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The response of firm performance to female official leadership 企业绩效对女性官员领导的反应
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-20 DOI: 10.1016/j.pacfin.2025.102933
Zihao Qu , Guang Zhang
{"title":"The response of firm performance to female official leadership","authors":"Zihao Qu ,&nbsp;Guang Zhang","doi":"10.1016/j.pacfin.2025.102933","DOIUrl":"10.1016/j.pacfin.2025.102933","url":null,"abstract":"<div><div>This study provides novel evidence on female government officials’ influence on Chinese local listed companies’ performance, while distinguishing between local and non-local officials. Leveraging a comprehensive panel dataset from 1999 to 2017, we explore how shifts in the proportion and locality of female officials impact firm value over time. We find a distinctive pattern: local female officials consistently enhance firm value, with the effects significantly increasing over time. In contrast, non-local female officials initially exert a negative influence that diminishes over time, which becomes statistically insignificant in the long term. The main effect is notably stronger for companies led by female CEOs, as evidenced by consistently positive and significant interaction effects. Mechanism analysis identifies two primary value-creation channels: enhanced innovation through improved patent grant rates and reduced financial constraints via lower KZ index values. Further, heterogeneity analysis reveals that the effectiveness of female officials varies significantly across institutional contexts. State-owned enterprises benefit consistently from local female officials, whereas non-state enterprises show asymmetric responses: positive local effects but negative non-local impacts. Regional analysis reveals that coastal areas eventually transform initial adjustment costs into substantial long-term benefits, while non-coastal regions consistently benefit from local representation but suffer persistent negative effects from non-local officials. These results underscore the importance of gender diversity and local embeddedness in government leadership for promoting economic growth.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102933"},"PeriodicalIF":5.3,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145158850","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
Who leads in China's interbank market? Information networks and quote spillovers in SHIBOR 谁是中国银行间市场的领导者？SHIBOR的信息网络与报价溢出效应
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-20 DOI: 10.1016/j.pacfin.2025.102948
Yu-Lun Chen , Ming-Che Hu , Wen-Ju Liao , Yu-Ting Chang
{"title":"Who leads in China's interbank market? Information networks and quote spillovers in SHIBOR","authors":"Yu-Lun Chen ,&nbsp;Ming-Che Hu ,&nbsp;Wen-Ju Liao ,&nbsp;Yu-Ting Chang","doi":"10.1016/j.pacfin.2025.102948","DOIUrl":"10.1016/j.pacfin.2025.102948","url":null,"abstract":"<div><div>This paper investigates quote spillovers and information transmission among Shanghai Interbank Offered Rate (SHIBOR) panel banks across different maturities. We find strong synchronization in short-term quote submissions, with increasing heterogeneity and asymmetry at longer tenors. Large state-owned banks consistently act as dominant transmitters of market signals, while joint-stock and city commercial banks tend to be followers. Despite being foreign-owned, HSBC often acts as a key transmitter, highlighting the importance of global reach and cross-border liquidity. Empirical analysis shows that economic policy uncertainty, systemic risk exposure, and China's central bank open market operations are key drivers of spillover dynamics. The results provide new insights into the structural behavior of China's interbank market and the stability of its interest rate benchmark system.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102948"},"PeriodicalIF":5.3,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119423","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 trade sanctions on financial risk: Empirical evidence from global data 贸易制裁对金融风险的影响：来自全球数据的经验证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-20 DOI: 10.1016/j.pacfin.2025.102945
Jiaxin Zhou , Shihao Wang , Haipeng Duan
{"title":"The impact of trade sanctions on financial risk: Empirical evidence from global data","authors":"Jiaxin Zhou ,&nbsp;Shihao Wang ,&nbsp;Haipeng Duan","doi":"10.1016/j.pacfin.2025.102945","DOIUrl":"10.1016/j.pacfin.2025.102945","url":null,"abstract":"<div><div>This paper examines the impact of trade sanctions on financial risk in target countries using panel data covering 124 countries from 2001 to 2020. The empirical results show that the imposition of trade sanctions by sender countries significantly elevates financial risk in the sanctioned states. Notably, bilateral sanctions and export sanctions exert a stronger effect on financial risk than import sanctions. Furthermore, the analysis reveals that trade sanctions increase financial risk primarily by reducing trade openness and hindering financial development in target countries. Our heterogeneity tests indicate that the impact on financial risk is significant in low and lower-middle income countries, countries with low levels of globalization, and countries with high financial risk, but not in high and upper-middle income countries, countries with high levels of globalization, or countries with high financial risk.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102945"},"PeriodicalIF":5.3,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119420","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 do credit default swap spreads react to languages? 信用违约互换价差对语言有何反应？
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-19 DOI: 10.1016/j.pacfin.2025.102943
Hung-Yi Huang
{"title":"How do credit default swap spreads react to languages?","authors":"Hung-Yi Huang","doi":"10.1016/j.pacfin.2025.102943","DOIUrl":"10.1016/j.pacfin.2025.102943","url":null,"abstract":"<div><div>Speakers of weak-future-time-reference (FTR) languages (e.g., Chinese) do not grammatically distinguish between present and future events, unlike those of strong-FTR languages (e.g., English). Notably, strong-FTR languages correlate with more myopic financial behaviors and higher credit default swap spreads. Using a comprehensive sample of firms in 59 countries covering the period from 1995 to 2020, I find that countries with strong-FTR languages exhibit a significantly higher credit risk. However, this effect weakens in nations with robust formal institutions with superior disclosure quality, high information transparency, and stable governance, among others. In the banking sector, strong-FTR-language environments are associated with greater managerial risk-taking. These findings highlight language as an informal institutional factor that shapes financial decision-making, offering novel insights into credit risk heterogeneity.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102943"},"PeriodicalIF":5.3,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145159407","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
Is company textual innovation disclosure effective? Evidence from China 公司文本创新披露是否有效？来自中国的证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-19 DOI: 10.1016/j.pacfin.2025.102947
Yucheng Sun , Huizhong Lu , Yan Hu , Meizhen Luo
{"title":"Is company textual innovation disclosure effective? Evidence from China","authors":"Yucheng Sun ,&nbsp;Huizhong Lu ,&nbsp;Yan Hu ,&nbsp;Meizhen Luo","doi":"10.1016/j.pacfin.2025.102947","DOIUrl":"10.1016/j.pacfin.2025.102947","url":null,"abstract":"<div><div>Effective information disclosure about innovation can eliminate the degree of information asymmetry between the companies and outside investors. Using data from Chinese A-share listed companies from 2009 to 2019, this study focuses on the effectiveness of textual disclosure on innovation activities. Our findings indicate that, in general, textual innovation disclosures are effective in China. The positivity of the tone in these disclosures is closely linked to R&amp;D investment and patent output, sending a consistent signal to the market. However, this positive relationship holds only when both R&amp;D expenditure and patent output are maintained at high levels. Further analysis reveals that management characteristics, such as overconfidence, can cause the innovation information disclosed in texts to diverge from actual innovation activities, reducing the effectiveness of textual disclosures. Our results remain robust when using alternative variables, samples, or controlling for endogeneity. This study provides recommendations for developing countries to enhance the quality of innovation information disclosure, supporting the healthy development of the capital market.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102947"},"PeriodicalIF":5.3,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145159406","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 country-specific geopolitical and country risk on Firms' Financial flexibility: International evidence 特定国家地缘政治和国家风险对企业财务灵活性的影响：国际证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-19 DOI: 10.1016/j.pacfin.2025.102942
Chien-Chiang Lee , Chih-Wei Wang , Po-Hsiang Huang
{"title":"The impact of country-specific geopolitical and country risk on Firms' Financial flexibility: International evidence","authors":"Chien-Chiang Lee ,&nbsp;Chih-Wei Wang ,&nbsp;Po-Hsiang Huang","doi":"10.1016/j.pacfin.2025.102942","DOIUrl":"10.1016/j.pacfin.2025.102942","url":null,"abstract":"<div><div>This study examines the international evidence of the impact of country-specific geopolitical and country risk on firms' financial flexibility by using multinational data, which includes 41 countries, 35,317 firms, and 493,752 firm-year observations. Our study uses spare debt capacity to classify the financial flexibility of firms and run logistic regression. Our empirical result documented that country-specific geopolitical risk harms a firm's financial flexibility. In mechanism analysis, the stability of the politics of a country is beneficial to a firm's financial flexibility. Moreover, to handle possible endogeneity issues, we adopt several methods to cope with them. This paper is helpful to companies when making corporate decisions and provides implications for governments while making related policies or enacting the law.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102942"},"PeriodicalIF":5.3,"publicationDate":"2025-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119422","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
Machine learning in the Australian equity market 机器学习在澳大利亚股票市场
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-18 DOI: 10.1016/j.pacfin.2025.102938
Xiaolu Hu , Yiliao Song , Angel Zhong
{"title":"Machine learning in the Australian equity market","authors":"Xiaolu Hu ,&nbsp;Yiliao Song ,&nbsp;Angel Zhong","doi":"10.1016/j.pacfin.2025.102938","DOIUrl":"10.1016/j.pacfin.2025.102938","url":null,"abstract":"<div><div>This study explores the application of advanced machine learning techniques to enhance understanding of Australian equity markets. We assess the predictive power of ten models, including traditional linear approaches and sophisticated machine learning methods such as random forests, gradient boosting, and neural networks with varying layers. Our findings demonstrate the superior performance of tree-based methods and neural networks in capturing the complex dynamics of stock returns in Australia, consistently outperforming linear models in both forecasting accuracy and economic gains. By analysing a diverse set of predictors collectively, including firm-specific characteristics and macroeconomic variables, we uncover that factors such as firm size, volatility, and trading frictions are crucial in influencing Australian stock returns. Contrary to expectations, these models often perform well across various market segments, including large, liquid stocks, challenging conventional assumptions about machine learning's efficacy in different market contexts.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102938"},"PeriodicalIF":5.3,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119417","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
Financial derivatives usage dynamics in Asia Pacific region 亚太地区金融衍生品使用动态
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-18 DOI: 10.1016/j.pacfin.2025.102941
S.M.R.K. Samarakoon , Rudra P. Pradhan , G.G. Chathuranga
{"title":"Financial derivatives usage dynamics in Asia Pacific region","authors":"S.M.R.K. Samarakoon ,&nbsp;Rudra P. Pradhan ,&nbsp;G.G. Chathuranga","doi":"10.1016/j.pacfin.2025.102941","DOIUrl":"10.1016/j.pacfin.2025.102941","url":null,"abstract":"<div><div>This study investigates the determinants and outcomes of financial derivatives usage among non-financial firms across nine Asia-Pacific countries—Australia, India, Hong Kong, Japan, Malaysia, Singapore, South Korea, Thailand, and Taiwan—using 15,316 firm-year observations over the 2022–2023 period. Firm-specific factors, governance mechanisms, and financial characteristics are examined to assess their influence on derivatives usage and its impact on firm value, performance, and cost of capital. We find that derivatives usage positively impacts firm value, particularly through foreign currency derivatives, which mitigate exchange rate risks in trade-dependent economies. Derivatives usage also significantly reduces the cost of equity (Ke) and the weighted average cost of capital (WACC) by mitigating financial risk and enhancing perceived financial stability. The impact is stronger for firms using foreign currency derivatives and those with effective governance mechanisms. The study highlights the context-specific nature of derivatives usage, emphasizing tailored strategies based on firm size, governance structures, and financial constraints to optimize outcomes.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102941"},"PeriodicalIF":5.3,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119418","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
Natural disasters and the real effect of skilled labor mobility 自然灾害和熟练劳动力流动的真实影响
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-18 DOI: 10.1016/j.pacfin.2025.102940
Yuna Heo , S. Ghon Rhee
{"title":"Natural disasters and the real effect of skilled labor mobility","authors":"Yuna Heo ,&nbsp;S. Ghon Rhee","doi":"10.1016/j.pacfin.2025.102940","DOIUrl":"10.1016/j.pacfin.2025.102940","url":null,"abstract":"<div><div>This study investigates the effects of skilled labor mobility as a response to climate disasters. Based on a novel measure of firm-level skilled labor mobility, we identify that skilled labor mobility exposed to climate disasters leads to increased liquidity buffers whereas routine-task labor does not. Additionally, firms with skilled labor mobility exposed to frequent climate disasters experience a decrease in sales growth and market shares, while firms with more routine-task labor remain unaffected. Furthermore, state-level climate adaptation policies can mitigate the adverse effects of climate disasters. Overall, the findings suggest that skilled labor mobility increases the cost of labor adjustment induced by climate change, but adaptation actions promote resilience to the challenges caused by labor market frictions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102940"},"PeriodicalIF":5.3,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119419","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 the semi-mandatory dividend policy affect firm innovation? Evidence from China's capital market 半强制性股利政策是否影响企业创新？来自中国资本市场的证据
IF 5.3 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2025-09-18 DOI: 10.1016/j.pacfin.2025.102937
Chenghao Wang , Jieran Wu , Wenyu Zhou
{"title":"Does the semi-mandatory dividend policy affect firm innovation? Evidence from China's capital market","authors":"Chenghao Wang ,&nbsp;Jieran Wu ,&nbsp;Wenyu Zhou","doi":"10.1016/j.pacfin.2025.102937","DOIUrl":"10.1016/j.pacfin.2025.102937","url":null,"abstract":"<div><div>As a long-standing regulatory instrument in China's capital market, the semi-mandatory dividend policy—linking refinancing eligibility to a minimum dividend payout ratio—may have unintended consequences for firm innovation. Using panel data on A-share listed firms from 2000 to 2019, this study identifies the causal effect of reaching the exogenously imposed “dividend threshold” on innovation through a Bartik instrumental variable approach. We find that meeting the threshold significantly boosts innovation inputs (R&amp;D) and outputs (patents), with results robust to alternative measures and specifications. The effect is strongest among private, R&amp;D-intensive, and high-growth firms, as well as those in regions with greater banking competition or in strategic emerging industries. Mechanism tests show that reaching the threshold lowers agency costs, eases financing constraints, and complements disclosure, especially under low analyst coverage. Structural equation modelling (SEM) further confirms agency cost, analyst coverage and financing access as mediators. These findings suggest that dividend regulation aimed at investor protection may also promote innovation through improved governance and financial conditions.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"94 ","pages":"Article 102937"},"PeriodicalIF":5.3,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145158851","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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