Pacific-Basin Finance Journal最新文献_第3页

Is human capital risk lower in state-owned enterprises? — A textual analysis based on China's listed company annual reports 国有企业的人力资本风险更低吗？- 基于中国上市公司年报的文本分析

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-27 DOI: 10.1016/j.pacfin.2024.102548

Haobo Tang , Huan Zhang , Yuzhen Guan , Hexuan Wang

{"title":"Is human capital risk lower in state-owned enterprises? — A textual analysis based on China's listed company annual reports","authors":"Haobo Tang , Huan Zhang , Yuzhen Guan , Hexuan Wang","doi":"10.1016/j.pacfin.2024.102548","DOIUrl":"10.1016/j.pacfin.2024.102548","url":null,"abstract":"<div><div>Based on the annual reports of China's A-share listed companies from 2007 to 2020, this paper constructs a human capital risk index of China's listed companies through the methods of machine learning and explores the impact of state ownership on corporate human capital risk. The results show that compared with non-state-owned enterprises (non-SOEs), state-owned enterprises (SOEs) have lower human capital risk in China. Mechanism tests suggest that SOEs can offer higher compensation and benefits and maintain more stable employment relationships, which reduce human capital risk significantly. Additionally, this effect is more pronounced during periods of high economic policy uncertainty, in regions with weaker talent policies, and in areas with a lower proportion of aging labor force. The study also reveals that SOEs have lower human capital attraction and human capital retention risk than non-SOEs. Furthermore, SOEs have more educated and skilled employees, which contributes to higher human capital. Last, this study finds state ownership enhances innovation output, total factor productivity, and economic value added by mitigating human capital risk.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423900","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

Are labor laws and employee welfare complements in determining leverage ratios? 在确定杠杆比率时，劳动法和员工福利是互补的吗？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-26 DOI: 10.1016/j.pacfin.2024.102545

Hien Duc Han, Kartick Gupta, Chandrasekhar Krishnamurti

引用次数: 0

Gender culture and cross-border mergers and acquisitions: The deals with RCEP targets 性别文化与跨国并购：与 RCEP 目标企业的交易

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-26 DOI: 10.1016/j.pacfin.2024.102544

Yenn-Ru Chen , Yu-Lin Huang , Ting-Yu Chang

{"title":"Gender culture and cross-border mergers and acquisitions: The deals with RCEP targets","authors":"Yenn-Ru Chen , Yu-Lin Huang , Ting-Yu Chang","doi":"10.1016/j.pacfin.2024.102544","DOIUrl":"10.1016/j.pacfin.2024.102544","url":null,"abstract":"<div><div>The initiation of RCEP (Regional Comprehensive Economic Partnership) provides a natural experiment to examine the impact of gender culture induced by women's empowerment on cross-border mergers and acquisitions (CBM&As). Using a sample of 2345 CBM&As with targets in RCEP countries from 1995 to 2019, this study finds that acquirers from countries with higher women's empowerment are less likely to target firms in ASEAN (Association of Southeast Asian Nations) countries than firms in other RCEP countries. Meanwhile, gender culture induced by women's empowerment can only positively affect deal completion for RCEP acquirers. Consistent with the prediction based on women's social preference, acquirers in high-women-empowerment countries experience positive announcement returns but negative returns in the long run, especially when they bid on an ASEAN target. We find that such an effect of gender culture on M&A performance is associated with lower premiums, lower post-merger uncertainty, and higher implicit costs. Although acquirers in high-women-empowerment countries would pay a lower premium and experience less uncertainty for ASEAN acquisitions, their social concern induced by gender culture increases their post-merger operating costs.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423899","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 governance and financial distress in China a multi-dimensional nonlinear study based on machine learning 中国公司治理与财务困境--基于机器学习的多维非线性研究

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-26 DOI: 10.1016/j.pacfin.2024.102549

Qingbin Meng , Xinxing Zheng , Solomon Wang

{"title":"Corporate governance and financial distress in China a multi-dimensional nonlinear study based on machine learning","authors":"Qingbin Meng , Xinxing Zheng , Solomon Wang","doi":"10.1016/j.pacfin.2024.102549","DOIUrl":"10.1016/j.pacfin.2024.102549","url":null,"abstract":"<div><div>Promoting governance efficiency is crucial for preventing corporate financial distress. However, previous research has been constrained by limited dimensions of governance predictors and insufficient linear estimations to predict financial distress. To address this issue, this study gathers 37 corporate governance indicators of Chinese publicly listed firms from 2009 to 2022 in the dimensions of ownership structure, board features and executive traits. The LightGBM machine learning approach is then used to compare the predicting power of these individual indicators, as well as the predicting power of the dimensions. The SHAP (SHapley Additive exPlanations) method is further adopted to conduct an in-depth interpretability analysis upon the established prediction. Our approach identifies the nonlinear effects of important corporate governance indicators on financial distress and prioritizes those indicators based on their impact levels. Our results show that the most influential indicator is institutional ownership, followed by managerial ownership and executive compensation disparity. In addition, the dimension of ownership structure has the highest predicting power among the three. Overall, our study provides new insights into how firms can optimize their corporate governance mechanisms to prevent financial distress.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423904","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

Salience, psychological anchors, and stock return predictability 显著性、心理锚和股票回报可预测性

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-25 DOI: 10.1016/j.pacfin.2024.102543

Mei-Chen Lin

引用次数: 0

Impact of climate change risks on equity capital: Evidence-based on Chinese markets 气候变化风险对股权资本的影响：基于中国市场的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-23 DOI: 10.1016/j.pacfin.2024.102541

Xiaotong Yue , Xiaoran Kong , Qiuyun Zhao , Kung-Cheng Ho

引用次数: 0

Does digital credit alleviate household income vulnerability? 数字信贷能否减轻家庭收入的脆弱性？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-23 DOI: 10.1016/j.pacfin.2024.102542

Haijun Wang, Xiance Du, Chen Ge, Wanting Wu

{"title":"Does digital credit alleviate household income vulnerability?","authors":"Haijun Wang, Xiance Du, Chen Ge, Wanting Wu","doi":"10.1016/j.pacfin.2024.102542","DOIUrl":"10.1016/j.pacfin.2024.102542","url":null,"abstract":"<div><div>As a result of various internal and external risks and unstable expectations, the income vulnerability of households in various countries has come to the forefront, weakening the microfoundation of a stable macroeconomy. However, the booming development of digital credit may create favorable conditions for mitigating household income vulnerability and improving household economic resilience. Using data from the 2014–2020 China Family Panel Studies (CFPS), this paper explores the mechanism of the role of digital credit on household income vulnerability. Firstly, digital credit can help the household sector manage risks, effectively alleviate the credit constraints of the household sector, and mitigate household income vulnerability. Secondly, the development of digital credit mitigates household income vulnerability by promoting the breadth and depth of financial services. Thirdly, the heterogeneity analysis shows that the marginal utility of digital credit is higher for the income vulnerability of self-employed households, low-income disadvantaged households, and households in underdeveloped regions. Fourthly, the shock of the COVID-19 pandemic and the implementation of entrepreneurship assistance policies weakened digital credit's alleviation of household income vulnerability.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142357040","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 continuous disclosure affect the market reaction to mergers and acquisitions announcements? 持续披露是否会影响市场对并购公告的反应？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-22 DOI: 10.1016/j.pacfin.2024.102540

Syed Shams , Sudipta Bose , Abeyratna Gunasekarage , Eswaran Velayutham

引用次数: 0

Capital infusions and Bank risk-taking behaviour 资本注入与银行冒险行为

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-19 DOI: 10.1016/j.pacfin.2024.102539

Vijaya B. Marisetty , Md Shoeb

引用次数: 0

Is there an intraday reversal effect in commodity futures and options? Evidence from the Chinese market 商品期货和期权是否存在日内反转效应？来自中国市场的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-19 DOI: 10.1016/j.pacfin.2024.102534

Luyuan Zheng , Xingguo Luo

引用次数: 0