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Does gender diversity on boards improve bank financial performance in a bank-based financial system? A pre-registered report 在以银行为基础的金融体系中，董事会中的性别多样性能否改善银行的财务业绩？预注册报告
IF 4.6 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-07 DOI: 10.1016/j.pacfin.2024.102524
Hideaki Sakawa, Naoki Watanabel, Yoshio Kuroki
{"title":"Does gender diversity on boards improve bank financial performance in a bank-based financial system? A pre-registered report","authors":"Hideaki Sakawa, Naoki Watanabel, Yoshio Kuroki","doi":"10.1016/j.pacfin.2024.102524","DOIUrl":"https://doi.org/10.1016/j.pacfin.2024.102524","url":null,"abstract":"This pre-registered report aims to reveal whether board gender diversity enhance bank performance in a bank-based (financial) system. Using publicly listed banks in the period (2010−2021), we plan to measure bank performance and adopt a difference in difference method for the analysis. We focus on whether Japan's Corporate Governance (CG) code strengthens the advisory or monitoring roles of women on board (WOB) in the banking industry. We shed light on the effectiveness of Japan's CG code, which aims to increase the number of female directors. Furthermore, we contribute to the discussion of “Who monitors the monitors?” in a bank-based system.","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.6,"publicationDate":"2024-09-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142262139","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 geographic location of Blockholders matter? Evidence from Chinese Firms' cross-regional investment 大股东的地理位置重要吗？中国企业跨地区投资的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-05 DOI: 10.1016/j.pacfin.2024.102521
Wan Huang , Yufan Bai , Hong Luo
{"title":"Does the geographic location of Blockholders matter? Evidence from Chinese Firms' cross-regional investment","authors":"Wan Huang ,&nbsp;Yufan Bai ,&nbsp;Hong Luo","doi":"10.1016/j.pacfin.2024.102521","DOIUrl":"10.1016/j.pacfin.2024.102521","url":null,"abstract":"<div><p>Using manually collected geographic location data of both blockholders and subsidiaries of Chinese listed firms from 2003 to 2018, this paper explores the resource effect of nonlocal blockholders (NLBs) and their role in overcoming geographic distance barriers to corporate investment. We find strong evidence that firms with NLBs invest more in cross-provincial subsidiaries, particularly if NLBs are in the same industry as the firm, if they appoint executives to the firm, and if they are state-owned. Moreover, NLBs can help firms obtain more bank loans and government subsidies from the provinces where NLBs are located, thus promoting firms' cross-regional investment. A heterogeneity analysis indicates that the role of NLBs is strengthened if the target regions' institutional environment is unfriendly for firms' cross-regional investment but diminished if the firm has other social networks. Additionally, the cross-regional investment promoted by NLBs entails lower transaction costs and increases the total factor productivity of firms. Our paper expands the research on the heterogeneity and governance role of blockholders and provides new insights into the determinants of subsidiaries' location choices.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142163460","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
Social media sentiment contagion and stock price jumps and crashes 社交媒体情绪传染与股价暴涨暴跌
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-04 DOI: 10.1016/j.pacfin.2024.102520
Jing Yang , Yan Xiong
{"title":"Social media sentiment contagion and stock price jumps and crashes","authors":"Jing Yang ,&nbsp;Yan Xiong","doi":"10.1016/j.pacfin.2024.102520","DOIUrl":"10.1016/j.pacfin.2024.102520","url":null,"abstract":"<div><p>Inspired by the SIR model, we adopt sentiment extracted from the social media platform (Guba) of Eastmoney in China during 2008–2022 to construct a firm-specific investor sentiment contagion speed measurement and investigate the association between sentiment contagion speed and stock price jumps and crashes. Specifically, we find that the contagion of optimistic sentiment is positively associated with jumps in stock price, while the contagion of pessimistic sentiment is positively associated with the crash risk of stock prices. Moreover, these associations vary based on the prevailing proportion of the sentiment and the market's bull and bear status. Additionally, the stock price movement associated with social sentiment contagion is influenced by short-selling constraints, analyst coverage and institutional ownership.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142229151","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 executives' political identity improve firm financial performance? Evidence from China 高管的政治身份能否提高公司财务绩效？来自中国的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-09-03 DOI: 10.1016/j.pacfin.2024.102518
Yongming Miao , Yaokuang Li , Zhiguang Li
{"title":"Does executives' political identity improve firm financial performance? Evidence from China","authors":"Yongming Miao ,&nbsp;Yaokuang Li ,&nbsp;Zhiguang Li","doi":"10.1016/j.pacfin.2024.102518","DOIUrl":"10.1016/j.pacfin.2024.102518","url":null,"abstract":"<div><p>Using data from Chinese A-share listed companies between 2010 and 2021, we employ natural language processing techniques and word frequency statistical analysis to investigate the influence of executives' subjective political values on firm financial performance. We draw on social identity theory and find that executives' political identity significantly enhances firm financial performance, with government subsidies and corporate compliance behavior playing intermediary roles. Furthermore, the promotional effect is more pronounced for enterprises that are geographically closer to the government, have lower marketization and are in the central and western regions. Our study contributes to the literature on the subjective political attitudes of Chinese executives and enhances the understanding of the economic consequences of such relationships. Additionally, our research offers valuable insights into corporate performance in countries without partisan conflict.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142163461","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
Supply chain digitization and corporate maturity mismatch: Evidence from a quasi-natural experiment 供应链数字化与企业成熟度错配：来自准自然实验的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-08-30 DOI: 10.1016/j.pacfin.2024.102514
Yifei Du, Wen Li , Xuesong Tang
{"title":"Supply chain digitization and corporate maturity mismatch: Evidence from a quasi-natural experiment","authors":"Yifei Du,&nbsp;Wen Li ,&nbsp;Xuesong Tang","doi":"10.1016/j.pacfin.2024.102514","DOIUrl":"10.1016/j.pacfin.2024.102514","url":null,"abstract":"<div><p>This paper examines the impact of supply chain digitization on corporate maturity mismatch by exploiting a quasi-natural experiment in China. We find that the digital transformation of supply chain effectively reduces corporate maturity mismatch, with mitigating information asymmetry and optimizing business decisions being the primary mechanisms. The effect is more significant when firms are facing more severe financing constraints and are in the downstream of the supply chain. Overall, this study contributes to the existing literature on corporate debt structure and the digital supply chain practices.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142128937","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
Navigating the “twin titans” of global manufacturing: The impact of US and China on industrial production forecasting in G20 nations 驾驭全球制造业的 "双巨头"：美国和中国对 G20 国家工业生产预测的影响
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-08-30 DOI: 10.1016/j.pacfin.2024.102509
Utkarsh Kumar, Wasim Ahmad
{"title":"Navigating the “twin titans” of global manufacturing: The impact of US and China on industrial production forecasting in G20 nations","authors":"Utkarsh Kumar,&nbsp;Wasim Ahmad","doi":"10.1016/j.pacfin.2024.102509","DOIUrl":"10.1016/j.pacfin.2024.102509","url":null,"abstract":"<div><p>This study shows the influence of the US and China, the world's manufacturing powerhouses, over the performance of the manufacturing sector of G20 countries from the lens of forecasting. Building upon the Bayesian Additive Regression Tree (BART) with Vector autoregression (VAR) and Stochastic Volatility (SV) augmentations, the study forecasts the IPI (Industrial Production Index) of G20 countries and checks whether the addition of US or China data results in any superior forecast. Initial findings highlight a significant interconnectedness between the IPIs of the US and China and those of G20 nations. The empirical findings suggest an increase in the forecast accuracy of many member nations' IPI with the addition of US and China's data for both point and density forecasts. Furthermore, US data offer an overall advantage in the forecast, particularly for developed economies. China's influence is primarily observed in nations where it maintains robust trade relationships. The study provides valuable insights into the dynamics of global manufacturing. It highlights the importance of considering the role of major players such as the US and China when making predictions about future trends.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142150180","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
Tail connectedness: Measuring the volatility connectedness network of equity markets during crises 尾部连通性：衡量危机期间股票市场的波动连接网络
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-08-30 DOI: 10.1016/j.pacfin.2024.102497
Tingting Cheng , Fei Liu , Junli Liu , Wenying Yao
{"title":"Tail connectedness: Measuring the volatility connectedness network of equity markets during crises","authors":"Tingting Cheng ,&nbsp;Fei Liu ,&nbsp;Junli Liu ,&nbsp;Wenying Yao","doi":"10.1016/j.pacfin.2024.102497","DOIUrl":"10.1016/j.pacfin.2024.102497","url":null,"abstract":"<div><p>This paper studies the global volatility connectedness network among 16 stock markets under different market conditions. We construct measures of tail connectedness following Ando et al. (2022) by introducing quantile regression into the classic Diebold–Yilmaz network model. We demonstrate the advantages of using tail connectedness for measuring extreme systemic risk, and examine the dynamic evolution of volatility connectedness from 2005 to 2021 at different quantiles. Our empirical results suggest that when the market is calm, the strength of volatility connectedness is determined by the closeness of economic and trade ties. Although (North) American and European stock markets tend to act as net risk providers during crises, Asian markets have become increasingly influential in the past two decades. We also find that the spillover of extreme risks is predominantly unidirectional, with either the U.S. or China sitting at the center of the spillover network and transmitting risks to the regional centers and peripheral markets.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142128936","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 are green stocks and monetary policy related? 绿色股票与货币政策有何关系？
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-08-30 DOI: 10.1016/j.pacfin.2024.102516
Paresh Kumar Narayan , Bhavesh Garg , Iman Gunadi , Arnita Rishanty
{"title":"How are green stocks and monetary policy related?","authors":"Paresh Kumar Narayan ,&nbsp;Bhavesh Garg ,&nbsp;Iman Gunadi ,&nbsp;Arnita Rishanty","doi":"10.1016/j.pacfin.2024.102516","DOIUrl":"10.1016/j.pacfin.2024.102516","url":null,"abstract":"<div><p>We propose and test the hypothesis that green stocks and monetary policies are interdependent. Using time-series data for two large economies (India and Indonesia), that have adopted inflation targeting regimes, we develop a structural vector autoregressive model of monetary policy and green stocks that combines with output. We find that green stock prices fall (rise) in response to inflation with a lagged effect and policy rate shocks for India (Indonesia). Currency depreciation, on the other hand, increases green stock prices for India but has a muted effect for Indonesia. We also discover that, for India, monetary policies hardly respond to green stock price shocks while, for Indonesia, green stock prices do influence the evolution of monetary price variables. Our main contribution is that we decipher the effects of green stocks from aggregate market shocks and show each of these market price shocks is related to the monetary aggregates.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142137418","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 finance and capital mobility: Evidence from cross-regional investment of listed companies in China 数字金融与资本流动：中国上市公司跨区域投资的证据
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-08-28 DOI: 10.1016/j.pacfin.2024.102515
Qiongzhi Liu , Renke Li , Yuqin Wang
{"title":"Digital finance and capital mobility: Evidence from cross-regional investment of listed companies in China","authors":"Qiongzhi Liu ,&nbsp;Renke Li ,&nbsp;Yuqin Wang","doi":"10.1016/j.pacfin.2024.102515","DOIUrl":"10.1016/j.pacfin.2024.102515","url":null,"abstract":"<div><p>This study examines the role of digital finance in dismantling regional barriers to capital flow and in fostering the creation of a unified market. Using the provincial-level digital finance index and data on subsidiaries by listed companies, we demonstrate how digital finance index effectively enhances cross-regional investment. Our findings are robustly supported by extensive tests. We propose two potential mechanisms through which digital finance may influence the level of cross-regional investment by listed companies: first, by reducing the degree of segmentation in capital markets between regions and second, by lowering firms' capital costs and financial constraint. Our results indicate that the impact of digital finance on cross-regional investment is particularly pronounced in environments with higher competition, and among companies without political connections. Additionally, our research indicates that in regions with higher financial regulation, digital finance can better facilitate capital flow. This study provides new research perspectives and evidence on the influence of digital finance on the development of the real economy and the promotion of capital mobility.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142097997","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 financial sanctions on ESG performance of target countries 金融制裁对目标国家环境、社会和治理绩效的影响
IF 4.8 2区 经济学
Pacific-Basin Finance Journal Pub Date : 2024-08-28 DOI: 10.1016/j.pacfin.2024.102513
Xue-Ying Liu , Xin-Xin Zhao , Kun Ma , Susan Sunila Sharma
{"title":"The impact of financial sanctions on ESG performance of target countries","authors":"Xue-Ying Liu ,&nbsp;Xin-Xin Zhao ,&nbsp;Kun Ma ,&nbsp;Susan Sunila Sharma","doi":"10.1016/j.pacfin.2024.102513","DOIUrl":"10.1016/j.pacfin.2024.102513","url":null,"abstract":"<div><p>By employing a panel data analysis that covers for 102 countries from 1990 to 2020, this paper investigates the impact of financial sanctions on Environmental, Social, and Governance (ESG) performance of target countries. The results firstly demonstrate that financial sanctions significantly hampered the ESG performance of target countries. More specifically, the implementation of financial sanctions hinders environmental sustainability (E), social equality (S), and corporate governance (G) of target countries respectively. In addition, this paper also finds that financial sanctions significantly decrease ESG performance by restricting foreign capital flow, decreasing the level of globalization and increasing financial risk. Last but not least, this paper concludes that financial development and democracy can create a favorable environment for ESG performance in sanctioned countries and mitigate the adverse effects of financial sanctions.</p></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":null,"pages":null},"PeriodicalIF":4.8,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142137419","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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