Emerging Markets Review最新文献_第4页

Growth effects of remittances in developing countries: A growth accounting approach 发展中国家汇款的增长效应：一种增长核算方法

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2025-05-08 DOI: 10.1016/j.ememar.2025.101303

Pablo A. Garcia-Fuentes , P. Lynn Kennedy , Gustavo F.C. Ferreira

引用次数: 0

Multibanking in microfinance yields positive performance: Evidence from Ecuadorian entrepreneurs 小额信贷中的多重银行业务产生积极的业绩：来自厄瓜多尔企业家的证据

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2025-04-29 DOI: 10.1016/j.ememar.2025.101302

Vardan Baghdasaryan , Roy Mersland , R. Øystein Strøm

引用次数: 0

CSR news and stock prices: A fine-grained analysis in an underexamined Muslim setting CSR新闻和股票价格：在一个未被充分审视的穆斯林背景下的细粒度分析

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2025-04-29 DOI: 10.1016/j.ememar.2025.101301

Fatma Hilal Ergen Keleş , Emrah Keleş , Bodo B. Schlegelmilch

{"title":"CSR news and stock prices: A fine-grained analysis in an underexamined Muslim setting","authors":"Fatma Hilal Ergen Keleş , Emrah Keleş , Bodo B. Schlegelmilch","doi":"10.1016/j.ememar.2025.101301","DOIUrl":"10.1016/j.ememar.2025.101301","url":null,"abstract":"<div><div>Despite considerable efforts to understand the impact of corporate social responsibility (CSR) on corporate financial performance (CFP), findings have remained inconsistent for decades due to the complexity of the CSR-CFP relationship and its context-specific nature. Our study takes a fine-grained approach by examining the connection between CSR news and stock prices. We leverage comprehensive and up-to-date CSR characteristics obtained through content analysis and a novel dataset of 315 CSR events distilled from 14,473 corporate and industrial news items of 38 companies listed in the BIST 100 index of the Istanbul Stock Exchange from 2014 to 2018. We discover that the stock market responds positively to CSR news, with a mean 2-day cumulative abnormal return (CAR) of 0.14 percentage points, roughly equivalent to 9.59 million USD. This response is particularly strong in contexts related to “social CSR,” “external stakeholder focus,” and “new information.” Additionally, cross-sectional analysis indicates that investors are inclined to react favorably to CSR news related to productivity while exhibiting a negative response to international CSR initiatives. Our further analyses uncover that the impact of CSR news is moderated by social capital and institutional ownership and is contingent upon whether the market conditions are characterized as “normal” or “hard.” These findings remain robust after a series of tests. Our results offer insights into how firms should communicate CSR initiatives, implement international or local CSR, and prioritize actions serving the firm<strong>.</strong></div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"67 ","pages":"Article 101301"},"PeriodicalIF":5.6,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143911584","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

Colonialism in sub-Saharan Africa, access to finance, and firm growth 撒哈拉以南非洲的殖民主义、融资渠道和企业增长

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2025-04-29 DOI: 10.1016/j.ememar.2025.101300

Lawrence Ngalim , Asli Togan

{"title":"Colonialism in sub-Saharan Africa, access to finance, and firm growth","authors":"Lawrence Ngalim , Asli Togan","doi":"10.1016/j.ememar.2025.101300","DOIUrl":"10.1016/j.ememar.2025.101300","url":null,"abstract":"<div><div>Whether adequate access to external finance matters for firm-growth remains an unsettled debate in the finance literature, mainly because of endogeneity concerns. In this paper, we approach these concerns with two instruments constructed from colonial history that plausibly explain the current variations in financial development across sub-Saharan African (SSA) economies. We conjecture that these instruments–– the firm's distance from a colonial railway station and whether it is located in an area that had colonial settlements—provide potential channels of impact that identify the present-day effects of access to finance on firm-growth across SSA. By using these instruments, empirical results underscore the primacy of access to finance in firm-growth and consistently suggest that firms with access to finance are more likely to experience higher revenue growth and asset growth. Overall, our results are consistent and robust to alternative specifications and highlight the importance of access to finance for firms. Our findings provide policy implications on the development of the banking sector as well as private sector development.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"67 ","pages":"Article 101300"},"PeriodicalIF":5.6,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143899947","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 investment and shadow banking channel of monetary policy 企业投资和影子银行的货币政策渠道

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2025-04-13 DOI: 10.1016/j.ememar.2025.101291

Bo Jiang, Liang Fu

引用次数: 0

The role of investor participation on sovereign debt markets: Evidence from an emerging economy 投资者参与主权债务市场的作用：来自一个新兴经济体的证据

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2025-04-04 DOI: 10.1016/j.ememar.2025.101284

José Antonio Ocampo , Mauricio Villamizar-Villegas , Germán Orbegozo-Rodríguez , Nicolás Fajardo-Baquero , Oscar Botero-Ramírez , Camilo Orozco-Vanegas

{"title":"The role of investor participation on sovereign debt markets: Evidence from an emerging economy","authors":"José Antonio Ocampo , Mauricio Villamizar-Villegas , Germán Orbegozo-Rodríguez , Nicolás Fajardo-Baquero , Oscar Botero-Ramírez , Camilo Orozco-Vanegas","doi":"10.1016/j.ememar.2025.101284","DOIUrl":"10.1016/j.ememar.2025.101284","url":null,"abstract":"<div><div>We examine the impact of sovereign debt holdings on bond yields and volatility across different maturities and investor types. Using a unique Colombian panel dataset encompassing all government shares and concentrations of public and private institutions from 2006 to 2018, our analysis reveals that a one-standard-deviation increase in non-residents' market share leads to a 0.5% reduction in bond yields and a 10% decrease in volatility relative to their mean values. For domestic banks and pension funds, a one-standard-deviation increase in market shares results in a 0.7% and 1.3% increase in bond yields, along with a 10% and 6% rise in yield volatility, respectively. Additionally, we observe unexpected negative effects of foreign investors' market concentration on bond yields and volatility. These effects are attributed to the mix of investors. Initially, all foreign investors were foreign banks, demonstrating a stable demand despite their limited number. Over time, they ceded participation to mutual funds, which, although more numerous, adopted speculative strategies associated with short-term return investments.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101284"},"PeriodicalIF":5.6,"publicationDate":"2025-04-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143821205","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 employment effects of anticorruption: Evidence from China 反腐败的就业效应：来自中国的证据

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2025-04-03 DOI: 10.1016/j.ememar.2025.101290

Xiangbing Xu , Nanyan Dong , Chengzhang Wu , Sicheng Luo

引用次数: 0

Risk-sharing networks, consumption, and asset allocation: Micro-evidence from China 风险分担网络、消费和资产配置：来自中国的微观证据

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2025-04-03 DOI: 10.1016/j.ememar.2025.101289

Ying Fan , Yidi Wang , Zan Yang

引用次数: 0

Targeted monetary policy and household business credit access: Based on the credit asset pledge relending policy 定向货币政策与家庭企业信贷准入：基于信贷资产质押的再贷款政策

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2025-04-03 DOI: 10.1016/j.ememar.2025.101288

Mingxin Zhang , Min Lin , Yanmei Sun , Weixing Wu

{"title":"Targeted monetary policy and household business credit access: Based on the credit asset pledge relending policy","authors":"Mingxin Zhang , Min Lin , Yanmei Sun , Weixing Wu","doi":"10.1016/j.ememar.2025.101288","DOIUrl":"10.1016/j.ememar.2025.101288","url":null,"abstract":"<div><div>This paper reveals the impact of targeted monetary policy on household business credit access, emphasizing its implications on entities not explicitly targeted by the policy. The primary goal of the Credit Asset Pledge Relending Policy lies in motivating financial institutions to extend credit to the agricultural sector and small enterprises. However, stringent relending regulations often render loans extended to entities with insufficient financial information ineligible as collateral for further relending. By utilizing data from the China Household Finance Survey, we demonstrate that the Credit Asset Pledge Relending Policy, which is supposed to inject additional liquidity into the market, paradoxically results in a notable reduction in household commercial loans. Based on our heterogeneity analysis, regions with limited capital liquidity and heightened bank competition witness more significant effects on household business loans. Finally, households with an increased aversion to risk or lower financial literacy encounter greater financing constraints in accessing business credit.</div></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"66 ","pages":"Article 101288"},"PeriodicalIF":5.6,"publicationDate":"2025-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143800401","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

Dynamic financial connectedness among the US, China, and countries of the Belt and Road Initiative 美国、中国和“一带一路”沿线国家的金融互联互通充满活力

IF 5.6 2区经济学

Emerging Markets Review Pub Date : 2025-04-01 DOI: 10.1016/j.ememar.2025.101286

Walter Bazán-Palomino, Diego Winkelried

引用次数: 0