发布求助
文献互助 智能选刊 最新文献

Journal of International Financial Markets Institutions & Money最新文献

筛选
英文 中文
Employment protection, corporate governance, and labor productivity around the World 世界各地的就业保护、公司治理和劳动生产率
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-15 DOI: 10.1016/j.intfin.2024.101978
Guangzhong Li , Keishi Fujiyama , Cen Wu , Ying Zheng
{"title":"Employment protection, corporate governance, and labor productivity around the World","authors":"Guangzhong Li ,&nbsp;Keishi Fujiyama ,&nbsp;Cen Wu ,&nbsp;Ying Zheng","doi":"10.1016/j.intfin.2024.101978","DOIUrl":"10.1016/j.intfin.2024.101978","url":null,"abstract":"<div><p>Consistent with the existing evidence from single-country studies, our difference-in-differences estimation finds a negative effect of employment protection legislation (EPL) provisions on labor productivity in a sample of member countries of the Organization for Economic Co-operation and Development (OECD). Our study is distinct, however, in that we provide empirical evidence on why EPL reduces labor productivity, which has different practical implications. The negative effect is more pronounced among firms domiciled in countries with weaker investor protection, less developed takeover markets, and weaker employee incentives to work hard, those in industries with less intense competition, those that suffer from more severe agency problems, and those that have lower pay-for-performance sensitivity. These results suggest that the firm-employee agency conflict is the channel through which employment protection legislation reduces labor productivity.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101978"},"PeriodicalIF":4.0,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140148880","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
Family firm, financial constraint, and environmental preparedness: An international study 家族企业、财务约束和环境准备：一项国际研究
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-15 DOI: 10.1016/j.intfin.2024.101979
Zulfiquer Haider , Yefeng Wang , Yuan Wang
{"title":"Family firm, financial constraint, and environmental preparedness: An international study","authors":"Zulfiquer Haider ,&nbsp;Yefeng Wang ,&nbsp;Yuan Wang","doi":"10.1016/j.intfin.2024.101979","DOIUrl":"10.1016/j.intfin.2024.101979","url":null,"abstract":"<div><p>Using longitudinal data from 2013-2018 and a sample of 9,622 observations from 30 countries, we find that the relationship between family involvement and environmental preparedness is mediated by financial constraints, such that family firms are more likely to be environmentally prepared due to facing lower financial constraints. Furthermore, our findings suggest that the negative relationship between family involvement and financial constraint is strengthened by the quality of public governance while the negative relationship between financial constraint and environmental preparedness is weakened by the quality of the national environmental infrastructure. Our results hold for various robustness tests.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101979"},"PeriodicalIF":4.0,"publicationDate":"2024-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140148817","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
Empirical study on voting results and proxy advisor recommendations in Japan 日本投票结果和代理顾问建议的实证研究
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-03-11 DOI: 10.1016/j.intfin.2024.101973
Hiroaki Miyachi , Fumiko Takeda
{"title":"Empirical study on voting results and proxy advisor recommendations in Japan","authors":"Hiroaki Miyachi ,&nbsp;Fumiko Takeda","doi":"10.1016/j.intfin.2024.101973","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101973","url":null,"abstract":"<div><p>This study examines the relationship between proxy advisory firms’ recommendations and investors’ voting behavior in Japan, where corporate governance has been under transition. Based on 1,025 shareholder meeting proposals and recommendations by proxy advisory firms in Japan between March 2010 and March 2022, multivariate regression analyses reveal that the dissenting recommendations of the two main proxy advisory firms are negatively correlated with the approval rate of proposals, as well as the percentage of affirmative votes cast by institutional investors. Furthermore, the institutional investors’ behavior is more consistent with the recommendations of proxy advisory firms than that of other investors.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101973"},"PeriodicalIF":4.0,"publicationDate":"2024-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140095928","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 disruptors at the gate. Does FinTech lending affect bank market power and stability? 门口的数字颠覆者。金融科技贷款会影响银行的市场力量和稳定性吗？
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-22 DOI: 10.1016/j.intfin.2024.101964
Pedro J. Cuadros-Solas , Elena Cubillas , Carlos Salvador , Nuria Suárez
{"title":"Digital disruptors at the gate. Does FinTech lending affect bank market power and stability?","authors":"Pedro J. Cuadros-Solas ,&nbsp;Elena Cubillas ,&nbsp;Carlos Salvador ,&nbsp;Nuria Suárez","doi":"10.1016/j.intfin.2024.101964","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101964","url":null,"abstract":"<div><p>This paper examines the effect of FinTech lending on the market power and stability of incumbent banks. Using an international sample of 6,225 banks during the period 2013–2019, our results show that the volume of credit provided by FinTech lenders negatively affects bank market power and stability. These results are influenced by the legal framework and institutional quality of each jurisdiction. Furthermore, the impact of FinTech lending on bank stability is partially channeled by the effect of FinTech credit on the market power of incumbent banks. Our main results – lower bank market power and bank stability – are also observed at the country level and after addressing potential endogeneity concerns. Regarding policy implications, more prudential regulation on FinTech activity is needed to address information imbalance issues and potential risks stemming from their activities. Furthermore, reinforcing the legal framework and institutional structure could serve to mitigate the adverse effects of FinTech lending on the traditional commercial banking sector.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101964"},"PeriodicalIF":4.0,"publicationDate":"2024-02-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000301/pdfft?md5=64642ddf775b195c8a12a4fc441b2c87&pid=1-s2.0-S1042443124000301-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139935666","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 investment efficiency 气候风险和投资效率
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-15 DOI: 10.1016/j.intfin.2024.101965
Weidong Xu , Wenxuan Huang , Donghui Li
{"title":"Climate risk and investment efficiency","authors":"Weidong Xu ,&nbsp;Wenxuan Huang ,&nbsp;Donghui Li","doi":"10.1016/j.intfin.2024.101965","DOIUrl":"10.1016/j.intfin.2024.101965","url":null,"abstract":"<div><p>Employing a panel sample of 29,316 firms across 34 countries spanning 2006 to 2019, we investigate the impact of climate risk on firm-level investment efficiency. We find that climate risk significantly increases investment inefficiency, namely, the investment deviation from the expected optimal level. Cross-sectional analyses show that the increasing impact of climate risk on investment inefficiency can be mitigated by stronger country-level uncertainty avoidance and long-term orientation culture, while at the firm level, corporate operational risk and industry competition can magnify the impact of climate risk on investment inefficiency. Our results remain valid after considering various robustness tests and endogeneity concerns.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101965"},"PeriodicalIF":4.0,"publicationDate":"2024-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139828734","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
Do foreign institutional investors improve board monitoring? 外国机构投资者能否改善对董事会的监督？
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-09 DOI: 10.1016/j.intfin.2024.101962
Biwesh Neupane , Chandra Thapa , Andrew Marshall , Suman Neupane , Chaman Shrestha
{"title":"Do foreign institutional investors improve board monitoring?","authors":"Biwesh Neupane ,&nbsp;Chandra Thapa ,&nbsp;Andrew Marshall ,&nbsp;Suman Neupane ,&nbsp;Chaman Shrestha","doi":"10.1016/j.intfin.2024.101962","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101962","url":null,"abstract":"<div><p>Exploiting the global financial crisis of 2007–08 as an exogenous shock that resulted in a significant decline in the ownership of foreign institutional investors (FIIs) in the Indian equity market, we find evidence of a causal link between FIIs’ ownership and different dimensions of board monitoring. Specifically, the empirical results suggest that higher FIIs ownership leads to lower board size, busyness, network size, CEO power, CEO pay, and improved board diligence. However, we also document a negative link between FIIs’ ownership and board independence, indicating that FIIs do not view independent directors as effective monitors. In terms of implications, our results suggest that improved board monitoring, induced by higher FIIs’ ownership, leads to higher firm valuation and innovation activities.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101962"},"PeriodicalIF":4.0,"publicationDate":"2024-02-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000283/pdfft?md5=5d7fa52d830d6d80d796c2079ff1eebe&pid=1-s2.0-S1042443124000283-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139726972","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
The relevance of media sentiment for small and large scale bitcoin investors 媒体报道和情绪对小型和大型比特币投资者的相关性
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-07 DOI: 10.1016/j.intfin.2024.101963
Joscha Beckmann , Teo Geldner , Jan Wüstenfeld
{"title":"The relevance of media sentiment for small and large scale bitcoin investors","authors":"Joscha Beckmann ,&nbsp;Teo Geldner ,&nbsp;Jan Wüstenfeld","doi":"10.1016/j.intfin.2024.101963","DOIUrl":"10.1016/j.intfin.2024.101963","url":null,"abstract":"<div><p>We provide a novel perspective on the bitcoin market, investigating determinants of investor positions and their response to public information proxied by media sentiment indicators. We distinguish between investors by size and observe their respective behaviour concerning incoming information. We find that price dynamics and media sentiment lead to different decisions depending on the bitcoin portfolio size. Retail investors react strongly to incoming public information and media narratives, with their decisions strongly influenced by sentiment and media attention. Contrary to this, the response of large-scale investors to such information is much weaker because they arguably have different, non-public information and divergent investment objectives.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101963"},"PeriodicalIF":4.0,"publicationDate":"2024-02-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000295/pdfft?md5=a0490f698664e0b21d4f78e7be9cbb90&pid=1-s2.0-S1042443124000295-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139816686","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 market misvaluation drive cross-border M&As? 市场错误估值是否会推动跨国并购？
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-06 DOI: 10.1016/j.intfin.2024.101960
Wenxuan Huang , Weidong Xu , Donghui Li , Ling Zhao , Shijie Yang
{"title":"Does market misvaluation drive cross-border M&As?","authors":"Wenxuan Huang ,&nbsp;Weidong Xu ,&nbsp;Donghui Li ,&nbsp;Ling Zhao ,&nbsp;Shijie Yang","doi":"10.1016/j.intfin.2024.101960","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101960","url":null,"abstract":"<div><p>Employing a panel sample of 61,532 cross-border mergers between 2000 and 2020, we investigate the impact of market misvaluation on corporate cross-border mergers and acquisitions (CBMAs). We find that firms with higher market misvaluation launch more CBMAs and tend to pay with their overvalued stock. However, the effect of market misvaluation on CBMAs will weaken over time. CBMAs driven by high market misvaluation result in lower short-term stock returns and better long-term profitability. Cross-sectional analyses show that the impact of market misvaluation on CBMAs can be mitigated by stronger country-level uncertainty avoidance and masculinism culture, while it is more pronounced in high individualism culture. At the firm level, the monitoring role of institutional investors and analysts can mitigate the impact of market misvaluation on CBMAs. Our results remain robust in various robustness tests and after addressing endogeneity concerns.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101960"},"PeriodicalIF":4.0,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139738284","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
Trust matters: A global perspective on the influence of trust on bank market risk 信任很重要：从全球角度看信任对银行市场风险的影响
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-06 DOI: 10.1016/j.intfin.2024.101959
Omneya Abdelsalam , Antonios Chantziaras , Nathan Lael Joseph , Nikolaos Tsileponis
{"title":"Trust matters: A global perspective on the influence of trust on bank market risk","authors":"Omneya Abdelsalam ,&nbsp;Antonios Chantziaras ,&nbsp;Nathan Lael Joseph ,&nbsp;Nikolaos Tsileponis","doi":"10.1016/j.intfin.2024.101959","DOIUrl":"10.1016/j.intfin.2024.101959","url":null,"abstract":"<div><p>This paper examines the role of societal and organizational trust in mitigating market risk within the banking sector. Using a global sample of 10,616 bank-year observations across 45 countries, we find that higher trust significantly reduces bank total and idiosyncratic risk. The risk-mitigating effect of societal trust becomes more pronounced for banks headquartered in countries with weaker investor protection, diminished legal rights, dissatisfaction with government economic policies, and higher political unrest. Our results suggest that trust serves as an alternative governance mechanism, substituting for ineffective formal institutions in reducing bank risk. These findings have important implications for financial regulation worldwide.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"92 ","pages":"Article 101959"},"PeriodicalIF":4.0,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://www.sciencedirect.com/science/article/pii/S1042443124000258/pdfft?md5=0606d8edd60e289316ab841a42fa3a19&pid=1-s2.0-S1042443124000258-main.pdf","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139768135","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
Changing landscape of the finance-growth nexus: Industry growth, credit types, and external financial dependence 金融与增长关系的变化：行业增长、信贷类型和对外金融依赖性
IF 4 2区 经济学
Journal of International Financial Markets Institutions & Money Pub Date : 2024-02-06 DOI: 10.1016/j.intfin.2024.101961
Mustafa Kilinc , Talat Ulussever
{"title":"Changing landscape of the finance-growth nexus: Industry growth, credit types, and external financial dependence","authors":"Mustafa Kilinc ,&nbsp;Talat Ulussever","doi":"10.1016/j.intfin.2024.101961","DOIUrl":"https://doi.org/10.1016/j.intfin.2024.101961","url":null,"abstract":"<div><p>The present paper examines the changing landscape of the finance-growth nexus using detailed industry-level data for 40 countries and 20 industries spanning 1980–2020. Regarding the long-term relationship between finance and growth, the findings indicate that industries more dependent on external finance experienced stronger growth in financially more developed markets during the 1980s and 1990s, but weaker growth in the 2000s and 2010s. Moreover, private credit changes are associated with lower industrial growth rates over the medium term. In terms of credit types, corporate credits generally have positive effects, while household credits display negative medium-term growth effects. These results highlight significant changes in the finance-growth relationship over the past four decades.</p></div>","PeriodicalId":48119,"journal":{"name":"Journal of International Financial Markets Institutions & Money","volume":"91 ","pages":"Article 101961"},"PeriodicalIF":4.0,"publicationDate":"2024-02-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139714468","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信