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Economic policy uncertainty and dividend policy: Insight from private firms 经济政策的不确定性与股利政策：私营企业的启示
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-10-22 DOI: 10.1016/j.irfa.2024.103692
Young Mok Choi , Kunsu Park
{"title":"Economic policy uncertainty and dividend policy: Insight from private firms","authors":"Young Mok Choi ,&nbsp;Kunsu Park","doi":"10.1016/j.irfa.2024.103692","DOIUrl":"10.1016/j.irfa.2024.103692","url":null,"abstract":"<div><div>This study examines whether economic policy uncertainty (EPU) is associated with corporate dividend policy. Using a sample of private firms, we find that EPU is negatively related to dividend payouts. Our main findings are robust to endogeneity concerns, omitted variable problems, simultaneity bias, and alternative measures of EPU. Further, we find that firms are less likely to pay dividends when EPU is higher, confirming our main results. We also find that the negative relation between EPU and dividend payouts is stronger for firms with higher leverage, operating cash flows, sales growth, return on assets, and cash flow volatility than their counterparts. In contrast, the negative relation is weaker for firms with higher retained earnings-to-total equity ratios. Our study highlights that issues such as EPU can influence the dividend payout policies of private firms.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103692"},"PeriodicalIF":7.5,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142534218","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Unintended consequences of the introduction of specialized bankruptcy courts: evidence from zombie lending 引入专门破产法院的意外后果：僵尸贷款的证据
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-10-22 DOI: 10.1016/j.irfa.2024.103695
Chun Liu, Shilin Liang, Liang Sun
{"title":"Unintended consequences of the introduction of specialized bankruptcy courts: evidence from zombie lending","authors":"Chun Liu,&nbsp;Shilin Liang,&nbsp;Liang Sun","doi":"10.1016/j.irfa.2024.103695","DOIUrl":"10.1016/j.irfa.2024.103695","url":null,"abstract":"<div><div>We examine the economic consequences of the introduction of specialized bankruptcy courts (SBCs) from the perspective of zombie lending, using a sample of Chinese listed zombie firms in the 2016–2021 period. We find that the introduction of SBCs unexpectedly and significantly increases zombie lending, given the perverse incentives for banks and the intervention of local governments. The mechanism is that the introduction of SBCs improves the firms' bankruptcy efficiency, which increases the exposure probability of banks' bad loans and regional unemployment. To conceal these bad loans and unemployment, banks and local governments have to dramatically increase zombie lending. Thus, while better bankruptcy procedures are typically assumed to discourage zombie lending, we show that the introduction of SBCs may instead encourage such lending by exacerbating conflicts among creditors and political-economic frictions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103695"},"PeriodicalIF":7.5,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142534224","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Alcohol culture and employee treatment 酒精文化与员工待遇
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-10-22 DOI: 10.1016/j.irfa.2024.103701
Jiaxin Wang , Xu Guo , Di Sun , Rui Huang
{"title":"Alcohol culture and employee treatment","authors":"Jiaxin Wang ,&nbsp;Xu Guo ,&nbsp;Di Sun ,&nbsp;Rui Huang","doi":"10.1016/j.irfa.2024.103701","DOIUrl":"10.1016/j.irfa.2024.103701","url":null,"abstract":"<div><div>This paper examines the impact of corporate alcohol culture on employee treatment, and find that a rich corporate alcohol culture atmosphere is negative significantly associated with employee treatment. Mechanistically, the corporate alcohol culture increases the aggressiveness motivation of management, in turn increasing risk taking and management overconfidence. Furthermore, the corporate alcohol culture extends managing external social network rather than developing interpersonal relationships, which causes management to less focus on protecting employees' rights and interests. Notably, the inhibitory impact of corporate alcohol culture on employee treatment is particularly pronounced in non-state-owned enterprises (non-SOEs), male-dominated industries, and firms with high entertainment expenditure rates. These insights underscore the nuanced dynamics of alcohol culture within corporate settings and its implications for employee welfare and organizational behavior.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103701"},"PeriodicalIF":7.5,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142534225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Non-controlling shareholders' network and excess goodwill: Evidence from listed companies in China 非控股股东网络与超额商誉：来自中国上市公司的证据
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-10-21 DOI: 10.1016/j.irfa.2024.103689
Shaozheng Fu , Jinkun Yang , Jiajia Liu , Guoqiang Hu
{"title":"Non-controlling shareholders' network and excess goodwill: Evidence from listed companies in China","authors":"Shaozheng Fu ,&nbsp;Jinkun Yang ,&nbsp;Jiajia Liu ,&nbsp;Guoqiang Hu","doi":"10.1016/j.irfa.2024.103689","DOIUrl":"10.1016/j.irfa.2024.103689","url":null,"abstract":"<div><div>This study investigates the impact of non-controlling shareholders' network on corporate excess goodwill using Chinese publicly listed companies from 2007 to 2020. We find that a stronger centrality of non-controlling shareholders' network leads to a significant decrease in excess goodwill resulting from mergers and acquisitions. This implies that the non-controlling shareholders' network has a significant inhibitory effect on the occurrence of goodwill bubbles. Mechanism analysis finds that non-controlling shareholders' network can inhibit excess goodwill thorough information effect, resource effect, and governance effect. Furthermore, this inhibitory effect is attributed to pressure-resistant institutional investors and individual investors, and is more pronounced in firms located in less developed intermediary market and legal system environment, as well as firms with lower audit quality. In summary, the non-controlling shareholders' network plays a positive role in curbing excess goodwill in listed companies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103689"},"PeriodicalIF":7.5,"publicationDate":"2024-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142538894","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Effects of minimum wage policies on executive compensation contracts: An empirical analysis in China 最低工资政策对高管薪酬合同的影响：中国的实证分析
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-10-20 DOI: 10.1016/j.irfa.2024.103682
Lei Jian , Meng Wang , Xiaojia Wang , Yan Zhang
{"title":"Effects of minimum wage policies on executive compensation contracts: An empirical analysis in China","authors":"Lei Jian ,&nbsp;Meng Wang ,&nbsp;Xiaojia Wang ,&nbsp;Yan Zhang","doi":"10.1016/j.irfa.2024.103682","DOIUrl":"10.1016/j.irfa.2024.103682","url":null,"abstract":"<div><div>This paper investigates the impact of minimum wage policies on executive pay-for-performance sensitivity (PPS) in the compensation packages of A-share listed firms in China. Using data from 745 counties between 2007 and 2020, we find that minimum wage policies lead to a decrease in PPS. This finding remains robust through instrumental variable approaches, cross-border matching tests, alternative measurements, and other rigorous tests. Moreover, the negative impact of minimum wage on PPS is more pronounced in companies with higher labor dependency, limited ability to pass on labor costs to customers, and lower risk resilience. These results support the hypothesis that rising labor costs due to increased minimum wage, which lead to performance distortion and heightened risk, promote shareholders to reduce PPS to optimize compensation contracts for value maximization.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103682"},"PeriodicalIF":7.5,"publicationDate":"2024-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533816","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
R&D subsidies, tax reductions and innovation outsourcing of enterprises 研发补贴、减税和企业创新外包
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-10-20 DOI: 10.1016/j.irfa.2024.103684
Yue Jin , Pengcheng Wang
{"title":"R&D subsidies, tax reductions and innovation outsourcing of enterprises","authors":"Yue Jin ,&nbsp;Pengcheng Wang","doi":"10.1016/j.irfa.2024.103684","DOIUrl":"10.1016/j.irfa.2024.103684","url":null,"abstract":"<div><div>As an important part of the innovation behavior of enterprises, innovation outsourcing is characterized by high technology, high threshold, and industry–university–research integration. Its status in the process of China's scientific and technological development has been continuously improved and it has received increasing attention and support through the government's innovation policies. This paper systematically tests the impact of research and development (R&amp;D) subsidies and tax reductions on enterprises' innovation outsourcing. The results show that R&amp;D subsidies and tax reductions can significantly increase enterprises' total amount and share of innovation outsourcing investment. An internal mechanism test shows that R&amp;D subsidies can promote enterprises' innovation outsourcing by improving the adequacy of R&amp;D funds and the quality of R&amp;D staff. In addition, compared to the eastern region and non-state-owned enterprises, government subsidies have a more significant driving effect on innovation outsourcing in the central and western regions and for state-owned enterprises. The conclusions drawn in this paper provide an important empirical basis and policy reference for Chinese enterprises' internal and external innovation behaviors in the context of government innovation policies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103684"},"PeriodicalIF":7.5,"publicationDate":"2024-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142534223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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 accountability system for operation and investment and audit quality of state-owned enterprises 国有企业经营投资责任制和审计质量
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-10-20 DOI: 10.1016/j.irfa.2024.103680
Yanjun Wu , Wenchuan Chen , Han Yan
{"title":"The accountability system for operation and investment and audit quality of state-owned enterprises","authors":"Yanjun Wu ,&nbsp;Wenchuan Chen ,&nbsp;Han Yan","doi":"10.1016/j.irfa.2024.103680","DOIUrl":"10.1016/j.irfa.2024.103680","url":null,"abstract":"<div><div>Based on the accountability system for illegal operation and investment of state-owned enterprises (SOEs), this paper uses A-share listed companies in China from 2013 to 2021 as a research sample to empirically test the impact of operation and investment accountability on the audit quality of firms. The results show that after the implementation of the accountability system, the audit quality of SOEs is significantly improved, and the results hold after a series of robustness checks. Mechanism tests suggest that reducing misconducts of managers, inhibiting earnings management and improving the quality of internal control can explain the effects of operation and investment accountability. Heterogeneity analyses suggest that the positive effect of operation and investment accountability on the audit quality of SOEs is more pronounced for firms in poor business environment, with low level of digital transformation and low degree of mixed-ownership reform. Further tests on economic consequence suggest that operation and investment accountability increase economic value added of state-owned assets by improving the effectiveness of auditing supervision. This paper extends the stream of literature on SOEs' auditing from the perspective of accountability, and provides practical implications on improving the quality of government monitoring measures and promoting the update of governance capacity and governance system.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103680"},"PeriodicalIF":7.5,"publicationDate":"2024-10-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142534216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Unraveling Bitcoin price unpredictability: The role of hard forks 解读比特币价格的不可预测性：硬分叉的作用
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-10-19 DOI: 10.1016/j.irfa.2024.103662
Thomas H.A. Joubert
{"title":"Unraveling Bitcoin price unpredictability: The role of hard forks","authors":"Thomas H.A. Joubert","doi":"10.1016/j.irfa.2024.103662","DOIUrl":"10.1016/j.irfa.2024.103662","url":null,"abstract":"<div><div>Despite the widespread interest in Bitcoin, a universally accepted model explaining its value remains elusive. This article address a cause to this problem. The best-performing model would not be stable over time due to the fact that Bitcoin can be duplicated.</div><div>To investigate this hypothesis, I designed study periods based on statistical characteristics and duplication dates. Then, I estimated econometric models over these periods. Results reveal that duplications play a significant and systematic role in the changes in Bitcoin price formation. Furthermore, new variables in the literature are found to be relevant. I also show that the prices of Bitcoin’s different versions are uncorrelated after a disjunction but become positively and strongly correlated after several months.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103662"},"PeriodicalIF":7.5,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142538642","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Sunshine and bank lending 阳光和银行贷款
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-10-19 DOI: 10.1016/j.irfa.2024.103678
Donghui Li , Xuanchang Qi , Jian Sun , Chun Yuan , Liyi Zhu
{"title":"Sunshine and bank lending","authors":"Donghui Li ,&nbsp;Xuanchang Qi ,&nbsp;Jian Sun ,&nbsp;Chun Yuan ,&nbsp;Liyi Zhu","doi":"10.1016/j.irfa.2024.103678","DOIUrl":"10.1016/j.irfa.2024.103678","url":null,"abstract":"<div><div>This study uses a unique proprietary loan-level dataset from a state-owned Chinese commercial bank to examine how sunshine-induced emotions influence loan pricing decisions made by high-level loan officers who would be punished for loan defaults. Our findings reveal that an increased intensity of sunshine at loan officers' workplace can increase loan pricing for borrowers. The result can be explained by the mood channel: sunshine induces a positive mood among loan officers leading to greater risk aversion in their loan pricing decisions, known as the mood maintenance effect. This effect is magnified for firms with high risk, high bank–firm information asymmetry, and in locations characterized by less bank competition. Our main results are still valid after taking into account various robustness issues and endogeneity concerns.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103678"},"PeriodicalIF":7.5,"publicationDate":"2024-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533652","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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
Connectedness between energy cryptocurrencies and US equity markets: A quantile-based analysis 能源加密货币与美国股市之间的关联性：基于量值的分析
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-10-18 DOI: 10.1016/j.irfa.2024.103666
Imran Yousaf , Afsheen Abrar , Shoaib Ali , John W. Goodell
{"title":"Connectedness between energy cryptocurrencies and US equity markets: A quantile-based analysis","authors":"Imran Yousaf ,&nbsp;Afsheen Abrar ,&nbsp;Shoaib Ali ,&nbsp;John W. Goodell","doi":"10.1016/j.irfa.2024.103666","DOIUrl":"10.1016/j.irfa.2024.103666","url":null,"abstract":"<div><div>Energy cryptocurrencies emerge as a new class of digital assets for morally conscientious investors to build long-term portfolios with high risk-adjusted returns. Focusing on this unique asset class, the current study investigates the static and dynamic spillovers between energy cryptocurrencies and US equity sector stocks at various quantiles. We apply the quantile VAR technique on the selected sample of four energy cryptocutrrencies and eleven major US equity markets for February 27, 2018 to November 25, 2022. This period includes two important subperiods: COVID-19 and the Russian-Ukraine War. Our findings support higher connectedness levels at the extreme lower and upper quantiles compared to the mean and median quantiles. While all energy cryptocurrencies are shock receivers at the extreme lower quantile, the majority of US equity sector stocks are shock transmitters at the lower quantile. The IT sector is a shock receiver at all quantiles, whereas the energy sector is a shock transmitter. Overall connectedness fluctuates over time and shows a significant rise at the start of the COVID period. Our results provide insights to investors, portfolio managers, and policymakers regarding portfolio allocation, forecasting, and risk management during downward and upward market conditions. Additionally, the ideal hedge ratios slightly increased during the COVID-19 pandemic, which increased the cost of asset coverage.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103666"},"PeriodicalIF":7.5,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142534207","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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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