发布求助
文献互助 智能选刊 最新文献

Pacific-Basin Finance Journal最新文献

筛选
英文 中文
ESG and stock price crash risk revisited: Evidence from mandatory ESG disclosure policy in China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-03-02 DOI: 10.1016/j.pacfin.2025.102729
Jing Hao , Ran Sun , Xu Gong , Xiaoyu (Ross) Zhu
{"title":"ESG and stock price crash risk revisited: Evidence from mandatory ESG disclosure policy in China","authors":"Jing Hao ,&nbsp;Ran Sun ,&nbsp;Xu Gong ,&nbsp;Xiaoyu (Ross) Zhu","doi":"10.1016/j.pacfin.2025.102729","DOIUrl":"10.1016/j.pacfin.2025.102729","url":null,"abstract":"<div><div>This study examines how corporate environmental, social and governance (ESG) information disclosure impacts stock price crash risk (SPCR). Unlike previous studies, it finds that mandatory corporate ESG information disclosure has no significant effect on stock price crash risk in recent years. Heterogeneity analysis shows that ESG disclosure can effectively reduce stock price crash risk in firms with higher corporate governance levels or stronger external supervision. Further research reveals that ESG rating is a key factor in reducing stock price crash risk. This study provides new insights into the economic consequences of ESG disclosure and its underlying mechanisms in the current digital era.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102729"},"PeriodicalIF":4.8,"publicationDate":"2025-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143593287","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
Digital merger & acquisition and corporate innovation: Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-02-28 DOI: 10.1016/j.pacfin.2025.102723
Jinhua Xu , Xinran Xiong , Xiaoxia Li , Shanmin Li
{"title":"Digital merger & acquisition and corporate innovation: Evidence from China","authors":"Jinhua Xu ,&nbsp;Xinran Xiong ,&nbsp;Xiaoxia Li ,&nbsp;Shanmin Li","doi":"10.1016/j.pacfin.2025.102723","DOIUrl":"10.1016/j.pacfin.2025.102723","url":null,"abstract":"<div><div>Breaking through innovation bottlenecks is one of the most important issues in promoting high-quality development of the Chinese economy. Using a stacked difference-in-difference strategy, we show that digital Merger &amp; Acquisition (M&amp;A) has a positive effect on corporate innovation, and the effect is more salient for firms with lower levels of knowledge stock and those located in regions with lower levels of digital finance development. Further analysis shows that digital M&amp;A promotes corporate innovation by improving human capital. Our empirical results provide policy implications for the improvement of digital capability and achievement of high-quality development.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102723"},"PeriodicalIF":4.8,"publicationDate":"2025-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143549939","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
Local government debt and corporate cash holdings: Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-02-27 DOI: 10.1016/j.pacfin.2025.102722
Guanglong Zhang, Chuyu Wang
{"title":"Local government debt and corporate cash holdings: Evidence from China","authors":"Guanglong Zhang,&nbsp;Chuyu Wang","doi":"10.1016/j.pacfin.2025.102722","DOIUrl":"10.1016/j.pacfin.2025.102722","url":null,"abstract":"<div><div>This study, based on Chinese data, examines how local government debt (LGD) affects the cash holding policies of local firms. We find that a higher LGD significantly increases cash holding levels of local firms, mainly by impeding their access to external financing, particularly bank loans, prompting a precautionary cash buildup. Heterogeneous analyses suggest that the impact of LGD on cash holdings is more pronounced for firms without financing privileges (non-state-owned enterprises and those without political connections), firms located in provinces with a stronger non-state-owned economy, and firms located in cities with more restricted bank credit supply. Additionally, a higher LGD leads to slower adjustments of cash holdings toward target levels and higher market value of excess cash holdings for local firms. These findings provide new insights into the economic implications of increased government debt and contribute to our understanding of corporate cash holding policies.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102722"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143644975","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 enhanced intra-regional transport accessibility alleviate corporate financing constraints? Evidence from China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-02-27 DOI: 10.1016/j.pacfin.2025.102724
Mengting Zhang , Ziwen Bao , Binghao Chen , Feng Yu
{"title":"Can enhanced intra-regional transport accessibility alleviate corporate financing constraints? Evidence from China","authors":"Mengting Zhang ,&nbsp;Ziwen Bao ,&nbsp;Binghao Chen ,&nbsp;Feng Yu","doi":"10.1016/j.pacfin.2025.102724","DOIUrl":"10.1016/j.pacfin.2025.102724","url":null,"abstract":"<div><div>This study systematically investigates a crucial yet relatively underexplored mechanism in corporate finance: the role of intra-regional transport accessibility in alleviating financing constraints. Based on the detailed vector data of highway networks in the OpenStreetMap (OSM), we develop a novel measure of transport accessibility across 1914 district/county pairs in 256 Chinese cities (2013−2022), employing GIS-based spatial analysis. Our findings reveal that an enhancement in intra-regional transport accessibility significantly mitigates the degree of corporate financing constraints, with a marginal effect of approximately 1.2 %. This result remains robust after subjecting it to a series of robustness checks and effectively handling the endogeneity problem through the use of an instrumental variable (IV). This improvement effect occurs by reducing the time cost of corporate financing, alleviating information asymmetry, and strengthening the supply chain finance. Moreover, this positive effect is relatively more pronounced among debt-financing enterprises, capital-intensive enterprises, higher supplier concentration enterprises, and those located in cities equipped with subway. We also find a significant substitution effect between digital infrastructure and regional transportation in facilitating corporate financing. Furthermore, the financial services market benefits from this process, highlighting a mutually advantageous outcome for both enterprises and the broader financial ecosystem.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102724"},"PeriodicalIF":4.8,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143529123","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
News sentiment and the cost of debt1
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-02-26 DOI: 10.1016/j.pacfin.2025.102721
Yedong Wang , Junchao Xiao , Lei Wang , Daoping Wang
{"title":"News sentiment and the cost of debt1","authors":"Yedong Wang ,&nbsp;Junchao Xiao ,&nbsp;Lei Wang ,&nbsp;Daoping Wang","doi":"10.1016/j.pacfin.2025.102721","DOIUrl":"10.1016/j.pacfin.2025.102721","url":null,"abstract":"<div><div>Based on 4.4 million news articles from approximately 6000 newspapers, this paper investigates the relationship between news sentiment and the cost of debt. We find that news sentiment is negatively associated with firms' offering yield spreads. The analysis reveals that news sentiment influences the cost of debt at both firm level and market level. Further research finds that since Chengtou firms, state-owned firms and firms in developed provinces have strong government support, the impact of news sentiment will be moderated. Additionally, the impact of news sentiment is attenuated for firms with higher credit rating, lower debt ratio, or higher cash ratio. The findings are robust to controls for standard yield determinants, alternative measures of dependent and independent variables, and potential endogeneity concerns.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102721"},"PeriodicalIF":4.8,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143534207","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
How does subordinated debt affect the cost of capital for banks?
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-02-23 DOI: 10.1016/j.pacfin.2025.102714
Leyla Yusifzada
{"title":"How does subordinated debt affect the cost of capital for banks?","authors":"Leyla Yusifzada","doi":"10.1016/j.pacfin.2025.102714","DOIUrl":"10.1016/j.pacfin.2025.102714","url":null,"abstract":"<div><div>This paper studies the relationship between banks’ subordinated debt and the cost of capital in OECD countries from 2000 to 2019. Consistent with the hypothesis that subordinated debt disciplines risk-taking, empirical results show that the total cost of capital decreases with subordinated debt, keeping the equity capitalization and deposits constant. The main results hold for the US and the EU subsamples and are driven by the Global Financial Crisis of 2007–2009. Furthermore, the paper demonstrates that one-time subordinated debt issuance and low levels of subordinated debt do not suffice to discipline risk-taking.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102714"},"PeriodicalIF":4.8,"publicationDate":"2025-02-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143487700","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
Visible hands versus invisible hands: Default risk and stock price crashes in China
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-02-22 DOI: 10.1016/j.pacfin.2025.102715
Huaigang Long , Cuixia Tao , Zhongwei Yao , Yanjian Zhu
{"title":"Visible hands versus invisible hands: Default risk and stock price crashes in China","authors":"Huaigang Long ,&nbsp;Cuixia Tao ,&nbsp;Zhongwei Yao ,&nbsp;Yanjian Zhu","doi":"10.1016/j.pacfin.2025.102715","DOIUrl":"10.1016/j.pacfin.2025.102715","url":null,"abstract":"<div><div>This paper revisits the default-crash risk relation in the context of China. We find that firms with higher default risk have lower stock price crash risk at both monthly and yearly frequencies. To identify the causal effect, we use the first-ever default event in China’s onshore bond market in 2014 as an exogenous shock to the strength of implicit guarantees. The negative relation arises from the active involvement of the government before 2014 and creditors after 2014 in corporate governance. Consistent with the external scrutiny mechanism, the impact of default risk on stock price crashes is stronger in situations where creditors are more likely to engage in active monitoring (i.e., firms with higher liquidation costs, lower liquidation value, higher levels of information asymmetry, and non-state-owned firms), with these effects being primarily observed in the post-2014 period. Overall, our study highlights the role of the “invisible hand” in the absence of the “visible hand”.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102715"},"PeriodicalIF":4.8,"publicationDate":"2025-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143527384","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
Impact of financing method on J-REIT unit price around seasoned equity offerings: Dilution and borrowing ratio effects on abnormal returns
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-02-20 DOI: 10.1016/j.pacfin.2025.102712
Akira Ota , Hiroshi Takahashi
{"title":"Impact of financing method on J-REIT unit price around seasoned equity offerings: Dilution and borrowing ratio effects on abnormal returns","authors":"Akira Ota ,&nbsp;Hiroshi Takahashi","doi":"10.1016/j.pacfin.2025.102712","DOIUrl":"10.1016/j.pacfin.2025.102712","url":null,"abstract":"<div><div>This study attempts to identify the determinants of changes in real estate investment trust (REIT) unit prices at the time of seasoned equity offering (SEO) in the Japanese financial market. As Japanese REIT (J-REIT) announces SEOs, dividends, and borrowings at the same time, this analysis can consider each factor simultaneously. This study uses the event study method to conduct an ordinary least squares multivariate regression analysis (regression analysis) of the average cumulative abnormal return for 11 days during SEOs in J-REIT. We add the change in a borrowing ratio before and after an SEO and the dilution ratio of investment units from the perspective of the financing method as new candidate factors not used in previous studies. The sample period is from 2013 to 2017, and the number of the analyzed SEOs is 150. This study simultaneously analyzes the impact of the changes in dividends, the changes in borrowing ratios, and the dilution ratios on J-REIT unit prices at the time of SEOs and clarifies each impact. This study showed that investors were aware of the importance of the dilution impact from the perspective of net asset value as well as the dividend as profitability. Unlike previous studies, we also showed that the increase in the borrowing ratio negatively affected the unit price.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102712"},"PeriodicalIF":4.8,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143509149","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
Can internet finance promote employment absorption by township enterprises in China?
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-02-20 DOI: 10.1016/j.pacfin.2025.102718
Xiaolei Zhang , Cai Zhou , Ziyun Li , Wenping Sun
{"title":"Can internet finance promote employment absorption by township enterprises in China?","authors":"Xiaolei Zhang ,&nbsp;Cai Zhou ,&nbsp;Ziyun Li ,&nbsp;Wenping Sun","doi":"10.1016/j.pacfin.2025.102718","DOIUrl":"10.1016/j.pacfin.2025.102718","url":null,"abstract":"<div><div>Township and village enterprises (TVEs) serve as the primary channel for employment, contributing to over 80 % of rural jobs in China. Internet finance, leveraging technological means, provides more convenient and flexible financing channels in expanding employment opportunities. Based on representative sampling survey data of Chinese township enterprises in 2016, this paper explores the impact of Internet finance adoption at the village level on labor employment within TVEs. We find that villages utilizing Internet finance exhibit an increase in the employment-absorbing capacity of TVEs. After addressing potential endogeneity issues through methods such as instrumental variables, the results remain robust. The alleviation of financing constraints and the promotion of business model innovation are key channels through which Internet finance drives employment absorption by TVEs. Further analysis reveals that the employment-driving effect of Internet finance is primarily concentrated among individuals with at least a high school education, fellow villagers or townsfolk, and is more prominent for contract workers rather than temporary workers. In addition, the promotional effect of Internet finance on employment in TVEs is more pronounced in villages with fewer financial service institutions and in midwest regions in China, highlighting the inclusiveness nature of Internet finance.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102718"},"PeriodicalIF":4.8,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143549850","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
Media sentiment fluctuations on exchange rate, managerial risk appetite and FX derivatives usage
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-02-20 DOI: 10.1016/j.pacfin.2025.102717
Daoping Wang, Liying Xin, Xinyan Shen, Yedong Wang
{"title":"Media sentiment fluctuations on exchange rate, managerial risk appetite and FX derivatives usage","authors":"Daoping Wang,&nbsp;Liying Xin,&nbsp;Xinyan Shen,&nbsp;Yedong Wang","doi":"10.1016/j.pacfin.2025.102717","DOIUrl":"10.1016/j.pacfin.2025.102717","url":null,"abstract":"<div><div>As the RMB exchange rate reform deepens, Chinese firms' foreign exchange (FX) risk management has garnered increasing attention. Based on a big data from 3.83 million pieces of news published by 33 well-known comprehensive and financial newspapers in China, this paper constructs a sentiment lexicon using the N-gram model to measure the exchange rate's media sentiment through textual analysis. Utilizing 2007–2023 data from listed companies in China, we empirically examine the relationship among media sentiment fluctuations on exchange rate, managerial risk appetite and FX derivatives usage decisions. The findings indicate that media sentiment fluctuations on exchange rate can increase the probability of using FX derivatives and this process is influenced by managerial risk appetite. Heterogeneity analysis reveals that the impact of managerial risk appetite on the media sentiment motivations for using FX derivatives is more pronounced in firms with low equity balance, low institutional investor ownership, management lacking financial or international backgrounds, and low exposure to exchange rate risk. The relevant conclusions provide policy insights for firms to better respond to media coverage and external information, as well as to strengthen corporate governance and FX risk management.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102717"},"PeriodicalIF":4.8,"publicationDate":"2025-02-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143463582","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信