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A more sustainable future: Can politically connected CEOs spur the nexus between ESG performance and firm financial performance? 更可持续的未来：与政治有关联的首席执行官能否促进环境、社会和公司治理绩效与公司财务绩效之间的联系？
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-09-05 DOI: 10.1016/j.intfin.2024.102056
Mohamed Marie , Baolei Qi , Mohammed Elgammal , Marwa Elnahass
{"title":"A more sustainable future: Can politically connected CEOs spur the nexus between ESG performance and firm financial performance?","authors":"Mohamed Marie ,&nbsp;Baolei Qi ,&nbsp;Mohammed Elgammal ,&nbsp;Marwa Elnahass","doi":"10.1016/j.intfin.2024.102056","DOIUrl":"10.1016/j.intfin.2024.102056","url":null,"abstract":"<div><p>This study examines how politically connected CEOs moderate the relationship between ESG and financial performance in Chinese A-share listed companies from 2015 to 2022. The results demonstrate that companies with strong ESG performance tend to have better financial performance. The connection between ESG performance and financial performance is influenced by the political ties of the CEO. Specifically, companies led by highly politically connected CEOs exhibit a weaker link between ESG practices and financial performance when compared with less politically affiliated firms. Our heterogeneity tests demonstrate that companies with low technology and cross-listing, along with companies audited by firms outside the Big 4 and led by highly politically connected CEOs, show a more significant impact of ESG practices on their financial performance compared to those with fewer political connections. Further examination reveals that political connections exacerbate the adverse effect of the environmental aspect on financial performance. This study contributes to the ongoing discussions surrounding ESG issues, especially in the context of Net-Zero and climate change actions following the international Climate Change Conferences (COPs). Overall, this study contributes valuable insights and policy implications into the multifaceted dynamics of ESG factors and their impact on corporate financial decisions.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"96 ","pages":"Article 102056"},"PeriodicalIF":5.4,"publicationDate":"2024-09-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124001227/pdfft?md5=7f6e8b52d605dea28815c39627dd1995&pid=1-s2.0-S1042443124001227-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142242684","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Are state-owned enterprises more responsible for carbon neutrality? Evidence from stock market reactions to China’s commitment to carbon neutrality 国有企业对碳中和是否负有更大责任？从股市对中国碳中和承诺的反应看证据
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-09-04 DOI: 10.1016/j.intfin.2024.102055
Qing Yu , Eddie C.M. Hui , Jianfu Shen
{"title":"Are state-owned enterprises more responsible for carbon neutrality? Evidence from stock market reactions to China’s commitment to carbon neutrality","authors":"Qing Yu ,&nbsp;Eddie C.M. Hui ,&nbsp;Jianfu Shen","doi":"10.1016/j.intfin.2024.102055","DOIUrl":"10.1016/j.intfin.2024.102055","url":null,"abstract":"<div><p>This study investigates whether state-owned enterprises (SOEs) are more responsible for carbon neutrality in the context of a country that produces the most carbon dioxide. It examines listed firms’ market reactions to carbon neutrality commitment for China that was announced first time on 22 September 2020. Using the event study method and based on 2,792 listed firms, we find that overall market reactions to the carbon neutrality commitment is significantly negative, suggesting that firms are expected to exert genuine efforts towards attaining the national goal of carbon neutrality. Furthermore, our results indicate that SOEs encounter more substantial negative market reactions compared to non-SOEs, indicative of higher expectations placed on them for realizing the carbon neutrality commitment. Further analysis reveals that negative market reactions are particularly pronounced for central SOEs as opposed to local SOEs, as the former are perceived to bear a heavier responsibility in achieving national goals. Additionally, SOEs with higher corporate social responsibility scores experience stronger negative market reactions in comparison to those with lower scores. Further analysis based on a difference-in-differences method and a firm-year sample shows that SOEs reduce firm value and carbon emissions intensity more than non-SOEs after the carbon neutrality commitment. Overall, our study supports the argument that SOEs take more responsibility than non-SOEs in achieving carbon neutrality.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"96 ","pages":"Article 102055"},"PeriodicalIF":5.4,"publicationDate":"2024-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142135940","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 does standardization affect OTC markets in the long term? Evidence from the small bang reform in the CDS market 标准化如何长期影响场外交易市场？来自 CDS 市场小爆炸改革的证据
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-30 DOI: 10.1016/j.intfin.2024.102043
Radu-Dragomir Manac, Chiara Banti, Neil Kellard
{"title":"How does standardization affect OTC markets in the long term? Evidence from the small bang reform in the CDS market","authors":"Radu-Dragomir Manac,&nbsp;Chiara Banti,&nbsp;Neil Kellard","doi":"10.1016/j.intfin.2024.102043","DOIUrl":"10.1016/j.intfin.2024.102043","url":null,"abstract":"<div><p>Focusing on the most liquid segment of the European CDS market, this paper studies the impact of a key standardization reform, known as the <em>CDS Small Bang.</em> We document that the reform provided unexpected long-term consequences. Particularly, we show that the introduction of an upfront fee to standardize the cash flow of CDS contracts created an initial capital cost for traders, which acts as a friction that increases CDS prices. This relation holds after accounting for well-known determinants of spreads, suggesting a separate funding channel driven by the greater capital intensity of trading. This effect grows in magnitude for several years following the implementation of the reform, becomes stronger when dealers are likely to bear the initial capital cost and is present across all industries, except for swaps written on financials shortly after the reform was introduced.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"96 ","pages":"Article 102043"},"PeriodicalIF":5.4,"publicationDate":"2024-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124001094/pdfft?md5=192317ff94db4ab5edc25d7903989387&pid=1-s2.0-S1042443124001094-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142095471","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Secrecy culture and sensitivity of investment to stock prices: Evidence from emerging markets 保密文化与投资对股票价格的敏感性：新兴市场的证据
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-28 DOI: 10.1016/j.intfin.2024.102045
Barbara Abou Tanos , Omar Farooq , Neveen Ahmed
{"title":"Secrecy culture and sensitivity of investment to stock prices: Evidence from emerging markets","authors":"Barbara Abou Tanos ,&nbsp;Omar Farooq ,&nbsp;Neveen Ahmed","doi":"10.1016/j.intfin.2024.102045","DOIUrl":"10.1016/j.intfin.2024.102045","url":null,"abstract":"<div><p>This paper investigates the effect of secrecy culture on the relationship between corporate investments and stock prices. We argue that managers from secretive cultures are more likely to rely on stock prices as an additional source of information, thereby leading to greater sensitivity of their investments to stock prices. Consistent with our arguments, we show that firms headquartered in countries with higher levels of secrecy culture exhibit stronger sensitivity of corporate investments to stock prices. Our results hold across various estimation strategies, in different sub-samples and for alternative proxies of secrecy culture and corporate investments. Furthermore, we show that investments exhibit greater sensitivity to stock prices of peer firms in countries that score high on secrecy.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"96 ","pages":"Article 102045"},"PeriodicalIF":5.4,"publicationDate":"2024-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142087723","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
Global climate policy uncertainty and financial markets 全球气候政策的不确定性与金融市场
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-20 DOI: 10.1016/j.intfin.2024.102047
Qiang Ji , Dandan Ma , Pengxiang Zhai , Ying Fan , Dayong Zhang
{"title":"Global climate policy uncertainty and financial markets","authors":"Qiang Ji ,&nbsp;Dandan Ma ,&nbsp;Pengxiang Zhai ,&nbsp;Ying Fan ,&nbsp;Dayong Zhang","doi":"10.1016/j.intfin.2024.102047","DOIUrl":"10.1016/j.intfin.2024.102047","url":null,"abstract":"<div><p>This paper aims to examine whether and to what extent global climate policy uncertainty can impact financial markets. We first construct a novel index of global climate policy uncertainty by performing textual analysis of two million news articles over the period 2013–2021. We then use a time–frequency spillover and network analysis to show how the impacts of shocks from global climate policy uncertainty on five key international financial markets evolve over time and to characterize the underlying risk transmission channels. We find significant spillovers from global climate policy uncertainty to the financial markets, while the impacts of global climate policy uncertainty are heterogenous across financial markets and more profound in the bond market. Our results also show that spillovers from global climate policy uncertainty to the financial markets are mostly concentrated in the short term, underscoring the need for investors to adjust strategies and regulators to implement measures mitigating short-term market reactions to climate policy shocks.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"95 ","pages":"Article 102047"},"PeriodicalIF":5.4,"publicationDate":"2024-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142049662","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
Bankruptcy reforms and corporate debt structure 破产改革和公司债务结构
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-14 DOI: 10.1016/j.intfin.2024.102044
Xiaotian Liu , Yaxuan Qi , Wai Yee Wan
{"title":"Bankruptcy reforms and corporate debt structure","authors":"Xiaotian Liu ,&nbsp;Yaxuan Qi ,&nbsp;Wai Yee Wan","doi":"10.1016/j.intfin.2024.102044","DOIUrl":"10.1016/j.intfin.2024.102044","url":null,"abstract":"<div><p>A growing number of jurisdictions have adopted bankruptcy law reforms to facilitate debt restructuring. Using a difference-in-differences model based on bankruptcy law reforms in six economically advanced jurisdictions, we discover that firms adopt more diversified debt instruments following the reforms. Importantly, firms that are more vulnerable to a tightening of credit supply are more adversely affected by the legal changes, and they also decrease overall debt borrowing and investment. Moreover, firms affected by the reforms use secured debt less frequently, aligning with the idea that these legal changes diminish the protection afforded to secured creditors. In addition, borrowing costs rise after the reforms, implying that creditors may adjust the terms of debt contracts to counterbalance the decreased legal protection.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"95 ","pages":"Article 102044"},"PeriodicalIF":5.4,"publicationDate":"2024-08-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141984967","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
Fall of dwarfs: micro and macroeconomic determinants of the disappearance of European small banks 侏儒的陨落：欧洲小银行消失的微观和宏观经济决定因素
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-08 DOI: 10.1016/j.intfin.2024.102042
Federica Poli , Simone Rossi , Mariarosa Borroni
{"title":"Fall of dwarfs: micro and macroeconomic determinants of the disappearance of European small banks","authors":"Federica Poli ,&nbsp;Simone Rossi ,&nbsp;Mariarosa Borroni","doi":"10.1016/j.intfin.2024.102042","DOIUrl":"10.1016/j.intfin.2024.102042","url":null,"abstract":"<div><p>Based on a wide sample of banks headquartered in 27 European countries over the period 2005–2022, this paper tests the influence that microeconomic and macroeconomic variables have on the probability of small banks exiting the market, evaluating the predictive power of the explanatory models employed. Our approach to the determinants of small banks’ exit proves that even the macroeconomic and socio-demographic reference context can have a predictive effectiveness similar to that of the accounting variables, especially when contagion effects at the local level are taken into account.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"96 ","pages":"Article 102042"},"PeriodicalIF":5.4,"publicationDate":"2024-08-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124001082/pdfft?md5=f40740a9550cba0d50443ea81629a95b&pid=1-s2.0-S1042443124001082-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142271318","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Green innovation and corporate default risk 绿色创新与企业违约风险
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-05 DOI: 10.1016/j.intfin.2024.102041
Md Safiullah , Dinh Hoang Bach Phan , Md. Nurul Kabir
{"title":"Green innovation and corporate default risk","authors":"Md Safiullah ,&nbsp;Dinh Hoang Bach Phan ,&nbsp;Md. Nurul Kabir","doi":"10.1016/j.intfin.2024.102041","DOIUrl":"10.1016/j.intfin.2024.102041","url":null,"abstract":"<div><p>We investigate the impact of green innovation on default risk for the period 2003–2020. Using 15,015 firm-year observations from 2301 unique U.S. firms and a firm-fixed effects regression model, we find that firms with higher green-innovation experience lower default risk as measured by the distance-to-default, probability of default, and CDS spreads. We find robust evidence addressing potential endogeneity in the association between green innovation and default risk by applying three different approaches: the propensity score matching approach, the instrumental variable approach, and the difference-in-differences technique. Our channel analysis results show that high green innovation reduces cashflow volatility and managerial risk-taking, which translates into lower default risk. The influence of green innovation on default risks is contingent on various firm characteristics. It is more pronounced in firms with greater institutional ownership, a younger age, and more carbon-intensive operations.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"95 ","pages":"Article 102041"},"PeriodicalIF":5.4,"publicationDate":"2024-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124001070/pdfft?md5=c079516a622e67a96c155c431e0ac294&pid=1-s2.0-S1042443124001070-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141945630","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Climate risk and the systemic risk of banks: A global perspective 气候风险与银行的系统性风险：全球视角
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-08-03 DOI: 10.1016/j.intfin.2024.102030
Baohui Wu , Fenghua Wen , Yun Zhang , Zhijian (James) Huang
{"title":"Climate risk and the systemic risk of banks: A global perspective","authors":"Baohui Wu ,&nbsp;Fenghua Wen ,&nbsp;Yun Zhang ,&nbsp;Zhijian (James) Huang","doi":"10.1016/j.intfin.2024.102030","DOIUrl":"10.1016/j.intfin.2024.102030","url":null,"abstract":"<div><p>This paper explores the impact of climate risk on the systemic risk of banks around the world and examines its influence channels. Our findings indicate that a country’s exposure to climate risk can significantly increase the systemic risk level of its banks. Moreover, we find that the increased bank systemic risk due to higher climate risk is mostly driven by worsened credit quality rather than the depreciation of the bank’s investment portfolio. The adverse impact of climate risk is mitigated when banks have higher profitability or capital adequacy. Cross-sectionally, this effect is particularly significant for banks with extensive branch networks, high importance in the domestic credit market, a lack of dividend payments, and those classified as commercial banks. We also find that banks located in countries with higher loan interest rates, worse regulatory quality, and higher carbon emission intensity are more impacted by climate risk.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"95 ","pages":"Article 102030"},"PeriodicalIF":5.4,"publicationDate":"2024-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141945480","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
Limits to arbitrage and the term structure of CIP violations 套利的限制和 CIP 违规行为的期限结构
IF 5.4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-07-31 DOI: 10.1016/j.intfin.2024.102031
Paul Wohlfarth , Xiaohong Chen
{"title":"Limits to arbitrage and the term structure of CIP violations","authors":"Paul Wohlfarth ,&nbsp;Xiaohong Chen","doi":"10.1016/j.intfin.2024.102031","DOIUrl":"10.1016/j.intfin.2024.102031","url":null,"abstract":"<div><p>We investigate the existence of a term structure in cross-currency swap bases, a measure for CIP violations, to identify limits to arbitrage in foreign exchange swap markets. Based on estimates from a multivariate model of USD cross-currency bases for G10 currencies that caters for a number of known intermediary constraints as well as linkages between currency pairs our findings highlight the importance of two-tiered arbitrage, risk aversion, regulation, and policy in explaining this term structure of CIP violations.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"95 ","pages":"Article 102031"},"PeriodicalIF":5.4,"publicationDate":"2024-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"141993452","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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