Pacific-Basin Finance Journal最新文献_第5页

The effectiveness of the green bond instrument on stimulating firms' green innovation performance: A comparative study based on Chinese market

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-13 DOI: 10.1016/j.pacfin.2025.102706

Kaiwen Chang , Dan Luo , Kai Xing , Biao Mi

{"title":"The effectiveness of the green bond instrument on stimulating firms' green innovation performance: A comparative study based on Chinese market","authors":"Kaiwen Chang , Dan Luo , Kai Xing , Biao Mi","doi":"10.1016/j.pacfin.2025.102706","DOIUrl":"10.1016/j.pacfin.2025.102706","url":null,"abstract":"<div><div>Green bonds have become an indispensable part of green finance system, offering a market-based solution for financing green innovation (GI). This study examines the impact of green bond issuance (GBI) on GI performance using Chinese listed firms' data from 2007 to 2019. The results show that GBI can promote the GI for both bond issuing firms and their industrial peers, with the impact generated on the former to be more significant. Compared with their peers, the issuing firms tend to focus more on green innovation quality, while the peers are more likely to achieve green innovation increment. Also, the heterogeneity analysis shows that external supervision is important to effectively trigger GI incentives of GBI. The relationship between GBI and GI is more prominent among the state-owned enterprise (SOE), non-heavily polluting firms, and in the eastern region. Furthermore, GBI promotes the GI performance of both issuing and peer firms through different channels. It provides the issuing firms with more R&D investment while enhances the capital utilisation efficiency among peers. Consequently, it is suggested that effective polies should be set in place to ensure that the desired positive outcomes of GBI are achieved, and firms are guided towards more sustained development path.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102706"},"PeriodicalIF":4.8,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143429087","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

One click into capital: The impact of digital government on venture capital

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-12 DOI: 10.1016/j.pacfin.2025.102709

Xiaokun Wei , Yan Jiang , Tian Gan , Honghui Zou

引用次数: 0

The impact of ESG investment on fund performance: Evidence from mutual fund style drift ESG投资对基金业绩的影响：共同基金风格漂移的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-11 DOI: 10.1016/j.pacfin.2025.102707

Jiayu Lin , Dongliang Pan , Yezhou Sha

引用次数: 0

Executive accountability systems and the financial investments of state-owned enterprises in China

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-10 DOI: 10.1016/j.pacfin.2025.102702

Guoqiang Hu , Wenxiang Sun , Yuanzheng Xu , Hong-an Mao

{"title":"Executive accountability systems and the financial investments of state-owned enterprises in China","authors":"Guoqiang Hu , Wenxiang Sun , Yuanzheng Xu , Hong-an Mao","doi":"10.1016/j.pacfin.2025.102702","DOIUrl":"10.1016/j.pacfin.2025.102702","url":null,"abstract":"<div><div>This study examines the impact of executive accountability systems on the financial investments of state-owned enterprises (SOEs). Utilizing the staggered regional implementation of the Accountability System for Irregular Operations and Investments (ASIOI) in Chinese SOEs as an exogenous shock and a difference-in-differences design, we observe a significant reduction in SOEs' financial investments after the implementation of the ASIOI. Further analysis reveals that mitigating managerial myopia and strengthening internal control are potential mechanisms through which the ASIOI affects SOEs' financial investments. Cross-sectional tests show that the ASIOI's effects are more pronounced in SOEs with more intense market competition, shorter chairperson tenures, lower financing constraints, and higher agency costs. Moreover, the ASIOI reduces over-investment and speculative investment in financial assets while enhancing core business performance. Overall, our findings highlight the positive impact of executive accountability systems on corporate financial investments and the implications of improving resource allocation efficiency in SOEs.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"91 ","pages":"Article 102702"},"PeriodicalIF":4.8,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143429090","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 dividend policy: Evidence from China 数字金融与股利政策：来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-10 DOI: 10.1016/j.pacfin.2025.102704

Yunxing Song , Suin Lee , Bin Wang

引用次数: 0

The dark side of customer-specific innovation: Patent similarity and supplier labor investment efficiency

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-08 DOI: 10.1016/j.pacfin.2025.102699

Ying Liu , Hao Zheng , Xuewen Kuang , Jiaxing You

{"title":"The dark side of customer-specific innovation: Patent similarity and supplier labor investment efficiency","authors":"Ying Liu , Hao Zheng , Xuewen Kuang , Jiaxing You","doi":"10.1016/j.pacfin.2025.102699","DOIUrl":"10.1016/j.pacfin.2025.102699","url":null,"abstract":"<div><div>We examine how patent similarity with customers influences supplier firms' labor investment efficiency. Our findings show that higher patent similarity with customers negatively affects suppliers' labor investment efficiency, suggesting that more relationship-specific investments reduce suppliers' flexibility in adjusting labor capital. While shared technological profiles enhance knowledge transfer and collaboration, they also tie suppliers more closely to customer needs, limiting their ability to make efficient labor investment decisions. These effects are more pronounced in supplier firms with higher levels of innovation, a greater reliance on skilled labor, and customers who have more bargaining power. Further analyses reveal that the negative impact stems primarily from suppliers' underfiring, indicating a failure to address redundancy issues. This study contributes to the supply chain literature by introducing the novel perspective of supplier-customer patent similarity and adds to studies on the determinants of labor investment efficiency by incorporating the role of customers into the framework.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102699"},"PeriodicalIF":4.8,"publicationDate":"2025-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143378639","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 Sino-U.S. trade war: Challenges for trade credit financing and the role of corporate culture

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-07 DOI: 10.1016/j.pacfin.2025.102703

Yuyou Chen , Sirui Cheng , Yuning Zhang

引用次数: 0

Random inspections and corporate information disclosure 抽查和企业信息披露

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-06 DOI: 10.1016/j.pacfin.2025.102701

Xiaoxi Li, Qinger Zhong, Shasha Liu

{"title":"Random inspections and corporate information disclosure","authors":"Xiaoxi Li, Qinger Zhong, Shasha Liu","doi":"10.1016/j.pacfin.2025.102701","DOIUrl":"10.1016/j.pacfin.2025.102701","url":null,"abstract":"<div><div>This study investigates the effectiveness of public enforcement in financial markets with weak investor protection, specifically examining the impact of China's random inspection policy on corporate disclosure. This policy is designed to prevent selective enforcement by randomly selecting the inspected firms and the inspectors. Our findings indicate that inspected firms significantly improve their disclosure quality by adopting a more conservative tone in subsequent years. Cross-sectional tests reveal a more significant effect among state-owned enterprises (SOEs) and firms with stronger social connections, lower media coverage, and higher litigation risk, which can be attributed to the random inspections reducing regulatory capture, narrowing the information gap, and increasing firms' exposure to regulatory oversight and market participants. However, the influence of these inspections is moderated by market incentives of corporate managers, as proxied by financing demands and insider trading incentives. In addition, a plausible mechanism for this improvement in corporate disclosure quality is the intensified monitoring by external auditors following random inspections. Further evidence indicates a reduction in firms' crash risk due to enhanced disclosure quality after random inspections. Finally, we observe that CSRC random inspections also improve the disclosure quality of non-inspected firms within the same industry, thereby creating a spillover effect. These findings suggest that public enforcement has a significant regulatory impact in financial markets where investor protection is weak through enhancing regulatory transparency and curbing regulatory discretion.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102701"},"PeriodicalIF":4.8,"publicationDate":"2025-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143395041","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

Regional big data development and corporate financial fraud

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-04 DOI: 10.1016/j.pacfin.2025.102693

Lei Yin , Guanglin Sun , Tao Kong

引用次数: 0

Digital government construction and stock price synchronicity: Evidence from China

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-02-03 DOI: 10.1016/j.pacfin.2025.102688

Xu Cheng , Jiancheng Chen , Yan Sheng

{"title":"Digital government construction and stock price synchronicity: Evidence from China","authors":"Xu Cheng , Jiancheng Chen , Yan Sheng","doi":"10.1016/j.pacfin.2025.102688","DOIUrl":"10.1016/j.pacfin.2025.102688","url":null,"abstract":"<div><div>The digital era brings new opportunities and challenges to stock market efficiency, in which digital government construction emerges and provides a new method to influence stock pricing efficiency. This study examines the effect of digital government construction on stock price synchronicity using a Chinese quasi-natural experiment of the construction of the Big Data Bureau. We conduct a staggered difference-in-differences model and find that digital government construction significantly enhances stock price synchronicity. Mechanism analysis shows that digital government construction mitigates investor disagreement and optimizes corporate governance, which helps improve the content of market-wide information and reduce market noise. Heterogeneity tests show that the impact of digital government construction on stock price synchronicity is more significant with high economy policy uncertainty and poor information environment, as well as in cities with high economic development levels and innovation capacity. Digital government construction also has economic consequences in that its impact on stock price synchronicity is associated with increased firm value and mitigation of stock mispricing. Our study provides insights into how government reform in the digital era facilitates improving stock pricing efficiency.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"90 ","pages":"Article 102688"},"PeriodicalIF":4.8,"publicationDate":"2025-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143421874","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