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Does institutional cross-ownership reduce corporate shadow banking activities? Evidence from Chinese firms 机构交叉持股是否会减少企业影子银行活动？来自中国公司的证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-07 DOI: 10.1016/j.pacfin.2025.102915
Zhibo Xu, Prasad Padmanabhan, Chia-Hsing Huang
{"title":"Does institutional cross-ownership reduce corporate shadow banking activities? Evidence from Chinese firms","authors":"Zhibo Xu,&nbsp;Prasad Padmanabhan,&nbsp;Chia-Hsing Huang","doi":"10.1016/j.pacfin.2025.102915","DOIUrl":"10.1016/j.pacfin.2025.102915","url":null,"abstract":"<div><div>Using data from Chinese listed firms over the 2007–2022 period, the validity of the links between institutional cross-ownership and shadow lending activities is explored. Study results suggest that institutional cross-ownership can reduce corporate shadow lending activities in the portfolio of firms they own. Results remain robust to several endogeneity and robustness tests. Further investigation confirms that the negative relationship between institutional cross-ownership and shadow lending activities arises from the information related advantages and their unique ability to internalize synergistic governance externalities that institutional investors possess. These effects are particularly pronounced for state-owned enterprises, for firms with active institutional investors, and for those with poor growth prospects. Study results also indicate that institutional cross-ownership mitigates the destructive effect of shadow lending activities on real sector investments and on firm market values. Policy wise, these findings offer valuable insights for regulators seeking to enhance corporate governance and mitigate financial risks in the system. Future academic research could investigate whether these effects persist across diverse economic and regulatory contexts.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102915"},"PeriodicalIF":5.3,"publicationDate":"2025-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049194","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
Can diversified information disclosures mitigate earnings management activities in Taiwanese SMEs 多元化资讯披露是否能减轻台湾中小企业的盈余管理活动
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-03 DOI: 10.1016/j.pacfin.2025.102914
Chien-Ming Huang, Wei-Ting Chen
{"title":"Can diversified information disclosures mitigate earnings management activities in Taiwanese SMEs","authors":"Chien-Ming Huang,&nbsp;Wei-Ting Chen","doi":"10.1016/j.pacfin.2025.102914","DOIUrl":"10.1016/j.pacfin.2025.102914","url":null,"abstract":"<div><div>Using accrual and real activity manipulation strategies, this paper examines whether there is the relationship between earnings management and corporate diversification in Taiwanese OTC companies. The evidence suggests that geographic diversification is linked to higher levels of downward real activity manipulation. In contrast, product diversification exhibits a negative relationship between earnings manipulation and firm performance. We find that geographically diversified firms are more likely to engage in earnings management activities due to the increased potential for firm's complexity. Moreover, empirical results from difference-in-differences regression model suggest that a greater proportion of insider shareholding is associated with lower levels of earnings manipulation after 2018 corporate governance reforms. Therefore, engaging in diversified information disclosure does not help reduce the sensitivity of earnings management to performance for Taiwanese SMEs, providing valuable insights for policymakers and investors in the capital markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102914"},"PeriodicalIF":5.3,"publicationDate":"2025-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145011079","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
Deregulation, claims ratio, and consumer surplus: Evidence from China's auto insurance reform 放松管制、理赔比率与消费者剩余：来自中国车险改革的证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-03 DOI: 10.1016/j.pacfin.2025.102909
Xuanhe Wang , Huiyan Wu , Shengwang Meng , Kui Liu , Hanyi Chen
{"title":"Deregulation, claims ratio, and consumer surplus: Evidence from China's auto insurance reform","authors":"Xuanhe Wang ,&nbsp;Huiyan Wu ,&nbsp;Shengwang Meng ,&nbsp;Kui Liu ,&nbsp;Hanyi Chen","doi":"10.1016/j.pacfin.2025.102909","DOIUrl":"10.1016/j.pacfin.2025.102909","url":null,"abstract":"<div><div>Insurance rate deregulation is a pivotal element of financial system reforms. Exploiting China's commercial auto insurance reform as a quasi-natural experiment and utilizing urban panel data from 2011 to 2019, we employ a staggered difference-in-differences model to gauge the reform's impact on consumer welfare. We find that the insurance premium rate deregulation significantly increases the auto insurance claims ratio, thereby enhancing consumer welfare. This result holds after accounting for potential heterogeneity in treatment effects and undergoing thorough robustness checks. Further analysis reveals that the reform's effects are particularly pronounced in regions with higher administrative levels, population densities, and education levels. Notably, both the decrease in premium income and increase in claim payments are key contributors to the rise in the claims ratio. This dynamic is estimated to have generated an approximate welfare increase of 47.52 billion renminbi (6.88 billion USD), as quantified through consumer surplus. In summary, the study provides insights into the consumer welfare effects of insurance rate deregulation, and reveals an empirical and theoretical foundation for advancing market reforms in the insurance industry.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102909"},"PeriodicalIF":5.3,"publicationDate":"2025-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145011136","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
Fintech, banking competition and corporate leverage manipulation 金融科技、银行业竞争和企业杠杆操纵
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-03 DOI: 10.1016/j.pacfin.2025.102910
Feifei Li , Ruile Xue , Mingyue Du , Yuxing Liu
{"title":"Fintech, banking competition and corporate leverage manipulation","authors":"Feifei Li ,&nbsp;Ruile Xue ,&nbsp;Mingyue Du ,&nbsp;Yuxing Liu","doi":"10.1016/j.pacfin.2025.102910","DOIUrl":"10.1016/j.pacfin.2025.102910","url":null,"abstract":"<div><div>Corporate leverage manipulation can hinder enterprise development and threaten macro-financial stability, underscoring the need for effective management strategies. This study examines the influence of financial technology (Fintech) on corporate leverage manipulation, drawing on data from Chinese A-share listed companies from 2011 to 2022. Empirical results reveal that Fintech significantly curbs leverage manipulation primarily by intensifying banking competition. The effect is more pronounced among non-state-owned enterprises, digitally underdeveloped firms, and high-technology manufacturers, as well as firms located in regions with less developed traditional financial systems or under stricter financial supervision. Furthermore, the analysis shows that Fintech has notably reduced manipulation involving nominal equity but actual debt, thereby mitigating financial risks and fostering high-quality enterprise growth.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102910"},"PeriodicalIF":5.3,"publicationDate":"2025-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145011135","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 site visits disclosure and investment-q sensitivity 企业网站访问披露与投资-q敏感性
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-02 DOI: 10.1016/j.pacfin.2025.102904
Le Wang , Gaoliang Tian , Xiaoyan Chen
{"title":"Corporate site visits disclosure and investment-q sensitivity","authors":"Le Wang ,&nbsp;Gaoliang Tian ,&nbsp;Xiaoyan Chen","doi":"10.1016/j.pacfin.2025.102904","DOIUrl":"10.1016/j.pacfin.2025.102904","url":null,"abstract":"<div><div>We examine whether the mandatory disclosure of corporate site visits (CSV) increases the real efficiency of the stock market, assisting the investment decision-making in the real side of the economy. We find that the disclosure of CSV information increases the sensitivity of corporate investments to stock price, i.e., investment-q sensitivity. This effect is especially pronounced in firms characterized by lower levels of informed trading, less private information embedded in stock prices, limited analyst coverage, greater product market uncertainty, and tighter financial constraints. These findings provide evidence that disclosing private information from investor-manager interactions enhances real efficiency in the market.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102904"},"PeriodicalIF":5.3,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049193","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 effect of the cryptocurrency halving event 加密货币减半事件的影响
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-01 DOI: 10.1016/j.pacfin.2025.102913
Weiyi Liu , Xiaojuan Zhao , Wenjia Li , Ye Wang
{"title":"The effect of the cryptocurrency halving event","authors":"Weiyi Liu ,&nbsp;Xiaojuan Zhao ,&nbsp;Wenjia Li ,&nbsp;Ye Wang","doi":"10.1016/j.pacfin.2025.102913","DOIUrl":"10.1016/j.pacfin.2025.102913","url":null,"abstract":"<div><div>This paper delves into the effects of cryptocurrency halving events, a mechanism intricately linked to blockchain technology. Perceived as shaping the scarcity narrative, these events make certain cryptocurrencies regarded as inflation hedges and modern stores of value. Contrary to expectations of a bull market surge, our results reveal a negative cumulative average abnormal return around halving dates, suggesting a “scarcity narrative curse.” Looking into the underlying mechanisms, we find that attention-driven buying is the main reason for this negative market reaction, not risk compensation. This is evidenced by the increased trading volume before halvings and subsequent return reversals. Notably, more pronounced negative returns in the Bitcoin ecosystem and during first-time halvings underscore the “investor attention” channel. Our research challenges the belief that scarcity promotes value and helps understand and improve cryptocurrency market behavior and decision-making.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102913"},"PeriodicalIF":5.3,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145027539","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 impact of foreign ownership on share pledging by controlling shareholders 外资对控股股东股权质押的影响
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-08-29 DOI: 10.1016/j.pacfin.2025.102911
Wenqian Tan , Yanni Zeng , Hao Zhang
{"title":"The impact of foreign ownership on share pledging by controlling shareholders","authors":"Wenqian Tan ,&nbsp;Yanni Zeng ,&nbsp;Hao Zhang","doi":"10.1016/j.pacfin.2025.102911","DOIUrl":"10.1016/j.pacfin.2025.102911","url":null,"abstract":"<div><div>This study examines the effect of foreign ownership on share pledging by controlling shareholders in Chinese listed companies. Using manually collected data on foreign investors across 35 jurisdictions from 2009 to 2022, we find that foreign ownership significantly reduces both the likelihood and intensity of share pledging. Mechanism analyses indicate that foreign investors facilitate transmission of good governance practices, thereby mitigating insider opportunism. Moreover, the disciplinary role of foreign investors is more effective in firms with weak internal governance, consistent with a substitution rather than complementarity effect. Heterogeneity analyses reveal that this effect is more pronounced in non-state-owned enterprises, in firms located in regions with lower religious influence, and during periods of increased economic policy uncertainty. Overall, our findings highlight the role of foreign investors in mitigating agency conflicts and constraining controlling shareholders' opportunistic behavior in emerging markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102911"},"PeriodicalIF":5.3,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145020699","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
Can financial consumer protection promote residents' stock market participation? An investigation based on eastern China residents survey 金融消费者保护能促进居民参与股票市场吗？基于华东地区居民调查的调查
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-08-29 DOI: 10.1016/j.pacfin.2025.102912
Qinghai Li , Hao Li , Qian Li
{"title":"Can financial consumer protection promote residents' stock market participation? An investigation based on eastern China residents survey","authors":"Qinghai Li ,&nbsp;Hao Li ,&nbsp;Qian Li","doi":"10.1016/j.pacfin.2025.102912","DOIUrl":"10.1016/j.pacfin.2025.102912","url":null,"abstract":"<div><div>The phenomenon of limited stock market participation among residents has persisted for a long time. Researchers have extensively explored ways to mitigate this phenomenon from different perspectives, with limited attention on the role of financial consumer protection. To address this gap, this paper utilizes a 2022 resident survey in six provinces in Eastern China to examine the impact of financial consumer protection on Chinese residents' stock market participation. Key findings include: (1) Financial consumer protection significantly and positively influences Chinese residents' stock market participation. (2) Heterogeneity analysis reveals a more pronounced promotional effect among rural, female, and lower-educated residents. (3) Moderation effect analysis indicates a diminishing effect with improved social networks, increased financial knowledge, and enhanced internet usage frequency. (4) Mechanism analysis suggests that financial consumer protection promotes stock market participation by increasing social trust, improving investment expectations, and enhancing self-efficacy. This paper provides valuable insights for promoting residents' stock market participation and advancing financial consumer protection, contributing to the scholarly discourse on this intriguing subject.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102912"},"PeriodicalIF":5.3,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144932220","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 constraints, cash flow timing patterns, and asset prices in the australian market 澳大利亚市场的财务约束、现金流时间模式和资产价格
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-08-27 DOI: 10.1016/j.pacfin.2025.102907
Di Mo , Xiao Tian , Angel Zhong
{"title":"Financial constraints, cash flow timing patterns, and asset prices in the australian market","authors":"Di Mo ,&nbsp;Xiao Tian ,&nbsp;Angel Zhong","doi":"10.1016/j.pacfin.2025.102907","DOIUrl":"10.1016/j.pacfin.2025.102907","url":null,"abstract":"<div><div>This study investigates the year-end cash collection (YCC) premium in the Australian equity market. When replicating the main results reported in <span><span>Hu et al. (2024)</span></span>, we find that while Australian firms exhibit fiscal year-end cash flow concentration patterns similar to their U.S. counterparts, the YCC premium exists only in equal-weighted portfolios and disappears entirely in value-weighted portfolios. This contrasts with U.S. markets, where the premium persists regardless of portfolio weighting. Australian firms display distinctively negative YCC values and lower profitability across all size quintiles compared to U.S. firms, indicating different dynamics in how financial constraints relate to asset prices. Our findings reveal that the YCC effect is contingent on market microstructure and institutional frameworks, challenging the universal applicability of U.S.-centric asset pricing models.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102907"},"PeriodicalIF":5.3,"publicationDate":"2025-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145026579","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
Do corrupt practices lead to increased cash holdings in firms? International evidence 腐败行为会导致公司现金持有量增加吗？国际证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-08-27 DOI: 10.1016/j.pacfin.2025.102908
Rajabrata Banerjee , Kartick Gupta , Hien Duc Han , Chandrasekhar Krishnamurti
{"title":"Do corrupt practices lead to increased cash holdings in firms? International evidence","authors":"Rajabrata Banerjee ,&nbsp;Kartick Gupta ,&nbsp;Hien Duc Han ,&nbsp;Chandrasekhar Krishnamurti","doi":"10.1016/j.pacfin.2025.102908","DOIUrl":"10.1016/j.pacfin.2025.102908","url":null,"abstract":"<div><div>Using cross-country firm-level data from 36 countries, we find that corrupt practices are associated with higher cash holdings. Further analysis suggests that corrupt firms are more constrained financially, motivating them to hold more cash. Our cross-country findings indicate that the positive association between corrupt business practices and corporate cash holdings is more pronounced in contexts characterized by higher institutional quality and greater market orientation. Moreover, our evidence also suggests that corrupt behaviors and high cash holdings are more prominent among young firms and those with high capital expenditure and market to book ratio. Our results survive endogeneity tests and are robust to the use of alternate models and measures.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102908"},"PeriodicalIF":5.3,"publicationDate":"2025-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144916414","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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