Journal of International Financial Markets Institutions & Money最新文献_第7页

Dividend policy under mandatory ESG reporting 强制性环境、社会和公司治理报告下的股利政策

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-18 DOI: 10.1016/j.intfin.2024.101986

Xiaoqi Chen , Weiping Li , Wouter Torsin , Albert Tsang

{"title":"Dividend policy under mandatory ESG reporting","authors":"Xiaoqi Chen , Weiping Li , Wouter Torsin , Albert Tsang","doi":"10.1016/j.intfin.2024.101986","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101986","url":null,"abstract":"<div><p>Governments and stock exchanges worldwide are increasingly mandating firms to disclose their environmental, social, and governance (ESG) performance. This study examines whether firms adjust their dividend policies following the implementation of mandated ESG reporting. Leveraging the staggered adoption of mandatory ESG reporting using a large international dataset spanning from 1996 to 2019, we find a substantial and negative impact on corporate dividends. Specifically, we observe that firms subject to mandatory ESG reporting, on average, reduce their dividend payout ratios by approximately 25% immediately after its implementation. Further analysis reveals that this response is more pronounced for firms facing higher agency conflicts and operating in environments with greater information asymmetry, as these firms are more difficult to monitor. Additionally, we find that the impact is stronger for firms located in countries with less developed stock markets and higher financial constraints. Exploiting cross-country variations in the regulatory framework of ESG reporting, we find a heightened response in jurisdictions with stricter disclosure requirements.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"93 ","pages":"Article 101986"},"PeriodicalIF":4.0,"publicationDate":"2024-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140618122","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

Implicit barriers, market integration and asset prices: Evidence from the inclusion of China A-shares in MSCI global indices 隐性壁垒、市场一体化和资产价格：中国 A 股纳入 MSCI 全球指数的证据

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-16 DOI: 10.1016/j.intfin.2024.101998

Bo Li , Qian Sun , Zhihua Wei

{"title":"Implicit barriers, market integration and asset prices: Evidence from the inclusion of China A-shares in MSCI global indices","authors":"Bo Li , Qian Sun , Zhihua Wei","doi":"10.1016/j.intfin.2024.101998","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101998","url":null,"abstract":"<div><p>We examine the stock price reactions to the mass inclusion of China A-shares in the Morgan Stanley Capital International (MSCI) global indices and find that stocks that would be included in the MSCI global indices earned significantly positive abnormal returns when the inclusion plan was first announced. These unusual stock price changes are proportional to firm-specific conditional market risk, but not to firm-level changes in expected future cash flows or the domestic shareholder base. We also show that better firm transparency and stock liquidity strengthen the positive relationship between conditional market risk and stock price revaluation. Moreover, there is a positive externality effect on the stock prices and risk exposures of stocks that would not be included in the MSCI global indices. Our results demonstrate that MSCI inclusion not only directly integrates index-included stocks with the global market but also indirectly integrates non-index-included stocks with the global market. Since the successful inclusion of A-shares in MSCI global indices implies the reduction in implicit market barriers to international investors, our results provide empirical evidence for the proposition that the reduction in implicit market barriers contributes to market integration from the perspective of stock price revaluation.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"93 ","pages":"Article 101998"},"PeriodicalIF":4.0,"publicationDate":"2024-04-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140604898","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

Diverse investor reactions to the COVID-19 Pandemic: Insights from an emerging market 投资者对 COVID-19 大流行病的不同反应：新兴市场的启示

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-14 DOI: 10.1016/j.intfin.2024.102000

Suman Neupane , Zhebin Fan , Daniel Yanes Sanchez , Biwesh Neupane

{"title":"Diverse investor reactions to the COVID-19 Pandemic: Insights from an emerging market","authors":"Suman Neupane , Zhebin Fan , Daniel Yanes Sanchez , Biwesh Neupane","doi":"10.1016/j.intfin.2024.102000","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.102000","url":null,"abstract":"<div><p>We examine the reaction of different investor categories to the COVID-19 pandemic in the Indian market throughout 2020. Using quarterly ownership data, we find significant differences across various investor categories during the crisis and post-crisis periods. We find that domestic institutional investors (DIIs) exhibit 'flight-to-quality' behavior, foreign institutional investors (FIIs) exhibit 'fire-sale' behavior, and retail investors (RIs) act as informed investors who provide liquidity during the crisis period. We observe conservative behavior from DIIs and FIIs throughout 2020, during which RIs initially increase their holdings in high-risk stocks but move to high-quality stocks in the final quarter of 2020. FIIs contribute the most to lower stock returns and higher volatility during the crisis period. Using daily FII trade-level data, we find that long-term FIIs start buying high-quality stocks before other categories in the post-crisis period, with short-term FIIs driving returns and volatility during the crisis period.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"93 ","pages":"Article 102000"},"PeriodicalIF":4.0,"publicationDate":"2024-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000660/pdfft?md5=5184d81b3d1d6f8f0eea00b0524ecd6f&pid=1-s2.0-S1042443124000660-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140618121","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

CSR contracting and stock price crash risk: International evidence 企业社会责任契约与股价暴跌风险：国际证据

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-14 DOI: 10.1016/j.intfin.2024.101999

Simeng Liu , Kun Tracy Wang , Sonali Walpola , Nathan Zhenghang Zhu

{"title":"CSR contracting and stock price crash risk: International evidence","authors":"Simeng Liu , Kun Tracy Wang , Sonali Walpola , Nathan Zhenghang Zhu","doi":"10.1016/j.intfin.2024.101999","DOIUrl":"10.1016/j.intfin.2024.101999","url":null,"abstract":"<div><p>In this study, we examine whether and how the worldwide integration of corporate social responsibility (CSR) criteria into executive compensation contracts (hereafter, CSR contracting or CSR-based executive compensation) affects a firm’s stock price crash risk. Using a comprehensive sample of 42,049 firm-year observations from 53 countries from 2003 to 2019, we find that CSR contracting firms have greater stock price crash risk. This positive association can be attributed to exacerbated managerial bad news hoarding behavior and overinvestment. We further demonstrate that the positive relationship between CSR contracting and crash risk is more pronounced for firms with powerful CEOs, as well as in countries with inferior investor protection and disclosure transparency. Overall, our findings are consistent with the agency cost and managerial power perspective, suggesting that CSR contracting may be exploited by powerful and opportunistic managers as a means of diverting shareholders’ attention and concealing bad financial news. Our findings have implications for both researchers and business practitioners.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"93 ","pages":"Article 101999"},"PeriodicalIF":4.0,"publicationDate":"2024-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000659/pdfft?md5=2c134fc94f1a3b10d85d5b188c15cf1e&pid=1-s2.0-S1042443124000659-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140795753","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

Does trade openness promote economic growth in developing countries? 贸易开放能否促进发展中国家的经济增长？

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-12 DOI: 10.1016/j.intfin.2024.101985

Hyun-Jung Nam , Doojin Ryu

引用次数: 0

Reputational risk and firm performance: Family versus nonfamily firms in different regulatory environments 声誉风险与公司业绩：不同监管环境下的家族企业与非家族企业

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-08 DOI: 10.1016/j.intfin.2024.101976

Yuying Sun, Zhenyu Wu

引用次数: 0

The EU prospectus regulation and its impact on SME listings 欧盟招股说明书法规及其对中小企业上市的影响

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-04 DOI: 10.1016/j.intfin.2024.101983

Christoph Kaserer, Victoria Treßel

引用次数: 0

Capital flow dynamics and the synchronization of financial cycles and business cycles in emerging market economies 新兴市场经济体的资本流动动态以及金融周期和商业周期的同步性

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-04-01 DOI: 10.1016/j.intfin.2024.101980

Solikin M. Juhro , Bernard Njindan Iyke , Paresh Kumar Narayan

引用次数: 0

Detecting the risk of cross-product manipulation in the EUREX fixed income futures market 检测 EUREX 固定收益期货市场的跨产品操纵风险

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-28 DOI: 10.1016/j.intfin.2024.101984

Alexis Stenfors , Kaveesha Dilshani , Andy Guo , Peter Mere

引用次数: 0

Foundation ownership and creditor governance: Evidence from publicly listed companies 基金会所有权与债权人治理：上市公司的证据

IF 4 2区经济学

Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-28 DOI: 10.1016/j.intfin.2024.101982

Bonnie Buchanan , Caglar Kaya

引用次数: 0