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Burial objects” or “Birds of a feather”: The contagion effect of financial violations in business groups——The evidence from China 埋葬对象 "还是 "物以类聚"？企业集团财务违规的传染效应--来自中国的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-07-23 DOI: 10.1016/j.ememar.2024.101185
Shuonan Zhang , Yike Cai , Rongda Chen , Shengnan Wang , Xinyu Zhang , He Ren
{"title":"Burial objects” or “Birds of a feather”: The contagion effect of financial violations in business groups——The evidence from China","authors":"Shuonan Zhang ,&nbsp;Yike Cai ,&nbsp;Rongda Chen ,&nbsp;Shengnan Wang ,&nbsp;Xinyu Zhang ,&nbsp;He Ren","doi":"10.1016/j.ememar.2024.101185","DOIUrl":"10.1016/j.ememar.2024.101185","url":null,"abstract":"<div><p>This study explores the conagion effect of financial violations within Chinese business groups from 2012 to 2021. Findings reveal that violations lead to stock price declines in member companies, with contagion primarily driven by irrational investor sentiment (“burial objects”) over the short term. The financial and governance characteristics of infected companies deteriorate (“birds of a feather”), but do not impact their long-term stock returns. Mitigating investor irrationality in infected companies helps curb contagion. This research contributes to business group governance and risk contagion theories, revealing a unique irrational contagion channel of financial violations within business groups in emerging markets.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"62 ","pages":"Article 101185"},"PeriodicalIF":5.6,"publicationDate":"2024-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141848146","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 fraud detection for Chinese listed firms: Does managers' abnormal tone matter? 中国上市公司的财务欺诈检测：管理者的反常语气重要吗？
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-07-14 DOI: 10.1016/j.ememar.2024.101170
Jingyu Li , Ce Guo , Sijia Lv , Qiwei Xie , Xiaolong Zheng
{"title":"Financial fraud detection for Chinese listed firms: Does managers' abnormal tone matter?","authors":"Jingyu Li ,&nbsp;Ce Guo ,&nbsp;Sijia Lv ,&nbsp;Qiwei Xie ,&nbsp;Xiaolong Zheng","doi":"10.1016/j.ememar.2024.101170","DOIUrl":"10.1016/j.ememar.2024.101170","url":null,"abstract":"<div><p>This study introduces a novel perspective on financial fraud detection by exploring the utility of managers' abnormal tone. To mitigate bias in indicator selection, we implement a feature selection process involving a comprehensive set of 301 indicators, including financial, non-financial, and textual, and various machine learning algorithms. The dataset contains 6077 pairs of fraudulent and non-fraudulent samples in China. Our findings underscore the significance of abnormal tone in fraud detection, establishing it as a prominent factor in the feature selection process. The accuracy outcomes from eight machine learning models further confirm that incorporating abnormal tone can enhance fraud detection performance.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"62 ","pages":"Article 101170"},"PeriodicalIF":5.6,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141637405","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 digital innovation help firms navigate the COVID-19 pandemic? Evidence from China 数字创新是否有助于企业应对 COVID-19 大流行？来自中国的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-07-14 DOI: 10.1016/j.ememar.2024.101171
Hao Huang , Ling Zhao
{"title":"Does digital innovation help firms navigate the COVID-19 pandemic? Evidence from China","authors":"Hao Huang ,&nbsp;Ling Zhao","doi":"10.1016/j.ememar.2024.101171","DOIUrl":"10.1016/j.ememar.2024.101171","url":null,"abstract":"<div><p>Using manually collected data, we explore the effects of digital innovation (DI) on firm resilience during the COVID-19 pandemic. The findings show that during the pandemic, firms with high levels of DI performed significantly better than others. This effect was more pronounced for firms with high exposure to COVID-19 or geographically distant supply chains. Further, mechanism analysis finds that DI mitigated the negative impact of COVID-19 by reducing internal coordination costs and improving the speed of external supply chain response. Additional analysis shows that the more firms with strong DI capabilities, the faster the economic recovery after the pandemic.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"62 ","pages":"Article 101171"},"PeriodicalIF":5.6,"publicationDate":"2024-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141693832","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 Effects of Monetary Policy on Capital Flows: An Emerging Market Survey 货币政策对资本流动的影响：新兴市场调查
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-07-05 DOI: 10.1016/j.ememar.2024.101167
Mauricio Villamizar-Villegas , Lucía Arango-Lozano , Geraldine Castelblanco , Nicolás Fajardo-Baquero , Maria A. Ruiz-Sanchez
{"title":"The Effects of Monetary Policy on Capital Flows: An Emerging Market Survey","authors":"Mauricio Villamizar-Villegas ,&nbsp;Lucía Arango-Lozano ,&nbsp;Geraldine Castelblanco ,&nbsp;Nicolás Fajardo-Baquero ,&nbsp;Maria A. Ruiz-Sanchez","doi":"10.1016/j.ememar.2024.101167","DOIUrl":"10.1016/j.ememar.2024.101167","url":null,"abstract":"<div><p>We investigate whether central banks from emerging markets can attract or redirect capital flows, by bringing together the entire empirical literature into the first quan- titative meta-analysis. We dissect policy effects based on the origin of the monetary shock and type of flow. Further, we assess whether policy effects depend on factors that drive investors to either search for yields or fly to safety. Our findings indicate a mean effect size of inflows in the amount of 0.09% of quarterly GDP in response to either a 100-basis point (bp) increase in the domestic policy rate or a 100 bp reduction in the external rate. However, the effect size under a fixed effect specification is much higher (0.2%). Factors that attract inflows include output growth, foreign exchange reserves, and a more flexible exchange rate regime, while factors that deter flows include local and global risks. Finally, we find that banking flows are the most responsive to monetary policy, while foreign direct investments are the least responsive.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"62 ","pages":"Article 101167"},"PeriodicalIF":5.6,"publicationDate":"2024-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141637404","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
Distribution margins and distribution-oriented FDI: Evidence from China 分销利润和以分销为导向的外国直接投资：来自中国的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-07-03 DOI: 10.1016/j.ememar.2024.101169
Wei Tian, Xinhong Wu
{"title":"Distribution margins and distribution-oriented FDI: Evidence from China","authors":"Wei Tian,&nbsp;Xinhong Wu","doi":"10.1016/j.ememar.2024.101169","DOIUrl":"10.1016/j.ememar.2024.101169","url":null,"abstract":"<div><p>This paper constructs a new measure of distribution margins that covers more countries than that in the World Input–Output Database. Based on this measure, we develop a set of stylized facts and examine the effect of distribution margins on exporters' distribution-oriented foreign direct investment decision using customs data and foreign direct investment decision data from China. We find that higher distribution margins in destination countries drive exporters to conduct distribution-oriented foreign direct investment. Compared with specialized export intermediaries, manufacturers have a greater incentive to invest in distribution sectors abroad when faced with higher distribution margins.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"62 ","pages":"Article 101169"},"PeriodicalIF":5.6,"publicationDate":"2024-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141637403","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
Corporate structure, partial privatization, and wage inequality: Evidence from China's split share structure reform 公司结构、部分私有化和工资不平等：中国股权分置改革的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-07-01 DOI: 10.1016/j.ememar.2024.101168
Mong Shan Ee , Hamid Beladi , Chi-Chur Chao
{"title":"Corporate structure, partial privatization, and wage inequality: Evidence from China's split share structure reform","authors":"Mong Shan Ee ,&nbsp;Hamid Beladi ,&nbsp;Chi-Chur Chao","doi":"10.1016/j.ememar.2024.101168","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101168","url":null,"abstract":"<div><p>This paper examines the effects of privatizing China's state-owned enterprises (SOEs) on wage distribution and the welfare of the economy. Privatizing profitable SOEs can narrow wage inequality and improve welfare, and it is however accompanied by a business dynamism effect that can widen the skilled-unskilled wage gap. Using China's split share structure reform in 2005 as a quasi-natural experiment, we empirically demonstrate for profitable SOEs a positive relationship between partial privatization and wage gap. Our findings are consistent with the plan to wind down unprofitable SOEs that would not survive without government subsidies.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"61 ","pages":"Article 101168"},"PeriodicalIF":5.6,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141478495","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 intermediation around national elections: Evidence of state-owned banks as credit smoothers 国家选举前后的金融中介：国有银行作为信贷平滑器的证据
IF 5.6 2区 经济学
Emerging Markets Review Pub Date : 2024-07-01 DOI: 10.1016/j.ememar.2024.101166
Isaac Marcelin , Gaye-Del Lo , Babacar Sène , Wei Sun , Mussie Teclezion
{"title":"Financial intermediation around national elections: Evidence of state-owned banks as credit smoothers","authors":"Isaac Marcelin ,&nbsp;Gaye-Del Lo ,&nbsp;Babacar Sène ,&nbsp;Wei Sun ,&nbsp;Mussie Teclezion","doi":"10.1016/j.ememar.2024.101166","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101166","url":null,"abstract":"<div><p>This study assesses the impact of presidential and parliamentary elections on different aspects of financial intermediation, considering ownership structure as a determining factor. Consistent with the smoothing hypothesis, state-owned banks (SOBs) observed a lending growth rate of 6.67% higher during the presidential election than private sector commercial banks and subsequently experienced a decrease. During the parliamentary election cycle, indications of reciprocal trade between SOBs and peer banks emerge. SOBs step in to address the lending gap created by competing banks' reduced credit offerings, and vice versa, until the electoral uncertainty subsides. Banks implemented a more rigorous policy about their loan practices before the election years. Deposit liabilities of foreign-owned banks grew by 11.49% in the post-parliamentary election year, while SOB witnessed a contraction in deposits in the year following the presidential election. The results have consequences for national savings, investments, and economic growth. The findings align with the level of development a country exhibits, the composition of its banking sector, and its institutional attributes.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"61 ","pages":"Article 101166"},"PeriodicalIF":5.6,"publicationDate":"2024-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141478372","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 fintech matter for financial inclusion and financial stability in BRICS markets? 金融科技对金砖国家市场的金融包容性和金融稳定性有影响吗？
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-06-14 DOI: 10.1016/j.ememar.2024.101164
Darko B. Vuković , M. Kabir Hassan , Bernard Kwakye , Armike Febtinugraini , Mohammed Shakib
{"title":"Does fintech matter for financial inclusion and financial stability in BRICS markets?","authors":"Darko B. Vuković ,&nbsp;M. Kabir Hassan ,&nbsp;Bernard Kwakye ,&nbsp;Armike Febtinugraini ,&nbsp;Mohammed Shakib","doi":"10.1016/j.ememar.2024.101164","DOIUrl":"10.1016/j.ememar.2024.101164","url":null,"abstract":"<div><p>We investigate whether fintech development expedites financial inclusion and affects the stability of the financial sector in BRICS economies. We first seek to identify the linkage between Fintech development and financial inclusion in the BRICS economies. We then explore if Fintech poses any threat to financial stability by studying the impact of Fintech on three main factors of financial stability; Country risk, Liquidity, and Price volatility to see any possible threat to financial stability. We apply the robust Global Vector Autoregressive (GVAR) model with Bayesian framework to analyze a monthly dataset ranging from 2015 to 2022. By applying a positive shock to Fintech over financial inclusion and financial stability, we reveal a positive dynamic relationship between fintech development and financial inclusion, with fintech exhibiting a long-term influence on financial inclusion in some BRICS countries than others. However, we found no significant evidence that fintech presents any threat to financial stability; at least not in the short term. We offer several policy implications and future research directions.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"61 ","pages":"Article 101164"},"PeriodicalIF":4.8,"publicationDate":"2024-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141401058","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
Speculative trading, stock returns and asset pricing anomalies 投机交易、股票回报和资产定价异常
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-06-13 DOI: 10.1016/j.ememar.2024.101165
Teng Zhang , Jiaqi Li , Zhiwei Xu
{"title":"Speculative trading, stock returns and asset pricing anomalies","authors":"Teng Zhang ,&nbsp;Jiaqi Li ,&nbsp;Zhiwei Xu","doi":"10.1016/j.ememar.2024.101165","DOIUrl":"10.1016/j.ememar.2024.101165","url":null,"abstract":"<div><p>We propose a novel firm-level measure of speculative trading (<em>SPT</em>) for the Chinese stock market. Based on prior studies identifying differences of opinion as the dominant driver of speculative trading, we isolate the trading volume driven by differences of opinion from total trading volume as the speculative trading measure. We verify that <em>SPT</em> effectively reflects speculative trading and significantly and negatively predicts future returns. More importantly, <em>SPT</em> contains incremental information relative to the other speculative trading proxies. Using <em>SPT</em>, we further find that speculative trading plays a key role in explaining and driving the anomaly returns in the Chinese market.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"61 ","pages":"Article 101165"},"PeriodicalIF":4.8,"publicationDate":"2024-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141395632","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 zero-debt puzzle in BRICS countries: Disentangling the financial flexibility and financial constraints hypotheses 金砖国家的零债务之谜：区分金融灵活性和金融约束假说
IF 4.8 2区 经济学
Emerging Markets Review Pub Date : 2024-05-31 DOI: 10.1016/j.ememar.2024.101163
Paolo Saona , Pablo San-Martin , Eleuterio Vallelado
{"title":"The zero-debt puzzle in BRICS countries: Disentangling the financial flexibility and financial constraints hypotheses","authors":"Paolo Saona ,&nbsp;Pablo San-Martin ,&nbsp;Eleuterio Vallelado","doi":"10.1016/j.ememar.2024.101163","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101163","url":null,"abstract":"<div><p>This study analyzes the zero-debt decisions of BRICS firms using a bivariate probit model. The leading hypotheses are financial flexibility and financial constraints. On the demand-side, our findings reveal that managerial debt aversion, early lifecycle stage, growth opportunities, solvency, and concentrated ownership contribute to the lack of debt. Similarly, a country's institutional quality correlates with firms' debt-free status. On the supply-side, creditors fund companies with poor financial records in countries with robust markets and economic freedom. Financial flexibility and restrictions leading to zero debt are linked to firm and institutional characteristics in emerging countries.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"61 ","pages":"Article 101163"},"PeriodicalIF":4.8,"publicationDate":"2024-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S156601412400058X/pdfft?md5=540530c916e8c3c50e2edca80c9268ef&pid=1-s2.0-S156601412400058X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141291317","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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