Emerging Markets Review最新文献_第8页

Mutual fund tournaments: State-dependent risk taking with transaction costs 共同基金锦标赛：有交易成本的国家风险承担

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-02-15 DOI: 10.1016/j.ememar.2024.101119

Lu Zhao, Liang Wang, Ronghua Luo

引用次数: 0

The cyclicality of official bilateral lending: Which cycle do flows follow? 官方双边贷款的周期性：资金流动的周期是什么？

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-02-12 DOI: 10.1016/j.ememar.2024.101120

Leopoldo Avellán, Arturo J. Galindo, Tomás Gómez, Giulia Lotti

引用次数: 0

FX-hedging for Latin American investors 拉丁美洲投资者的外汇套期保值

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-02-09 DOI: 10.1016/j.ememar.2024.101117

Rodrigo Alfaro , Natan Goldberger

引用次数: 0

Antiquity, capitalism & development: The finance-growth perspective 古代、资本主义与发展：金融-增长视角

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-02-08 DOI: 10.1016/j.ememar.2024.101113

Ákos Dombi , Theocharis N. Grigoriadis , Junbing Zhu

{"title":"Antiquity, capitalism & development: The finance-growth perspective","authors":"Ákos Dombi , Theocharis N. Grigoriadis , Junbing Zhu","doi":"10.1016/j.ememar.2024.101113","DOIUrl":"10.1016/j.ememar.2024.101113","url":null,"abstract":"<div><p>This paper explores the impact of state antiquity (the length of established statehood) on capitalism. We argue that extractive institutions may prevail in societies with ancient roots and offer the in-depth analysis of one particular channel through which these institutions may impair economic growth: the finance-growth nexus. We propose that in countries with ancient statehood, the financial sector might be captured by powerful economic and political elites leading to a distorted finance-growth relationship. We build a model in which the equilibrium relationship between companies and banks depends on elites' entrenchment and the length of established statehood. To validate our argument, we run panel-threshold regressions on a global sample between 1975 and 2014. The results show that financial development—measured by the amount of credit—is indeed negative for growth in states with ancient institutional origins, while it is positive in relatively younger ones. Based on firm-level data, we also find that corruption in lending increases with antiquity.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101113"},"PeriodicalIF":4.8,"publicationDate":"2024-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1566014124000086/pdfft?md5=d2b7e0cff5364a8ff05a78b95691a62e&pid=1-s2.0-S1566014124000086-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139873088","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

Corporate governance, home country governance, and MNE CSR: Evidence from Ghana 公司治理、母国治理和跨国企业的企业社会责任：加纳的证据

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-02-07 DOI: 10.1016/j.ememar.2024.101112

Emmanuel Junior Tenakwah , Junxin Chen , Sammy Xiaoyan Ying , Yongqing Li , Huiying Wu

{"title":"Corporate governance, home country governance, and MNE CSR: Evidence from Ghana","authors":"Emmanuel Junior Tenakwah , Junxin Chen , Sammy Xiaoyan Ying , Yongqing Li , Huiying Wu","doi":"10.1016/j.ememar.2024.101112","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101112","url":null,"abstract":"<div><p>This study examines how the corporate social responsibility (CSR) of multinational enterprises (MNEs) operating in Ghana is affected by home country governance and corporate governance. Using data manually collected from a sample of MNEs from 2010 to 2018, we find that (1) MNE CSR is positively affected by home country governance; and (2) the positive effect of home country governance is strengthened by the subsidiary's board independence but not by board gender diversity. Our additional analyses show that MNEs from better governed home countries are more likely to establish CSR foundations and that CSR foundations have positive impact on MNE CSR. This study contributes to the literature on MNE CSR by providing empirical evidence from Ghana, where MNEs play an increasingly important role but scholars have paid little attention to what drives corporate giants to help address the country's social issues.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101112"},"PeriodicalIF":4.8,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1566014124000074/pdfft?md5=4e1d80ffa58be6780dccba6b6090adfa&pid=1-s2.0-S1566014124000074-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139732760","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

Global contagion of US COVID-19 panic news 美国 COVID-19 恐慌性新闻蔓延全球

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-02-04 DOI: 10.1016/j.ememar.2024.101116

Yong Joo Kang , Dojoon Park , Young Ho Eom

引用次数: 0

How effective is the cash conversion cycle in improving firm performance? Evidence from BRICS 现金转换周期对提高公司业绩有多大作用？金砖国家的证据

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-02-02 DOI: 10.1016/j.ememar.2024.101114

Sofia Johan , Umar Nawaz Kayani , Muhammad Abubakr Naeem , Sitara Karim

{"title":"How effective is the cash conversion cycle in improving firm performance? Evidence from BRICS","authors":"Sofia Johan , Umar Nawaz Kayani , Muhammad Abubakr Naeem , Sitara Karim","doi":"10.1016/j.ememar.2024.101114","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101114","url":null,"abstract":"<div><p>This research focuses on the cash conversion cycle as a crucial metric for evaluating short-term firm performance. Despite its importance, there has been limited investigation into the relationship between the cash conversion cycle and firm performance within the five major emerging markets, namely Brazil, Russia, India, China, and South Africa (BRICS) as a single region. To bridge this gap, our study examines this relationship using a comprehensive dataset spanning the period of 2009–2019. Employing a set of regression analyses namely, seemingly unrelated regression, system generalized method of moments, dynamic quantile regression, and difference-in-difference regression, we provide empirical evidence indicating an inverse association between cash conversion cycle and firm performance across all BRICS countries. Specifically, firms with longer cash conversion cycle periods exhibit lower profitability compared to those with shorter cash conversion cycle periods. Moreover, our analysis incorporates various control variables encompassing firm and country characteristics, which also display significant relationships with firm performance. These empirical findings are robust, aligned with existing theoretical frameworks, and support the cash conversion cycle theory. The outcomes of this study offer valuable insights for investors, policymakers, financial managers, and debt holders, contributing to their decision-making processes.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101114"},"PeriodicalIF":4.8,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139709155","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

Enforcement actions and systemic risk 执法行动和系统性风险

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-02-02 DOI: 10.1016/j.ememar.2024.101115

Xiaoming Zhang , Yiming Tian , Chien-Chiang Lee

{"title":"Enforcement actions and systemic risk","authors":"Xiaoming Zhang , Yiming Tian , Chien-Chiang Lee","doi":"10.1016/j.ememar.2024.101115","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101115","url":null,"abstract":"<div><p>Enforcement actions aim to strengthen financial stability, and China has gradually bolstered the intensity of its own related actions. This research manually sorts out the enforcement action decision documents published by the China Banking and Insurance Regulatory Commission one by one, constructs micro-level enforcement action indicators, uses <span><math><mo>△</mo><mi>CoVaR</mi></math></span> and connectedness, and empirically examines the relationship between enforcement actions and banking systemic risk from global and connectedness perspectives. We find that enforcement actions reduce systemic risk in banks and have a continuous reduction effect within three quarters after their initiation. The reduction impact of enforcement actions on connectedness is only reflected after two quarters of initiation. In addition, we adopt the <span><math><mo>△</mo><mi>CoVaR</mi></math></span> decomposition method and find that enforcement actions significantly reduce the tail risk of banks and lower their interconnectedness, but with a time lag effect. Lastly, we evaluate the systemic risk of enforcement actions on different types of banks and note that they substantially reduce such risk in high-capital and state-owned banks more than in low-capital and joint-stock banks.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101115"},"PeriodicalIF":4.8,"publicationDate":"2024-02-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139709426","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

Retail fund flows and performance: Insights from supervisory data 零售基金流量和业绩：监管数据的启示

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-02-01 DOI: 10.1016/j.ememar.2024.101111

Martin Hodula , Milan Szabo , Josef Bajzík

引用次数: 0

Digital transformation and corporate labor investment efficiency 数字化转型与企业劳动力投资效率

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-01-30 DOI: 10.1016/j.ememar.2024.101109

Sai Wang , Wen Wen , Yuhao Niu , Xin Li

{"title":"Digital transformation and corporate labor investment efficiency","authors":"Sai Wang , Wen Wen , Yuhao Niu , Xin Li","doi":"10.1016/j.ememar.2024.101109","DOIUrl":"https://doi.org/10.1016/j.ememar.2024.101109","url":null,"abstract":"<div><p>This study investigates whether and how digital transformation affects corporate labor investment efficiency. Based on a sample of Chinese listed firms from 2008 to 2020, this paper finds that digital transformation increases corporate labor investment efficiency. Our results still hold after using a series of robustness checks. Mechanism tests show that reducing agency problems and mitigating financing restrictions are potential channels through which digital transformation improves corporate labor investment efficiency. Further analyses reveal that digital transformation reduces both overinvestment and underinvestment in labor. Distinguishing different digital technologies, we find that artificial intelligence, big data, cloud computing technology, as well as digital technology applications improve corporate labor investment efficiency, while the impact of blockchain technology is insignificant. In addition, digital transformation's positive effect on corporate labor investment efficiency is more pronounced for firms in non-labor-intensive industries, private firms, and those with more highly skilled labor. Overall, this study deepens our understanding of digital transformation's governance role in improving corporate labor investment efficiency.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101109"},"PeriodicalIF":4.8,"publicationDate":"2024-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139675646","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