Pacific-Basin Finance Journal最新文献

Country-by-Country reporting, corporate tax avoidance, and supply chain structure: A bunching analysis based on income manipulation by Chinese multinational corporations 逐国报告、企业避税和供应链结构：基于中国跨国公司收入操纵的分组分析

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-30 DOI: 10.1016/j.pacfin.2024.102570

{"title":"Country-by-Country reporting, corporate tax avoidance, and supply chain structure: A bunching analysis based on income manipulation by Chinese multinational corporations","authors":"","doi":"10.1016/j.pacfin.2024.102570","DOIUrl":"10.1016/j.pacfin.2024.102570","url":null,"abstract":"<div><div>Due to the endogeneity issue arising from the voluntary manipulation of MNCs own operating income, we employed bunching analysis to investigate the impact of Country-by-Country reporting(CbCR) on tax avoidance behavior of Chinese multinational corporations. The study found that multinational corporations' operating income exhibited bunching at 5.5 billion RMB. Within the bunching interval, the distribution of actual-value enterprises was 111 % higher than that of counterfactual enterprises, with an elasticity of 0.0359. Tax avoidance by multinational corporations significantly decreased within the manipulation interval, leading to a noticeable increase in taxable amounts. A series of robustness tests confirmed the validity of the above conclusions. This suggests that CbCR could serve as an important policy tool to combat tax base erosion and profit shifting. Furthermore, CbCR led Chinese multinational corporations to increase their investment scale while reducing profit shifting, but also resulted in a decrease in employment and a more concentrated supply chain structure. Careful evaluation is needed regarding the future expansion of the scope and target users of CbCR.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-10-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142592548","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

Market integration and the risk of corporate leverage manipulation: Evidence from China 市场一体化与企业杠杆操纵风险：来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-24 DOI: 10.1016/j.pacfin.2024.102567

引用次数: 0

Executive pay restrictions, political promotion, and firm efficiency: Evidence from China 高管薪酬限制、政治晋升与公司效率：来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-24 DOI: 10.1016/j.pacfin.2024.102568

引用次数: 0

Financial risk prevention and corporate green innovation: A quasi-natural experiment based on the new asset management regulation 金融风险防范与企业绿色创新：基于新资产管理法规的准自然实验

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-24 DOI: 10.1016/j.pacfin.2024.102566

{"title":"Financial risk prevention and corporate green innovation: A quasi-natural experiment based on the new asset management regulation","authors":"","doi":"10.1016/j.pacfin.2024.102566","DOIUrl":"10.1016/j.pacfin.2024.102566","url":null,"abstract":"<div><div>In the context of economic globalization in the 21st century, financial risk prevention and corporate green innovation development have emerged as two indispensable themes in global economic growth. This paper selects Chinese A-share listed companies from 2010 to 2021 as a research sample and uses the introduction of the <em>New Asset Management Regulation</em> as a quasi-natural experiment. Employing a generalized difference-in-differences model, this paper identifies the causal relationship between financial risk prevention and corporate green innovation and assesses the policy effects of financial risk prevention. The results show that financial risk prevention significantly enhances the green innovation activities of companies with a high degree of financialization by constraining investments in financial assets and mitigating management's myopic tendencies. Heterogeneity tests reveal that the promotion effect is primarily evident in the service sector, regulated industries, state-owned enterprises, and regions with a higher level of shadow banking development. The findings reveal the value of financial risk prevention at the micro-level of corporate green innovation and provide useful policy implications for guiding finance to effectively serve the real economy.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142573441","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 impacts of China's shadow banking regulation on bank lending—An empirical analysis based on textual analysis and machine learning 中国影子银行监管对银行贷款的影响--基于文本分析和机器学习的实证分析

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-19 DOI: 10.1016/j.pacfin.2024.102565

{"title":"The impacts of China's shadow banking regulation on bank lending—An empirical analysis based on textual analysis and machine learning","authors":"","doi":"10.1016/j.pacfin.2024.102565","DOIUrl":"10.1016/j.pacfin.2024.102565","url":null,"abstract":"<div><div>China's financial regulatory authority has strengthened shadow banking regulation in recent years, the impact of which has attracted the attention of academics and policymakers. We develop China's shadow banking regulation intensity change index using textual analysis and machine learning methods and explore the impacts of the regulation on bank lending. Using a fixed effect model and a dataset of 177 commercial banks in China from 2007 to 2020, we find that strengthened shadow banking regulation results in shrinkage in bank loan scale and lower loan growth. Mechanism analysis reveals that the asset-reallocation motives and profit-seeking motives generated by banks faced with strengthening regulation lead to a decline in bank lending. The credit tightening effect mainly exists in joint-stock, city, and rural commercial banks while insignificant in state-owned banks. This effect can be moderated by ample capital, abundant deposits, and high loan issuance efficiency. Strengthened regulation also affects loan composition, with an increase in the proportion of corporate lending and a decrease in mortgage lending. Our results have novel implications for both regulators and banks and are robust to several tests.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142537856","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 (in)effectiveness of financial consumer protection: Quasi-experimental evidence from consumer finance in China 金融消费者保护的（不）有效性：中国消费金融的准实验证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-16 DOI: 10.1016/j.pacfin.2024.102563

{"title":"The (in)effectiveness of financial consumer protection: Quasi-experimental evidence from consumer finance in China","authors":"","doi":"10.1016/j.pacfin.2024.102563","DOIUrl":"10.1016/j.pacfin.2024.102563","url":null,"abstract":"<div><div>The booming consumer finance sector has grappled with internal and external challenges, which call forth strong regulatory responses to financial consumer protection (FCP). Existing studies, however, have explored the economic consequences of FCP from a macro or <em>meso</em> perspective and failed to evaluate the overall effectiveness of the FCP framework. To remedy this, we collected a novel dataset from an online complaint platform in China, which included over 12,000 real-world complaints from March 2019 to September 2022. Built on the dataset, we employ a regression discontinuity in time approach to examine the effect of a representative FCP policy (i.e., <em>Implementation Measures of the People's Bank of China for Protecting Financial Consumers' Rights and Interests</em>) on the average rating of the consumers' perception of dispute resolution. We confirm the effectiveness of the FCP policy in improving dispute resolution, and the results remain robust for a series of tests. Moreover, the effectiveness of the FCP policy varies in different aspects of perceptions and complaint topics. The heterogeneous analysis demonstrates that first-mover and foreign-shareholding consumer finance companies are more responsive to the <em>Measure</em>. Finally, regulatory punishment and media attention are two channels in which FCP policy benefits consumers' perception of dispute resolution. We further discuss some important policy and managerial implications.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142526404","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

Share pledge and stock repurchase: The role of stock mispricing and corporate governance 股票质押和股票回购：股票错误定价和公司治理的作用

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-15 DOI: 10.1016/j.pacfin.2024.102561

引用次数: 0

Does trade credit absorb adverse shocks? Evidence on SMEs in Japan 贸易信贷能否吸收不利冲击？日本中小企业的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-15 DOI: 10.1016/j.pacfin.2024.102556

引用次数: 0

Economies of scope in the Japanese banking industry 日本银行业的范围经济

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-12 DOI: 10.1016/j.pacfin.2024.102554

{"title":"Economies of scope in the Japanese banking industry","authors":"","doi":"10.1016/j.pacfin.2024.102554","DOIUrl":"10.1016/j.pacfin.2024.102554","url":null,"abstract":"<div><div>Economies of scope are usually considered a key factor in explaining bank diversification benefits, as joint production can help spread costs across different operations. However, previous studies have yielded little evidence of scope economies in the banking sector, which fails to explain the empirical results of diversification benefits, especially in Japan. Given that most relevant studies were conducted prior to 2000 and newer methodological approaches have emerged to enhance estimation accuracy, we refocus to this topic and explore the relationship with bank diversification. In this paper, we estimate economies of scope while considering the growing off-balance sheet activities within the Japanese banking industry. Using a sample including 120 Japanese banks from 2000 to 2020, we estimate the cost frontier with a translog cost function through the stochastic frontier analysis (SFA) approach. In addition to the traditional measures, we incorporate a new measure of scope economies proposed by <span><span>Chavas and Kim (2010)</span></span>, allowing us to decompose the scope economies into four different effects. Our findings suggest that nearly all Japanese banks exhibit economies of scope, which may explain the diversification benefits observed in Japan. Furthermore, we find a negative relationship between economies of scope and the level of bank diversification.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-10-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142441403","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

Enterprise digital transformation and return comovement of business groups 企业数字化转型与业务集团的回报合并

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-10 DOI: 10.1016/j.pacfin.2024.102555

引用次数: 0