidence from the corporate green transformation in China","authors":"Minhua Yang ,&nbsp;Linkun Ma ,&nbsp;Yan Gu ,&nbsp;Wenfeng Wu","doi":"10.1016/j.ememar.2025.101252","DOIUrl":"10.1016/j.ememar.2025.101252","url":null,"abstract":"<div><div>This paper investigates the impacts of green bonds on green innovation of 3750 Chinese listed firms from 2016 to 2020. Green bonds positively affect green innovation, which is robust to several robustness checks, by mitigating financial constraints and increasing R&amp;D investments. The effects of green bonds contribute to economic consequences (green transformation) and environmental performance. Only green enterprise bond contributes to green innovation. Such effect is more pronounced for SOEs, firms in environmentally-friendly industries, firms with highly-educated CEOs, and firms with better green development. Moreover, green bonds increase environmental investments and green total factor productivity, which contributes to green transformation.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101252"},"PeriodicalIF":5.6,"publicationDate":"2025-01-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164424","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
Family-firms cash holdings determinants: Empirical evidence for Chile
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-19 DOI: 10.1016/j.ememar.2025.101254
Carlos P. Maquieira , Orlando Llanos-Contreras , Jose Arias
{"title":"Family-firms cash holdings determinants: Empirical evidence for Chile","authors":"Carlos P. Maquieira ,&nbsp;Orlando Llanos-Contreras ,&nbsp;Jose Arias","doi":"10.1016/j.ememar.2025.101254","DOIUrl":"10.1016/j.ememar.2025.101254","url":null,"abstract":"<div><div>We examine family firms' cash holdings behavior compared to non-family firms. We study 133 Chilean non-financial listed firms in the period 2005‐2016. Our evidence is consistent with reputational (SEW) and agency theory explanations. Family firms maintain less cash reserves than non-family firms. Family firms with higher ownership concentration show lower cash holdings compared to non-family firms. If the CEO is a family member, results are reinforced. Family firms with higher corporate reputation have lower levels of cash holdings. There is no evidence of significant relationship between free cash flow and cash holdings in family firms. Firm value is negatively related to excess cash holdings, but family firms are less punished by the market than non-family firms. Family firms show a higher speed of adjustment in cash holdings compare to non-family firms, result which confirms main findings.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101254"},"PeriodicalIF":5.6,"publicationDate":"2025-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165638","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 Latin American stock markets connected? Exploring spillovers and the impact of risk factors
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-17 DOI: 10.1016/j.ememar.2025.101253
Ata Assaf , Mohammad Al-Shboul , Khaled Mokni , Ender Demir
{"title":"Are Latin American stock markets connected? Exploring spillovers and the impact of risk factors","authors":"Ata Assaf ,&nbsp;Mohammad Al-Shboul ,&nbsp;Khaled Mokni ,&nbsp;Ender Demir","doi":"10.1016/j.ememar.2025.101253","DOIUrl":"10.1016/j.ememar.2025.101253","url":null,"abstract":"<div><div>This paper studies the connectedness among equity markets in Latin America (Argentina, Brazil, Chile, Colombia, Mexico, and Peru) and the effects of fundamental risk factors on the degree of their connectedness. Both time-varying parameters VAR (TVP-VAR) and quantile VAR (Q-VAR) models are used. Based on daily returns covering the period from February 02, 2016, until May 08, 2023, we find evidence of a low level of total connectedness, which is widely intensified in extreme conditions. Each market substantially contributes to its variation and contributes or receives a mild effect from each element in the system. Moreover, we show that the dynamic spillover effects between Latin American stock markets are driven by different uncertainty measures and are mainly affected by the COVID-19 outbreak and the Russian-Ukraine conflict. Our findings are beneficial to investors aiming at optimizing hedging strategies as well as to policymakers in the appropriate policies to manage equity market sensitivity.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"65 ","pages":"Article 101253"},"PeriodicalIF":5.6,"publicationDate":"2025-01-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143210747","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 official media sentiment matter for the stock market? Evidence from China
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2025-01-01 DOI: 10.1016/j.ememar.2024.101234
Zhiwei Xu, Xia Hua, Teng Zhang
{"title":"Does official media sentiment matter for the stock market? Evidence from China","authors":"Zhiwei Xu,&nbsp;Xia Hua,&nbsp;Teng Zhang","doi":"10.1016/j.ememar.2024.101234","DOIUrl":"10.1016/j.ememar.2024.101234","url":null,"abstract":"<div><div>We develop a novel official media sentiment index (<em>NegGovOp</em>) for China’ stock market using textual analysis combined with BERT. We find that <em>NegGovOp</em> predicts market return reversals. The return-reversal pattern is concentrated among difficult-to-arbitrage stocks, during recession period and the trading days which are not directly following weekends or holidays. We further find that official media sentiment primarily affects the trading activities of retail investors and significantly predicts market trading volume, market volatility and investor sentiment. Our findings are in line with the behavioral model that official media sentiment contributes to shaping irrational investor sentiment and resulting in temporary mispricing.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"64 ","pages":"Article 101234"},"PeriodicalIF":5.6,"publicationDate":"2025-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100881","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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