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Does environmental information disclosure regulation improve environmental governance? Evidence from China 环境信息披露监管能改善环境治理吗？来自中国的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-13 DOI: 10.1016/j.ememar.2024.101196
Bo Cheng , Xinyang Mao
{"title":"Does environmental information disclosure regulation improve environmental governance? Evidence from China","authors":"Bo Cheng ,&nbsp;Xinyang Mao","doi":"10.1016/j.ememar.2024.101196","DOIUrl":"10.1016/j.ememar.2024.101196","url":null,"abstract":"<div><p>This study examines the effectiveness of Chinese environmental information disclosure (EID) regulations. We find that EID regulations improve firms' EID quality (i.e., exist information effect) and foster firms' green behavior (i.e., exist green effect). Mechanism analysis shows that due to lower audit risks, heavy-polluting firms are charged lower audit fees after the implementation of EID regulations; and due to less managerial myopia, heavy-polluting firms significantly increase green investment and green innovation following EID regulations. Additional heterogeneity analysis shows that these information and green effects can be strengthened by institutional environment factors, such as media coverage, audit quality and political cost.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101196"},"PeriodicalIF":5.6,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142239529","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
Untangling the finance-growth nexus: The dual role of financial development in the transmission of shocks 解开金融与增长的关系：金融发展在冲击传递中的双重作用
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-07 DOI: 10.1016/j.ememar.2024.101192
Ricardo Montañez-Enríquez , Matias Ossandon Busch , Manuel Ramos-Francia
{"title":"Untangling the finance-growth nexus: The dual role of financial development in the transmission of shocks","authors":"Ricardo Montañez-Enríquez ,&nbsp;Matias Ossandon Busch ,&nbsp;Manuel Ramos-Francia","doi":"10.1016/j.ememar.2024.101192","DOIUrl":"10.1016/j.ememar.2024.101192","url":null,"abstract":"<div><p>Does financial development shield countries from the pass-through of financial shocks to real outcomes? We evaluate this question by characterizing the probability density of GDP growth conditional on foreign and domestic financial stress indicators in a panel of 24 emerging countries. Our robust results unveil a previously unexplored dual impact of higher degrees of financial development on the transmission of financial stress: while the effect of global factors is attenuated, the impact of domestic factors is exacerbated. This result highlights a previously unexplored channel through which financial development can alter the link between financial (in)stability and GDP growth.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101192"},"PeriodicalIF":5.6,"publicationDate":"2024-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142172737","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 share pledging affect corporate sustainability performance? Empirical evidence from an emerging market 股票质押会影响企业的可持续发展绩效吗？新兴市场的经验证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-07 DOI: 10.1016/j.ememar.2024.101195
Huili Zhang, Yibo Huang, Zhiwei Zou
{"title":"Does share pledging affect corporate sustainability performance? Empirical evidence from an emerging market","authors":"Huili Zhang,&nbsp;Yibo Huang,&nbsp;Zhiwei Zou","doi":"10.1016/j.ememar.2024.101195","DOIUrl":"10.1016/j.ememar.2024.101195","url":null,"abstract":"<div><p>Using data of Chinese A-share firms between 2010 and 2021, this paper examines whether and how share pledging affects corporate environmental, social, and governance (ESG) performance. We find that share pledging by major shareholders reduces corporate ESG performance, and this finding remains robust after various robustness tests, such as addressing endogeneity issues and using alternative measures. We also find that major shareholders' share pledging inhibits ESG performance by exacerbating short-term financial behaviors such as tunneling and earnings management and suppressing sustainable investments such as green innovation, social donations, and internal control. It suggests that firms with share pledging prioritize short-term financial activities and decrease investment in sustainable development. The heterogeneity tests show that investors focusing on long-term development, effective external monitoring, and internal governance could mitigate the negative impact of share pledging on sustainability performance. Furthermore, we find that the negative influence of share pledging on ESG performance occurs mainly in the sample in which the pledged funds are invested in entities other than the focal listed companies. Based on sustainable business development, this paper contributes to the literature on the economic consequences of share pledging. These findings are valuable and motivating for regulators and investors in their decision-making.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101195"},"PeriodicalIF":5.6,"publicationDate":"2024-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142233912","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
Connectedness and risk spillovers among sub-Saharan Africa and MENA equity markets 撒哈拉以南非洲和中东及北非股票市场之间的关联性和风险溢出效应
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-05 DOI: 10.1016/j.ememar.2024.101193
Gaye-Del Lo , Isaac Marcelin , Théophile Bassène , Assane Lo
{"title":"Connectedness and risk spillovers among sub-Saharan Africa and MENA equity markets","authors":"Gaye-Del Lo ,&nbsp;Isaac Marcelin ,&nbsp;Théophile Bassène ,&nbsp;Assane Lo","doi":"10.1016/j.ememar.2024.101193","DOIUrl":"10.1016/j.ememar.2024.101193","url":null,"abstract":"<div><p>This study investigates risk spillovers among sub-Saharan African (SSA) stock markets, the Middle East, and North Africa (MENA). Analyzing daily data from March 27th, 2014, to January 24th, 2022, using a quantile connectedness approach, we find high and heterogeneous connectedness, particularly during extreme market conditions. Lower and upper quantiles exhibit the strongest connectivity and shock transmission. Network structure intensified during the global health crisis and subsequent recovery phase. Geopolitical and oil price uncertainty are significant drivers in risk spillovers between SSA and MENA equity markets. The observed variation in transfer spillovers across quantiles offers investors opportunities to optimize hedging strategies. Our findings underscore the need for policymakers to consider market interconnectedness when developing measures to address asset price sensitivity.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101193"},"PeriodicalIF":5.6,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142168700","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
Stock market connectedness during an energy crisis: Evidence from South Africa 能源危机期间的股市关联性：南非的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-04 DOI: 10.1016/j.ememar.2024.101194
Babatunde Lawrence , Adefemi A. Obalade , Anthanasius F. Tita , Joseph J. French
{"title":"Stock market connectedness during an energy crisis: Evidence from South Africa","authors":"Babatunde Lawrence ,&nbsp;Adefemi A. Obalade ,&nbsp;Anthanasius F. Tita ,&nbsp;Joseph J. French","doi":"10.1016/j.ememar.2024.101194","DOIUrl":"10.1016/j.ememar.2024.101194","url":null,"abstract":"<div><p>This study examines the within-industry and global volatility connectivity of the South African equity market during a major domestic energy crisis (load-shedding) and the COVID-19 pandemic. Using a time-varying parameter vector autoregressive model, we identify distinct patterns in volatility spillovers across periods of global and domestic crises. The onset of the COVID-19 pandemic increased interconnectedness between South Africa and global equity markets. In contrast, during domestic load-shedding, the Johannesburg Stock Exchange (JSE) became detached from international markets, highlighting the localized impact of this crisis. We find that the financial and energy industries are consistently net receivers and transmitters of shocks during both crises which demonstrate their systemic importance to South Africa. Our findings provide insights into the dynamic nature of volatility connectedness, with implications for risk management and policy formulation in Africa.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"63 ","pages":"Article 101194"},"PeriodicalIF":5.6,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142168699","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
Setting up a sovereign wealth fund to reduce currency crises 建立主权财富基金，减少货币危机
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-09-01 DOI: 10.1016/j.ememar.2024.101191
Jean-Baptiste Hasse , Christelle Lecourt , Souhila Siagh
{"title":"Setting up a sovereign wealth fund to reduce currency crises","authors":"Jean-Baptiste Hasse ,&nbsp;Christelle Lecourt ,&nbsp;Souhila Siagh","doi":"10.1016/j.ememar.2024.101191","DOIUrl":"10.1016/j.ememar.2024.101191","url":null,"abstract":"<div><p>This paper assesses whether and how setting up a sovereign wealth fund has a buffer effect against currency crises. Using an innovative dynamic logit panel model framework and a unique dataset covering 34 emerging countries over the period 1989–2019, we empirically show that sovereign wealth funds reduce the occurrence of currency crises. This result is robust to different econometric specifications, alternative definitions of sovereign wealth funds, controlling for currency crisis risk factors, and income level sampling. Our findings have important implications for financial stability and for policymakers, who could further exploit the potential of sovereign wealth funds to better manage foreign exchange risks.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"62 ","pages":"Article 101191"},"PeriodicalIF":5.6,"publicationDate":"2024-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142137394","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
A two-step dynamic factor modelling approach for forecasting inflation in small open economies 预测小型开放经济体通货膨胀的两步动态因素建模法
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-08-13 DOI: 10.1016/j.ememar.2024.101188
Uluc Aysun , Cardel Wright
{"title":"A two-step dynamic factor modelling approach for forecasting inflation in small open economies","authors":"Uluc Aysun ,&nbsp;Cardel Wright","doi":"10.1016/j.ememar.2024.101188","DOIUrl":"10.1016/j.ememar.2024.101188","url":null,"abstract":"<div><p>We build a dynamic factor model to forecast inflation in a small open economy. The model is estimated with both market and survey data, and a unique two-step methodology to incorporate exogenous factors. Estimations with market data provide a better fit for in-sample and out-of-sample values of inflation. More importantly, our model outperforms univariate and estimated DSGE models, the more common approaches to inflation forecasting that perform well for advanced economies. Our findings, therefore, suggest that a dynamic factor modelling approach for a small open economy such as Jamaica can be a good alternative to the preferred methods for forecasting inflation in advanced economies.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"62 ","pages":"Article 101188"},"PeriodicalIF":5.6,"publicationDate":"2024-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142002096","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
Stronger relationships higher risk? Credit risk evaluation based on SMEs network microstructure 关系越紧密风险越高？基于中小企业网络微观结构的信用风险评估
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-08-10 DOI: 10.1016/j.ememar.2024.101189
Lijian Wei , Junqin Lin , Wanjun Cen
{"title":"Stronger relationships higher risk? Credit risk evaluation based on SMEs network microstructure","authors":"Lijian Wei ,&nbsp;Junqin Lin ,&nbsp;Wanjun Cen","doi":"10.1016/j.ememar.2024.101189","DOIUrl":"10.1016/j.ememar.2024.101189","url":null,"abstract":"<div><p>Relationships between firms and between firms and financial institutions influence firms' credit risk. Thus, these relationships should be crucial considerations in credit evaluation. This paper constructs a comprehensive SME network, which integrates multiple types of inter-firm associations and considers lender-borrower relationships, and then establish credit evaluation models utilizing network microstructure and machine learning. We find that complex interfirm relationships contained in network-based features can significantly enhance the credit risk evaluation of SMEs and the predictive contribution of different levels of network structural features varies. We further find that specific network microstructures containing lender-borrower relationships tend to be associated with high defaulting probabilities. It suggests that if a SME is closely linked to microlending institutions through multiple relationships, its defaulting probability will increase.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"62 ","pages":"Article 101189"},"PeriodicalIF":5.6,"publicationDate":"2024-08-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141993142","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
Financial inclusion and women economic empowerment in Ghana 加纳的金融包容性和妇女经济赋权
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-08-08 DOI: 10.1016/j.ememar.2024.101190
Barbara Ama Zelu, Susana Iranzo, Alejandro Perez-Laborda
{"title":"Financial inclusion and women economic empowerment in Ghana","authors":"Barbara Ama Zelu,&nbsp;Susana Iranzo,&nbsp;Alejandro Perez-Laborda","doi":"10.1016/j.ememar.2024.101190","DOIUrl":"10.1016/j.ememar.2024.101190","url":null,"abstract":"<div><p>Although the impact of micro-credit and direct cash transfers on women economic empowerment has been extensively studied, the impact of having access to a bank account remains relatively understudied. This paper uses a detailed national representative dataset of female household heads in Ghana to analyze the relation between access to formal and informal financial accounts and women's economic empowerment. Using propensity score matching, our results elicit that women who have a financial account are more likely to be employed and tend to have higher income. The results are mainly driven by ownership of a formal account (i.e., in a commercial bank) while the impact of informal account ownership is not statistically significant. Thus our findings call for higher promotion of formal banking, particularly among women in rural and poorer areas where financial inclusion is lower.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"62 ","pages":"Article 101190"},"PeriodicalIF":5.6,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1566014124000852/pdfft?md5=e8f287239d18e8147fa137be3911606c&pid=1-s2.0-S1566014124000852-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141993143","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
Compliance and familiarity with fixed assets' disclosure requirements and firm value 遵守并熟悉固定资产披露要求和公司价值
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-07-29 DOI: 10.1016/j.ememar.2024.101182
Yossi Diantimala , Singgih Wijayana
{"title":"Compliance and familiarity with fixed assets' disclosure requirements and firm value","authors":"Yossi Diantimala ,&nbsp;Singgih Wijayana","doi":"10.1016/j.ememar.2024.101182","DOIUrl":"10.1016/j.ememar.2024.101182","url":null,"abstract":"<div><p>We examine the impact of compliance and familiarity with fixed assets' disclosure requirements on firm value in Indonesia. Data were manually tabulated from 1672 financial statements of publicly listed firms during the period from 2013 to 2020 to test our hypotheses. We find that both the compliance level and familiarity level gradually increase over time. The result shows that greater compliance with IFRS accounting standards is associated with greater firm value. Interestingly, we find a negative association between the familiarity sub-index and firm value, suggesting that unfamiliarity with more complex accounting standards can lead to lower firm value.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"62 ","pages":"Article 101182"},"PeriodicalIF":5.6,"publicationDate":"2024-07-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141945495","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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