Emerging Markets Review最新文献_第9页

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

Dynamic patterns and the latent community structure of sectoral volatility and jump risk contagion 部门波动和跳跃风险传染的动态模式和潜在群体结构

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-01-30 DOI: 10.1016/j.ememar.2024.101110

Wandi Zhao , Yang Gao

引用次数: 0

Optimal central banking policies: Envisioning the post-digital yuan economy with loan prime rate-setting 最佳中央银行政策：以贷款优惠利率设定展望后人民币数字化经济

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-01-24 DOI: 10.1016/j.ememar.2024.101108

King Yoong Lim , Chunping Liu , Shuonan Zhang

引用次数: 0

Shadow economy implications of financial development in Africa: Do income groups also matter? 非洲金融发展的影子经济影响：收入群体也重要吗？

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-01-12 DOI: 10.1016/j.ememar.2024.101107

Lanre Ibrahim Ridwan , Kazeem Bello Ajide , Javier Cifuentes-Faura , Mamdouh Abdulaziz Saleh Al-Faryan

引用次数: 0

Do recessions induce Schumpeterian creative destruction? Micro Evidence from India 经济衰退会诱发熊彼特式的创造性破坏吗？印度的微观证据

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-01-11 DOI: 10.1016/j.ememar.2024.101106

Seema Saini , Wasim Ahmad , Gazi Salah Uddin

引用次数: 0

The performance of Islamic and conventional microfinance loans in Afghanistan: The Taliban and beyond 阿富汗伊斯兰和传统小额信贷的表现：塔利班及其后

IF 4.8 2区经济学

Emerging Markets Review Pub Date : 2024-01-06 DOI: 10.1016/j.ememar.2023.101104

Mustafa Disli, Shakir Jalaly

{"title":"The performance of Islamic and conventional microfinance loans in Afghanistan: The Taliban and beyond","authors":"Mustafa Disli, Shakir Jalaly","doi":"10.1016/j.ememar.2023.101104","DOIUrl":"10.1016/j.ememar.2023.101104","url":null,"abstract":"<div><p>The Afghanistan microfinance industry has witnessed laurels in recent decades, making it crucial to closely monitor its development and sustainability. This study aims to assess the performance of Islamic and conventional microfinance loans in two aspects: first, by examining the occurrence of loan defaults, and second, by distinguishing between loan performance in areas controlled by the Taliban and those outside their control. To accomplish this, we analyze a unique dataset comprising over 9500 borrowers linked to an Afghan microfinance institution during the period spanning from January 2017 to February 2020. Our findings reveal that regions under Taliban control experienced fewer instances of loan defaults compared to areas not under their influence. Additionally, our analysis indicates that borrowers of Islamic loans in Afghanistan default more frequently than borrowers of conventional loans, particularly in Taliban-controlled areas. These observations remain largely consistent when we explore the factors influencing the number of days overdue on loan repayments. Furthermore, our conclusions find further support from both of the microfinance institution's Islamic loan products: business Murabaha loans, available to individuals of any gender, and women Murabaha loans, created as a group lending scheme exclusively for women. The results from this study offer valuable insights into how policy discussions in Afghanistan should be adjusted to facilitate a smooth transition for the microfinance industry.</p></div>","PeriodicalId":47886,"journal":{"name":"Emerging Markets Review","volume":"59 ","pages":"Article 101104"},"PeriodicalIF":4.8,"publicationDate":"2024-01-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1566014123001097/pdfft?md5=d35cbe3ae55568fa7617c62dc34213db&pid=1-s2.0-S1566014123001097-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139376507","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