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City doing-business environment and stock price crash risk
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-14 DOI: 10.1016/j.pacfin.2025.102743
Bowen Yang , Wenfeng Wu , Jibin Yang
{"title":"City doing-business environment and stock price crash risk","authors":"Bowen Yang ,&nbsp;Wenfeng Wu ,&nbsp;Jibin Yang","doi":"10.1016/j.pacfin.2025.102743","DOIUrl":"10.1016/j.pacfin.2025.102743","url":null,"abstract":"<div><div>By constructing a city-level Doing Business Environment Index for China from 2011 to 2022 and analyzing A-share listed firms, this paper finds that improvements in the local doing-business environment reduce the risk of stock price crashes for local firms. This effect is more pronounced for firms with greater government influence, weaker corporate governance, and higher potential risk. During the COVID-19 pandemic, a better doing-business environment helps offset the negative impacts of the outbreak in non-central cities. Furthermore, an improved doing-business environment mitigates the increase in crash risk associated with policy changes, promotes the standardization of business practices, and enhances information transparency, thereby reducing both the emergence and concealment of negative news. These findings suggest that a favorable doing-business environment can effectively counteract the adverse effects of local government intervention on firms.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102743"},"PeriodicalIF":4.8,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143644307","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 dividend behavior under uncertainty: A study of Chinese firms
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-13 DOI: 10.1016/j.pacfin.2025.102747
Chien-Chiang Lee , Chih-Wei Wang , Chun-Wei Huang , Susan Sunila Sharma
{"title":"Corporate dividend behavior under uncertainty: A study of Chinese firms","authors":"Chien-Chiang Lee ,&nbsp;Chih-Wei Wang ,&nbsp;Chun-Wei Huang ,&nbsp;Susan Sunila Sharma","doi":"10.1016/j.pacfin.2025.102747","DOIUrl":"10.1016/j.pacfin.2025.102747","url":null,"abstract":"<div><div>This paper investigates the impact of Trade Policy Uncertainty (TPU) on the cash dividend policies of Chinese firms from 2000 to 2019. The findings reveal that TPU negatively influences firms' cash dividend policies, prompting firms to reduce cash dividends under heightened uncertainty. Furthermore, firms and industries in different regions exhibit varied responses to TPU's effects on cash dividends. In R&amp;D-intensive firms, the study finds a consistent negative impact of TPU on cash dividends, regardless of whether the firms face financial constraints. Conversely, firms with reduced R&amp;D spending and financial constraints tend to increase cash dividends under TPU, potentially due to agency-related issues. Overall, TPU significantly affects firms' cash dividend policies, and these effects remain robust when accounting for R&amp;D intensity, financial constraints, and agency problems. This study provides valuable insights, highlighting the importance of incorporating cash dividend policies into corporate strategies during periods of high uncertainty.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102747"},"PeriodicalIF":4.8,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143642442","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
Non-financial information uncertainty, firm growth, and market value during crisis: Evidence from China 危机期间的非财务信息不确定性、企业成长和市场价值：来自中国的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-13 DOI: 10.1016/j.pacfin.2025.102748
Pengzhi Kong , Louis T.W. Cheng , Lulu Pan , Jianfu Shen , Qing Yu
{"title":"Non-financial information uncertainty, firm growth, and market value during crisis: Evidence from China","authors":"Pengzhi Kong ,&nbsp;Louis T.W. Cheng ,&nbsp;Lulu Pan ,&nbsp;Jianfu Shen ,&nbsp;Qing Yu","doi":"10.1016/j.pacfin.2025.102748","DOIUrl":"10.1016/j.pacfin.2025.102748","url":null,"abstract":"<div><div>This study investigates the impact of non-financial information uncertainty on market valuation during times of crisis. Using a sample of the largest listed firms in China and measuring non-financial information uncertainty through governance rating divergence, we find that firms with higher non-financial information uncertainty experienced a more significant and negative market reaction during the COVID-19 crisis compared to firms with low non-financial information uncertainty. Although stock prices of firms with robust growth opportunities are more resilient to the pandemic, non-financial information uncertainty mitigates the positive effect of firm growth on stock market reactions to the COVID-19 outbreak, indicating that corporate resilience to crisis is compromised by non-financial information uncertainty. A further analysis suggests that dual listing in mainland China and Hong Kong stock markets mitigates the negative effect of non-financial information uncertainty on stock market valuation, attributable to the higher quality of non-financial disclosure by these firms. Overall, this study sheds light on the unique role of non-financial information uncertainty in stock market valuation and stock price resilience during crises.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102748"},"PeriodicalIF":4.8,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143628462","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
Macroprudential policy, financial risk and innovation: Cross country evidence
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-12 DOI: 10.1016/j.pacfin.2025.102749
Si-Tao Ren , Wei Wei , Jun-Wei Zhang , Sheng-Hao Yang
{"title":"Macroprudential policy, financial risk and innovation: Cross country evidence","authors":"Si-Tao Ren ,&nbsp;Wei Wei ,&nbsp;Jun-Wei Zhang ,&nbsp;Sheng-Hao Yang","doi":"10.1016/j.pacfin.2025.102749","DOIUrl":"10.1016/j.pacfin.2025.102749","url":null,"abstract":"<div><div>Macroprudential policy aims to reduce systemic financial risk and ensure financial market stability, making it an important factor influencing national innovation development. Existing research primarily focuses on the effects of innovation policies or financial policies, while the impact of macroprudential policy on innovation has been largely overlooked. Using cross-country panel data from 63 countries between the years 1990 and 2021, this paper pioneers the exploration of the impact of macroprudential policy on technological innovation and the channel of financial risk. This paper documents the strong evidence that the implementation of macroprudential policy can significantly promote technological innovation. After the execution of several robustness test procedures, such as using alternative dependent and independent variables and different empirical strategies, the significant effect of macroprudential policy on innovation remains robust. In addition, the implementation of macroprudential policies can promote innovation level significantly by reducing financial risk. Last but not least, this paper finds that the significant positive impact of macroprudential policy on innovation exists in non-OECD countries and the Emerging Market and Developing Economies (EMDE) but not in OECD countries and the Advanced Economies (AE). These insight can aid policymakers in designing more targeted macroprudential measures that support both financial stability and innovation.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102749"},"PeriodicalIF":4.8,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143619384","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
Independent directors with auditing expertise, overconfident CEOs and overinvestment in China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-09 DOI: 10.1016/j.pacfin.2025.102733
Yunying Li , Naihao Li , Lei Hong Weng Lawrence
{"title":"Independent directors with auditing expertise, overconfident CEOs and overinvestment in China","authors":"Yunying Li ,&nbsp;Naihao Li ,&nbsp;Lei Hong Weng Lawrence","doi":"10.1016/j.pacfin.2025.102733","DOIUrl":"10.1016/j.pacfin.2025.102733","url":null,"abstract":"<div><div>This study examines how independent directors with different types of auditing expertise affect listed companies' inefficient investment behavior. We posit that the independent directors with auditing expertise will reduce agency risk and improve companies' governance on investment. Consequently, a high proportion of independent directors with auditing expertise can significantly inhibit companies' overinvestment behavior. We then further explore the effect of independent directors with different characteristics, namely certified public accountants (CPAs), senior accountants and professors (or associate professors) of finance accounting on companies' investment. Moreover, we also argue that overconfident CEOs will curb the governance effects of independent directors with auditing expertise on CEOs' overinvestment behavior. Our empirical findings support our propositions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102733"},"PeriodicalIF":4.8,"publicationDate":"2025-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143611642","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
Does corporate philanthropy provide insurance value? Evidence from the securities law revision in China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-07 DOI: 10.1016/j.pacfin.2025.102732
Yijun Liu , Trung Nguyen , Rong Xu , Donald Lien
{"title":"Does corporate philanthropy provide insurance value? Evidence from the securities law revision in China","authors":"Yijun Liu ,&nbsp;Trung Nguyen ,&nbsp;Rong Xu ,&nbsp;Donald Lien","doi":"10.1016/j.pacfin.2025.102732","DOIUrl":"10.1016/j.pacfin.2025.102732","url":null,"abstract":"<div><div>This study investigates the ex-ante insurance value of corporate philanthropy on firm valuation by exploiting an exogenous increase in firms' future litigation risk due to the adoption of class-action lawsuits in the 2019 Securities Law revision. Analyzing a sample of Chinese listed firms constructed from the propensity score matching approach, we find that the commitment to corporate philanthropy exerts ex-ante insurance-like effects. In addition, firms with a history of being a defendant in a lawsuit or greater litigation-related expenses realize more benefits from CP investments. The empirical findings are robust to additional sensitivity checks and offer important implications regarding the use of corporate donations as a risk management tool.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102732"},"PeriodicalIF":4.8,"publicationDate":"2025-03-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143642443","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
Risk-taking in gambling cultures and social security contributions – evidence from Chinese small and micro enterprises
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-03 DOI: 10.1016/j.pacfin.2025.102728
Li Huang , Xiandeng Jiang
{"title":"Risk-taking in gambling cultures and social security contributions – evidence from Chinese small and micro enterprises","authors":"Li Huang ,&nbsp;Xiandeng Jiang","doi":"10.1016/j.pacfin.2025.102728","DOIUrl":"10.1016/j.pacfin.2025.102728","url":null,"abstract":"<div><div>This study investigates the influence of gambling culture on corporate social security contributions, focusing on small and micro enterprises (SMEs) in China. Using data from the National Tax Survey Database for 2008–2016, this research posits that a prevalent gambling culture may foster risk-taking behaviors, which could negatively affect a firm's likelihood of contributing to social security. The negative impacts of a gambling culture are primarily driven by employers' incentive to reduce labor costs and employees' preference for short-term gains, along with their evaluations of cost-benefit trade-offs. The effects are more pronounced in regions experiencing rapid wage growth and in labor-intensive industries. The study also emphasizes education as a strategy to counteract these negative impacts of gambling culture. Furthermore, SMEs that evade contributions have higher ROA and TFP, but also experience increased staff turnover.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102728"},"PeriodicalIF":4.8,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143579656","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
Does judicial procedure reform affect firms' access to trade credit? Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-03 DOI: 10.1016/j.pacfin.2025.102726
Huaili Lyu , Meng Peng , Yanyan Lin
{"title":"Does judicial procedure reform affect firms' access to trade credit? Evidence from China","authors":"Huaili Lyu ,&nbsp;Meng Peng ,&nbsp;Yanyan Lin","doi":"10.1016/j.pacfin.2025.102726","DOIUrl":"10.1016/j.pacfin.2025.102726","url":null,"abstract":"<div><div>China initiated a two-year reform of civil procedure in 2020, aiming at promoting the separation of complex and simple cases. Based on the civil procedure reform, this study explores the effect of improved judicial efficiency on trade credit. Using a sample of Chinese A-share listed firms, we find that the civil procedure reform increases firms' access to trade credit by improving judicial efficiency. The positive effect on trade credit is more pronounced for firms located in regions with low social trust and those facing high financial constraints. We further document that the civil procedure reform reduces supplier concentration. Overall, our findings imply that judicial procedure reform plays a critical role in firms' access to trade credit, extending the literature on law and finance.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102726"},"PeriodicalIF":4.8,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143563060","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
Carbon emission trading scheme and green investor entry: Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-03 DOI: 10.1016/j.pacfin.2025.102727
Zijun Luo, Yue Liu, Weidong Xu
{"title":"Carbon emission trading scheme and green investor entry: Evidence from China","authors":"Zijun Luo,&nbsp;Yue Liu,&nbsp;Weidong Xu","doi":"10.1016/j.pacfin.2025.102727","DOIUrl":"10.1016/j.pacfin.2025.102727","url":null,"abstract":"<div><div>The carbon emission trading scheme (ETS) is one of the most important market-incentive green finance policies aimed at mitigating carbon emissions. Employing the staggered implementation of the Chinese carbon ETS across regions and a triple difference approach, we find that carbon ETS has a significantly positive impact on green investor entry. This finding is further verified through dynamic effect analysis and stacked regression. The positive effect of carbon ETS on green investor entry is driven by improved green performance, intensified media coverage, and enhanced environmental disclosure. Furthermore, this effect is more pronounced when firms have higher analyst following, lower financial constraints, lower product pricing power, and are located in regions with higher levels of green finance development. Overall, our findings provide insightful implications for the construction of a unified national carbon ETS in emerging markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102727"},"PeriodicalIF":4.8,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143580348","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
Mainshocks and aftershocks: Assessing the resilience of Asia-Pacific stock markets amid global financial cycle shocks
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-03 DOI: 10.1016/j.pacfin.2025.102720
Chentong Sun , Shangkun Yi , Fenglin Wu , Yanshuang Li , Zibing Dong
{"title":"Mainshocks and aftershocks: Assessing the resilience of Asia-Pacific stock markets amid global financial cycle shocks","authors":"Chentong Sun ,&nbsp;Shangkun Yi ,&nbsp;Fenglin Wu ,&nbsp;Yanshuang Li ,&nbsp;Zibing Dong","doi":"10.1016/j.pacfin.2025.102720","DOIUrl":"10.1016/j.pacfin.2025.102720","url":null,"abstract":"<div><div>This study introduces a quantitative framework to assess financial resilience and empirically examines the financial resilience of Asia-Pacific stock markets under the “mainshocks” of the global financial cycle. We further investigate whether financial resilience can mitigate the “aftershocks” generated by systemic risk spillovers. Our findings yield several key insights: First, Asia-Pacific stock markets are significantly influenced by global financial cycles, particularly during black swan events, leading to a marked decline in financial resilience. Second, these markets exhibit pronounced interconnectedness and risk spillovers, characterized by the diverse roles that different markets play in transmitting risk. Third, financial resilience reduces network risk spillover effects. Nodes with greater resilience in withstanding “mainshocks” experience fewer “aftershocks”, thereby mitigating spillovers across the system. Notably, this mitigating effect is most pronounced in the early stages with shorter convergence periods. Finally, our findings also underscore the importance of accounting for time effects when conducting resilience analyses across varying dimensions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102720"},"PeriodicalIF":4.8,"publicationDate":"2025-03-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143549940","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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