Pacific-Basin Finance Journal最新文献_第10页

Impact of product market competition on the overconfidence cash holdings relationship in Chinese firms 产品市场竞争对中国企业过度自信现金持有关系的影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-08-03 DOI: 10.1016/j.pacfin.2024.102471

Le Bo , Haslindar Ibrahim , Jia Li

{"title":"Impact of product market competition on the overconfidence cash holdings relationship in Chinese firms","authors":"Le Bo , Haslindar Ibrahim , Jia Li","doi":"10.1016/j.pacfin.2024.102471","DOIUrl":"10.1016/j.pacfin.2024.102471","url":null,"abstract":"<div><p>Traditional Confucian and hierarchical cultures in China often lead managers to become overconfident and hold more cash, which negatively impacts enterprise development. Therefore, in China, the mitigation of excess cash holdings among overconfident managers is worthy of further research. This study examines the effects of manager overconfidence on corporate cash holdings using data from 922 Chinese listed companies and totals 6849 observations. This study is based on a quantitative analysis approach using the Fixed Effects Model and Generalised Method of Moments. The empirical data indicate that manager overconfidence is positively associated with cash holdings. Furthermore, product market competition mitigates the direct correlation between managerial overconfidence and cash holdings. Finally, the impact was particularly noticeable for small and non-state-owned enterprises. This study draws on China's Confucian and hierarchical cultures to explain why overconfident managers tend to hold more cash and offers a different perspective on how product market competition affects the abovementioned relationship. This research enhances the understanding of managerial overconfidence and its economic repercussions and also contributes to the effect of product market competition on the corporate governance of Chinese listed companies.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"86 ","pages":"Article 102471"},"PeriodicalIF":4.8,"publicationDate":"2024-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141962853","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

China's local government debt and firm tax burden 中国地方政府债务和坚实的税负

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-08-02 DOI: 10.1016/j.pacfin.2024.102469

Yining Yao , Min Guo , Ping Jiang , Lei Xu

引用次数: 0

Is there a time-series momentum effect in the Asian crude oil futures market? 亚洲原油期货市场是否存在时间序列动量效应？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-08-02 DOI: 10.1016/j.pacfin.2024.102472

Hao Zhong, Xiaoxiao He, Yuqi Li

引用次数: 0

Product market liberalization and corporate cash holdings: Evidence from China 产品市场自由化与企业现金持有量：来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-31 DOI: 10.1016/j.pacfin.2024.102468

Ling Lin , Min Xiao , Rongrong Yao , Xiaoying Zhang

引用次数: 0

Corrigendum to “Institutional investor stewardship and material sustainability information: Evidence from Taiwan” [Pacific-Basin Finance Journal 85 (2024) 102382] 对 "机构投资者监管与重大可持续性信息：来自台湾的证据 "的更正 [Pacific-Basin Finance Journal 85 (2024 102382]]：来自台湾的证据》[《太平洋盆地金融期刊》85 (2024) 102382]

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-27 DOI: 10.1016/j.pacfin.2024.102464

Sharon S. Yang , Jr-Wei Huang , Wei-Hsien Li

引用次数: 0

Human rights and value of cash: Evidence from Islamic and non-Islamic countries 人权与现金价值：伊斯兰和非伊斯兰国家的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-26 DOI: 10.1016/j.pacfin.2024.102466

Naiwei Chen , Min-Teh Yu

{"title":"Human rights and value of cash: Evidence from Islamic and non-Islamic countries","authors":"Naiwei Chen , Min-Teh Yu","doi":"10.1016/j.pacfin.2024.102466","DOIUrl":"10.1016/j.pacfin.2024.102466","url":null,"abstract":"<div><p>This study examines whether and how human rights (HR) have bearings on the value of cash. Given the positive effect of HR improvement on corporate governance (CG) and that of CG on cash value, HR should positively affect cash value through CG. Using 23 Organization of Islamic Cooperation countries and 88 other countries during the period 1995–2019 as the sample, this study finds that the value of cash and excess cash is lower in Islamic countries than in other countries. Additionally, HR have a positive effect on cash value, but this effect is weaker for Islamic countries than for other countries. Furthermore, economic development (ED) (rule of law (RL)) reinforces the positive effect of HR on cash value, and this effect is stronger (weaker) for Islamic countries than for other countries. Study results provide important implications. Given the observed striking differences in results between Islamic and other countries, future related research should consider them to improve validity and reliability of empirical results. Multinationals or firms that consider establishing subsidiaries in foreign countries should also consider country-specific factors, like types of countries, HR, ED, and RL, because they may affect the agency and external financing costs. Furthermore, national governments can evaluate the effectiveness of HR promotion by referring to the study results regarding HR's positive effect on cash value such that they can fine tune their HR and economic policy as well as enforcement of RL to better achieve their intended goal of improving HR and CG.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"86 ","pages":"Article 102466"},"PeriodicalIF":4.8,"publicationDate":"2024-07-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S0927538X2400218X/pdfft?md5=039746b3da94b2db0a15648ca732d576&pid=1-s2.0-S0927538X2400218X-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141846770","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

Concerted action agreements, corporate innovation, and financial market outcomes: A pre-registered report 一致行动协议、企业创新和金融市场成果：预登记报告

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-25 DOI: 10.1016/j.pacfin.2024.102465

Miao Li , Meng He , Aoran Wang

{"title":"Concerted action agreements, corporate innovation, and financial market outcomes: A pre-registered report","authors":"Miao Li , Meng He , Aoran Wang","doi":"10.1016/j.pacfin.2024.102465","DOIUrl":"10.1016/j.pacfin.2024.102465","url":null,"abstract":"<div><p>This pre-registered study aims to investigate whether and how concerted action agreements enhance corporate innovation and create financial value. Based on theoretical analysis and numerous case studies, we expect to find that concerted action agreements significantly improve corporate innovation. The channels are at least two folds. First, by shielding entrepreneurs from short-term market pressure and enhancing their job security through enhancing their control rights, concerted action agreements spur long-term projects such as innovation. Second, through transferring control rights to entrepreneurs, concerted action agreements also strengthen entrepreneurs' stewardship role, which in turn mitigates agency problems and stimulates innovation. We further test the economic consequences of concerted action agreements and we expect to document that the agreements have a positive influence on firm performance and financial market valuation through enhanced corporate innovation. We also predict that because short-term market pressure and agency costs are high for high-tech firms due to information asymmetry, and because innovation is especially important for high-tech firms, concerted action agreements are most beneficial for high-tech firms. Finally, we predict that as time passes, the positive effects of concerted action agreements may diminish.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"86 ","pages":"Article 102465"},"PeriodicalIF":4.8,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141883021","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 effects of formal institutions and national culture on equity-based financing in Islamic banks 正规机构和民族文化对伊斯兰银行股权融资的影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-25 DOI: 10.1016/j.pacfin.2024.102467

Ani Silvia , V. Viverita , Dony Abdul Chalid

{"title":"The effects of formal institutions and national culture on equity-based financing in Islamic banks","authors":"Ani Silvia , V. Viverita , Dony Abdul Chalid","doi":"10.1016/j.pacfin.2024.102467","DOIUrl":"10.1016/j.pacfin.2024.102467","url":null,"abstract":"<div><p>This study investigates the effects of formal institutions and national culture on equity-based financing across different countries. The sample is taken from 60 Islamic banks from 10 Middle East, South Asia and Southeast Asia countries between 2011 and 2019. Using generalized least squares (GLS) regression and two-way system Generalized Method of Moment (GMM) as a robustness check, we consistently find a positive and significant effect of formal institutions on equity-based financing. This finding indicates that the good quality of formal institutions plays an important role in promoting equity-based financing. In addition, we find that culture is important and even a key determinant of equity-based financing. Power distance has a more powerful impact than other cultural values, indicating that social trust greatly influences Islamic bankers' decisions to channel this particular financing. The link between formal institutions and equity-based financing is weaker in countries with cultural values that are more individualistic (less collectivist) and more uncertainty-avoidant. These findings suggest the necessity of enhancing the quality of formal institutions and taking culture into consideration when formulating policies to increase financing in accordance with the principles of Islam.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"86 ","pages":"Article 102467"},"PeriodicalIF":4.8,"publicationDate":"2024-07-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141851063","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 bank fintech on corporate debt default 银行金融科技对企业债务违约的影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-22 DOI: 10.1016/j.pacfin.2024.102462

Haiming Liu, Jikong Hu

引用次数: 0

ESG certification, green innovation, and firm value: A quasi-natural experiment based on SynTao Green Finance's ESG ratings: A pre-registered report ESG认证、绿色创新与企业价值：基于SynTao绿色金融ESG评级的准自然实验：预注册报告

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-07-18 DOI: 10.1016/j.pacfin.2024.102453

Xiao Bai , Wenyao Zhao , Geran Tian

{"title":"ESG certification, green innovation, and firm value: A quasi-natural experiment based on SynTao Green Finance's ESG ratings: A pre-registered report","authors":"Xiao Bai , Wenyao Zhao , Geran Tian","doi":"10.1016/j.pacfin.2024.102453","DOIUrl":"10.1016/j.pacfin.2024.102453","url":null,"abstract":"<div><p>Green technology improvements are vital for sustainable growth. This pre-registered study examines the impact of environmental, social and governance (ESG) certification on green innovation and firm value, utilizing the first release of ESG ratings by SynTao Green Finance as a quasi-natural experiment. We conceptualize ESG certification as an incremental disclosure of corporate information and an external evaluation by the market. Our investigation focuses on the effects of ESG certification on both the quantity and quality of green innovation. Specifically, we analyze the mechanisms underlying these effects, testing the financing constraint effect and market monitoring effect on the quantity of green innovation, as well as the management opportunism effect on the quality of green innovation. Additionally, we explore whether the increase in green innovation driven by ESG certification enhances firm value. Our conclusions may provide significant implications for firms aiming for green development and for emerging markets seeking to improve ESG disclosure regulations.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"86 ","pages":"Article 102453"},"PeriodicalIF":4.8,"publicationDate":"2024-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141729379","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