Pacific-Basin Finance Journal最新文献

Evolution of the relative efficiency of CDS and equity markets in Japan: Does one market have a long-term informational advantage over the other? 日本CDS和股票市场相对效率的演变：一个市场是否比另一个市场具有长期的信息优势？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-05-26 DOI: 10.1016/j.pacfin.2025.102807

William J. Procasky , Anwen Yin

引用次数: 0

Can artificial intelligence mitigate corporate fraud? Exploring the influence of institutional cross-holdings and financial misallocation 人工智能能减轻企业欺诈吗？探讨机构交叉持股与资金错配的影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-05-22 DOI: 10.1016/j.pacfin.2025.102822

Yu Qi , Hang Su

{"title":"Can artificial intelligence mitigate corporate fraud? Exploring the influence of institutional cross-holdings and financial misallocation","authors":"Yu Qi , Hang Su","doi":"10.1016/j.pacfin.2025.102822","DOIUrl":"10.1016/j.pacfin.2025.102822","url":null,"abstract":"<div><div>This study examines the impact of artificial intelligence on corporate fraud among Chinese A-share listed firms from 2005 to 2021. It also explores the mediating role of institutional cross-holdings and the moderating role of financial misallocation. Utilizing firm-fixed effect models, the findings indicate that artificial intelligence significantly reduces corporate fraud. Further analyses reveal that institutional cross-holdings partially mediate the relationship between artificial intelligence and corporate fraud, suggesting that artificial intelligence not only directly diminishes fraud but also enhances supervision by attracting institutional cross-holdings. While financial misallocation does not moderate AI's direct effect on corporate fraud or the indirect pathway through institutional cross-holdings' second half, it negatively moderates the first half of the indirect pathway. These results remain robust after conducting various robustness and endogeneity tests. This study provides evidence of AI's corporate governance effects and offers important implications for companies and policymakers aiming to invest in artificial intelligence to mitigate fraud.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102822"},"PeriodicalIF":4.8,"publicationDate":"2025-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167915","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

Retirement benefits in small- and medium-sized Japanese enterprises 日本中小企业的退休福利

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-05-20 DOI: 10.1016/j.pacfin.2025.102821

Tomoki Kitamura , Kunio Nakashima

{"title":"Retirement benefits in small- and medium-sized Japanese enterprises","authors":"Tomoki Kitamura , Kunio Nakashima","doi":"10.1016/j.pacfin.2025.102821","DOIUrl":"10.1016/j.pacfin.2025.102821","url":null,"abstract":"<div><div>In Japan, the introduction of defined contribution (DC) plans in 2001 and revised defined benefit (DB) plans in 2002 aimed to replace discontinued traditional DB plans. This study utilizes an original survey to assess the effectiveness of these policy changes on the offering of retirement benefits within small and medium-sized enterprises (SMEs), focusing particularly on differences based on firms' foundation years. We examine how the reforms differentially affected firms founded before and after their implementation. Firms established after the reforms had flexibility in designing benefit structures, while earlier-founded firms remained constrained by legacy plans and regulations. Employing a regression discontinuity design (RDD) to ensure robust causal inference, we find that firms founded after the introduction of these plans are significantly more likely to adopt DC plans, independent of other firm characteristics. In contrast, there is no significant difference in adoption rates of revised DB plans between firms founded before and after the policy changes. These results underscore the need for targeted policies and regulatory easing to promote flexible retirement benefit schemes—particularly DC plans—among established SMEs.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102821"},"PeriodicalIF":4.8,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167914","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 FinTech matter for rigidity and risk aversion among incumbent firms? 金融科技对现有公司的僵化和风险厌恶有影响吗？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-05-20 DOI: 10.1016/j.pacfin.2025.102818

Kwaku Alex Gyan , Peter Galvin , Peter Adjei-Bamfo

{"title":"Does FinTech matter for rigidity and risk aversion among incumbent firms?","authors":"Kwaku Alex Gyan , Peter Galvin , Peter Adjei-Bamfo","doi":"10.1016/j.pacfin.2025.102818","DOIUrl":"10.1016/j.pacfin.2025.102818","url":null,"abstract":"<div><div>Incumbent firms tend to seek less growth opportunities and are more risk-averse based on their core rigidities – premised on a behaviour of prioritising efficiency associated with improving existing processes. Recently, some firms have adopted FinTech to reduce core rigidity and advance their agility towards risk-taking. However, available research has not fully deconstructed FinTech's effect on the rigidity-risk relationship. We examine this observation among incumbent traditional financial services firms in Australia using both logit regression and fixed effect ordinary least squares. Our findings indicate that FinTech's impact on rigidity could be directional and counterproductive. While predictive FinTech (i.e., algorithmic routines in bigdata finance) facilitates a reduction of rigidity and increases risk-taking propensity but reduces bankruptcy risk, efficiency-driven FinTech (i.e., blockchain smart contracts) further reinforces core rigidity among incumbent firms and reduces both risk-taking propensity and bankruptcy risk. The study results define firms' behaviour where optimal focus on creating efficiency generates rigidity while efforts to predict uncertainties in the market environment minimise rigidity. These findings largely support our hypotheses, and we discuss the implications for firm investment and strategic risk management policy and practice.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102818"},"PeriodicalIF":4.8,"publicationDate":"2025-05-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144123754","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 ESG ratings on firm risks in Taiwan's market ESG评等对台湾市场企业风险之影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-05-19 DOI: 10.1016/j.pacfin.2025.102819

Shun-Fen Chang , Bai-Sian Chen , Hong-Yi Chen , Hsiao-Yin Chen

引用次数: 0

Re-examining the nexus between Chinese carbon markets with energy and non-energy commodity markets in a novel risk spillover network approach 基于风险溢出网络的中国碳市场与能源和非能源商品市场关系研究

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-05-19 DOI: 10.1016/j.pacfin.2025.102820

A. Bouteska , Mashuk Rahman , M. Kabir Hassan , Benito A. Sanchez

{"title":"Re-examining the nexus between Chinese carbon markets with energy and non-energy commodity markets in a novel risk spillover network approach","authors":"A. Bouteska , Mashuk Rahman , M. Kabir Hassan , Benito A. Sanchez","doi":"10.1016/j.pacfin.2025.102820","DOIUrl":"10.1016/j.pacfin.2025.102820","url":null,"abstract":"<div><div>This research aims to explore the impact of five green energy subsectors (specifically, the solar power generation concept index, wind power generation concept index, Geothermal energy concept index, nuclear power concept index, and biomass and biofuel concept index) as well as five commodity indices (NHECI Nanhua energy and chemical index, NHAI Nanhua agricultural index, NHPMI Nanhua precious metal index, NHMI Nanhua metal index, and NHII Nanhua industry index) on restricted carbon emissions within five cities and provinces: Beijing, Guangdong, Hubei, Shanghai, and Shenzhen. The study analyzes data reflecting the fluctuation in CO2 emissions during three significant periods: the Covid-19 pandemic, the Russia-Ukraine conflict, and the China recession, spanning from January 1, 2022, to September 30, 2023. Utilizing the Vector Autoregressive (VAR) model and an innovative quantile connectedness framework, the research uncovers a substantial degree of cross-market risk transmission, exceeding 80 %, particularly during and after the Covid-19 pandemic. This implies that the shocks from the Covid-19 pandemic and the Russia-Ukraine conflict have heightened the interconnections between carbon emissions and both clean energy and non-clean commodity markets.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102820"},"PeriodicalIF":4.8,"publicationDate":"2025-05-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144123755","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

Unveiling the four-pillar framework: Machine learning evidence on personality, firm, governance, and financial origins of managerial overconfidence in China 揭示四支柱框架：中国管理过度自信的个性、公司、治理和财务根源的机器学习证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-05-17 DOI: 10.1016/j.pacfin.2025.102817

Yating Luo , Naiqian Zhang , Tong Tong , Xiaofei Jia

{"title":"Unveiling the four-pillar framework: Machine learning evidence on personality, firm, governance, and financial origins of managerial overconfidence in China","authors":"Yating Luo , Naiqian Zhang , Tong Tong , Xiaofei Jia","doi":"10.1016/j.pacfin.2025.102817","DOIUrl":"10.1016/j.pacfin.2025.102817","url":null,"abstract":"<div><div>This study investigates the key factors driving managerial overconfidence in Chinese A-share listed companies from 2011 to 2023. Utilizing advanced machine learning algorithms, including Random Forest and XGBoost, we analyze the effects of personal traits, firm characteristics, governance structures, and cost-effectiveness on managerial overconfidence. Our findings indicate that governance structure is the most significant determinant of managerial overconfidence across various models and datasets. Moreover, non-linear machine learning algorithms, particularly Random Forest, consistently outperform linear models in capturing the complex relationships between predictors and managerial overconfidence. The analysis identifies five critical secondary indicators: staff number, top shareholder ownership, enterprise size, operating income growth rate, and company listing age. Notably, managerial overconfidence is found to increase with company age, staff number, and enterprise size, while it decreases with operating income growth rate. The relationship with top shareholder ownership exhibits a more complex and non-linear pattern. These findings have important implications for corporate governance practices, investor decision-making, and regulatory policies.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102817"},"PeriodicalIF":4.8,"publicationDate":"2025-05-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144106974","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

Profitability of technical trading rules in the Chinese yuan-based foreign exchange market 人民币外汇市场技术交易规则的盈利能力

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-05-14 DOI: 10.1016/j.pacfin.2025.102804

Shenyi Song , O-Chia Chuang , Hsuan Fu

引用次数: 0

Increased risk-taking by lifecycle funds 生命周期基金承担的风险增加

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-05-14 DOI: 10.1016/j.pacfin.2025.102816

Mike Qinghao Mao, Ching Hin Wong

引用次数: 0

Judicial independence and corporate financialization: Evidence from China 司法独立与公司金融化：来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-05-12 DOI: 10.1016/j.pacfin.2025.102806

Ailing Pan, Qihao Zhang, Zheng Tang, Jinlong Qiu

{"title":"Judicial independence and corporate financialization: Evidence from China","authors":"Ailing Pan, Qihao Zhang, Zheng Tang, Jinlong Qiu","doi":"10.1016/j.pacfin.2025.102806","DOIUrl":"10.1016/j.pacfin.2025.102806","url":null,"abstract":"<div><div>This study employs China's establishment of circuit tribunals (CCT) to explore how enhanced judicial quality affects corporate financialization. Using a sample of Chinese A-share listed firms from 2007 to 2019, we reveal a 16.37 % decline in corporate financialization due to CCT. Mechanism analysis reveals that this effect operates through a decreased perception of economic policy uncertainty, improved access to external financing, and reduced non-productive expenditures. Consistent with these paths, heterogeneity analyses further demonstrate that the link between CCT and financialization is stronger among private firms, small and medium-sized enterprises (SMEs), and firms without political connections. The disaggregated results show that CCT primarily reduces the highly liquid and high-yield financial investments. Additionally, our results indicate that improved judicial quality can mitigate corporate over-financialization. The reduced financial investments will shift toward physical and R&D investments, enhancing product market performance and firm value. Our findings contribute a new perspective on the factors influencing corporate financialization and offer valuable recommendations for policymakers seeking to foster real economic growth by enhancing judicial quality.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"92 ","pages":"Article 102806"},"PeriodicalIF":4.8,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144106963","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