Pacific-Basin Finance Journal最新文献_第5页

The impact of financial sanctions on economic policy uncertainty: Global evidence 金融制裁对经济政策不确定性的影响：全球证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-09 DOI: 10.1016/j.pacfin.2024.102558

Xue-Ying Liu , Wei He , Hai-Peng Duan , Rui Fan

引用次数: 0

The role of financial flexibility in corporate cash donations 财务灵活性在企业现金捐赠中的作用

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-09 DOI: 10.1016/j.pacfin.2024.102559

Chien-Lin Lu , Hsuan-Hua Yang , Chia-Wei Yeh

引用次数: 0

Investor sentiment and stock market anomalies: Evidence from Islamic countries 投资者情绪与股市异常：伊斯兰国家的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-09 DOI: 10.1016/j.pacfin.2024.102557

Muhammad A. Cheema , Bayu Arie Fianto

引用次数: 0

Banking uncertainty and cash conversion cycle 银行业务的不确定性和现金转换周期

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-05 DOI: 10.1016/j.pacfin.2024.102552

Japan Huynh

{"title":"Banking uncertainty and cash conversion cycle","authors":"Japan Huynh","doi":"10.1016/j.pacfin.2024.102552","DOIUrl":"10.1016/j.pacfin.2024.102552","url":null,"abstract":"<div><div>This study investigates whether and how firms adjust the cash conversion cycle in response to uncertainty in the banking sector. Using micro data from 621 non-financial firms and 40 commercial banks in Vietnam during 2007–2022, we find that firms reduce cash cycles during periods of increased uncertainty within the banking sector. Multiple robustness checks, involving alternative measures of banking uncertainty and subsamples categorized by distinct time spans and firm listing locations, and even employing analytical tools for endogeneity control, justify the consistency of this link. For deeper insights, we decompose the cash cycle into three components and realize that in times of high uncertainty, while days receivable tend to rise, an increase in days payable and a decrease in days inventory are the main drivers of the shorter cash conversion cycle. In further analysis, we observe that the impact of banking uncertainty on cash cycles is more pronounced in non-state-owned companies or during macroeconomic shocks brought about by events of the global financial crisis and the COVID-19 pandemic. As evidence for potential mechanisms, we also reveal that uncertainty yields a more substantial reduction in cash cycles for firms burdened with higher levels of indebtedness and greater financial constraints. Finally, in an effort to gauge the marginal effect of cash cycles on firm valuation, we find that cash conversion cycles can enhance shareholder value amid elevated uncertainty. Collectively, our research could offer implications for bank-based emerging countries to manage working capital more effectively in uncertain times.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"88 ","pages":"Article 102552"},"PeriodicalIF":4.8,"publicationDate":"2024-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423903","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 mandatory CSR regulation on corporate financial policy: Evidence from India 强制性企业社会责任法规对企业财务政策的影响：印度的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-10-02 DOI: 10.1016/j.pacfin.2024.102553

Nemiraja Jadiyappa , Mrunal Prabhudas Chavda , P.J. Jijo Lukose

引用次数: 0

Microstructure of the Chinese stock market: A historical review 中国股市的微观结构：历史回顾

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-30 DOI: 10.1016/j.pacfin.2024.102551

Zhe Peng , Kainan Xiong , Yahui Yang

引用次数: 0

Using machine learning to investigate the determinants of loan default in P2P lending: Are there differences between before and during COVID-19? 利用机器学习研究 P2P 网络借贷中贷款违约的决定因素：COVID-19 之前和期间是否存在差异？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-27 DOI: 10.1016/j.pacfin.2024.102550

Qi Xu , Caixia Liu , Jing Luo , Feng Liu

{"title":"Using machine learning to investigate the determinants of loan default in P2P lending: Are there differences between before and during COVID-19?","authors":"Qi Xu , Caixia Liu , Jing Luo , Feng Liu","doi":"10.1016/j.pacfin.2024.102550","DOIUrl":"10.1016/j.pacfin.2024.102550","url":null,"abstract":"<div><div>The coronavirus disease (COVID-19) has led to a persistent increase in the volatility of the credit market and triggered a series of financial distress and bankruptcy. To investigate whether there are differences in loan default determinants before and during COVID-19 and to identify the most effective predictors of loan default during COVID-19, this study employs machine learning methods to establish a comprehensive loan default prediction model for Peer-to-peer (P2P) lending based on four perspectives: loan characteristics, credit transaction history, personal information, and macroeconomic environment. The results show that the EXtreme Gradient Boosting (XGBoost) outperforms the other models and that credit transaction history plays a vital role in forecasting loan default over the two periods. We also find discrepancies between the effects of consumer price index, purchasing manager’ index, and the number of bidders on loan default before and during the pandemic. Our study contributes to related research fields on loan default prediction by identifying loan default determinants that are more applicable to unstable periods and investigating the impact of COVID-19 on default predictions. Meanwhile, our findings can provide P2P lending investors, platforms, and policymakers with practical implications to reduce uncertainty and losses that result from similar black swan events.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"88 ","pages":"Article 102550"},"PeriodicalIF":4.8,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423896","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

Green fund investors and ESG performance: Evidence from China 绿色基金投资者与环境、社会和公司治理绩效：来自中国的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-27 DOI: 10.1016/j.pacfin.2024.102546

Yumeng Zhang , Xiong Xiong , Ya Gao

{"title":"Green fund investors and ESG performance: Evidence from China","authors":"Yumeng Zhang , Xiong Xiong , Ya Gao","doi":"10.1016/j.pacfin.2024.102546","DOIUrl":"10.1016/j.pacfin.2024.102546","url":null,"abstract":"<div><div>Using the ESG scores from the Bloomberg Database and the manually filtered green fund investor data, we study the influence of green fund investors on the Chinese A-shares' ESG performance. As we have found, the holding of fund investors who pay attention to sustainable development can improve the firm's ESG performance, and this improvement is more pronounced in state-owned enterprises, heavily polluting industries, and after the green policy announcement. Our findings are robust after considering the reverse causality endogeneity concern and sample selection bias. In addition, the holdings of green fund investors favor the company's status as a green index constituent and its long-term financial performance. Further, the mechanism test reveals the influencing channel of this improvement and supports that it is long-term green fund investors themselves improving the firms' ESG performance and can improve a firm's ESG performance by attracting other long-term investors and new mutual fund investors, and increasing the level of media scrutiny pressure. Our paper contributes to figuring out the impact of institutional holding on ESG development and further points out the source of this influence.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"88 ","pages":"Article 102546"},"PeriodicalIF":4.8,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142423901","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

Scientific disclosure and corporate misconduct 科学信息披露与企业不当行为

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2024-09-27 DOI: 10.1016/j.pacfin.2024.102547

Qifeng Zhao , Dongmin Kong , Qianfeng Luo

{"title":"Scientific disclosure and corporate misconduct","authors":"Qifeng Zhao , Dongmin Kong , Qianfeng Luo","doi":"10.1016/j.pacfin.2024.102547","DOIUrl":"10.1016/j.pacfin.2024.102547","url":null,"abstract":"<div><div>This study examines the relationship between scientific disclosure and corporate misconduct. Through an analysis of comprehensive databases containing core journal publications and documented misconduct cases, we established a significant negative correlation between scientific disclosure and corporate misconduct. This association is particularly evident in firms with publications in English-language core journals. Our findings are corroborated by a series of rigorous robustness tests, including change analyses, instrumental variable estimation, Heckman's two-stage method, and the difference-in-differences approach. Moreover, our investigation into potential mechanisms reveals several pathways through which scientific disclosure may mitigate misconduct. These mechanisms include the attraction of high-quality talent, promotion of technological innovation, establishment of a positive reputation, acquisition of R&D subsidies, and deterrence of opportunistic corporate cultures. Ultimately, our results contribute to a more nuanced understanding of the role of corporate scientific disclosure in reducing misconduct and highlight the beneficial effects of corporate investment in scientific research.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"88 ","pages":"Article 102547"},"PeriodicalIF":4.8,"publicationDate":"2024-09-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142526403","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 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":"88 ","pages":"Article 102548"},"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