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Banking uncertainty and corporate financial constraints 银行业的不确定性和企业财务限制
International Journal of Finance and Economics Pub Date : 2024-01-27 DOI: 10.1002/ijfe.2938
Japan Huynh
{"title":"Banking uncertainty and corporate financial constraints","authors":"Japan Huynh","doi":"10.1002/ijfe.2938","DOIUrl":"https://doi.org/10.1002/ijfe.2938","url":null,"abstract":"This article investigates an essential channel through which uncertainty may harm the economy—firms' financing constraints. Unlike prior literature focusing on the aspect of aggregate economic policy uncertainty, we look into the dimension of disaggregate uncertainty in the banking system. Examining financial data of commercial banks and listed companies in Vietnam during 2008–2022, we document that banking uncertainty positively impacts corporate financial constraints. Moreover, we explore how firm-specific and macroeconomic factors interact with the relationship between uncertainty and financing constraints. Our analysis indicates that this link is more pronounced for non-state-owned firms, firms with more intangible assets, and firms listed on the Hanoi stock exchange. Meanwhile, macro shocks, such as the financial crisis and the COVID-19 pandemic can strengthen the effect of banking uncertainty on financing constraints. Finally, we examine the mechanisms through which banking uncertainty causes an increase in firms' financial constraints. We document that banking uncertainty exacerbates financial constraints by raising the cost of external financing, not by lowering firm performance.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"21 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139587845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Exchange rate misalignment and financial development in Africa 汇率失调与非洲金融发展
International Journal of Finance and Economics Pub Date : 2024-01-19 DOI: 10.1002/ijfe.2935
Tii N. Nchofoung, Nathanael Ojong, Ladifatou Ndi Gbambie Gachili
{"title":"Exchange rate misalignment and financial development in Africa","authors":"Tii N. Nchofoung, Nathanael Ojong, Ladifatou Ndi Gbambie Gachili","doi":"10.1002/ijfe.2935","DOIUrl":"https://doi.org/10.1002/ijfe.2935","url":null,"abstract":"We examine the effect of misaligned exchange rates on financial development in Africa. Results from quantile regression techniques and the IV Lewbel estimator reveal that exchange rate misalignment significantly hampers financial development on that continent. This result is robust across financial institutions and financial markets. We also show that while the effects of misaligned exchange rates are negative on financial institutions and positive on financial markets in African franc-zone countries, the effects are consistently negative across all financial sectors in the non-franc-zone countries there. When robustness assessment is done using quantile regression, the results show that the negative effect of misalignment on financial development is only feasible from the 75th percentile and higher in Africa in general and for the non-franc-zone countries in particular.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139515768","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Does institutional quality matter for renewable energy promotion in OECD economies? 机构质量对经合组织经济体推广可再生能源是否重要？
International Journal of Finance and Economics Pub Date : 2024-01-10 DOI: 10.1002/ijfe.2926
Shuddhasattwa Rafiq, Sudharshan Reddy Paramati, Md. Samsul Alam, Khalid Hafeez, Muhammad Shafiullah
{"title":"Does institutional quality matter for renewable energy promotion in OECD economies?","authors":"Shuddhasattwa Rafiq, Sudharshan Reddy Paramati, Md. Samsul Alam, Khalid Hafeez, Muhammad Shafiullah","doi":"10.1002/ijfe.2926","DOIUrl":"https://doi.org/10.1002/ijfe.2926","url":null,"abstract":"This study examines the effect of institutional quality on renewable energy promotion in OECD economies. The study employs annual data from 1980 to 2014 on 18 OECD economies. The robust panel unit root tests show that all the considered variables have a similar order of integration, indicating that they are nonstationary at their levels but stationary at the first-order differences. The panel cointegration test with structural breaks and cross-section dependence confirms a long-run equilibrium association between institutional quality, renewable energy consumption and control variables. The analysis of long-run estimations displays that better institutional quality makes a unique and substantial contribution to promoting renewable energy consumption. Overall, the study findings offer important policy implications highlighting the importance of institutional quality for the growth of renewable energy and a sustainable world.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"33 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139422604","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Risk spillover measurement of carbon trading market considering susceptible factors: A network perspective 考虑易受影响因素的碳交易市场风险溢出测量：网络视角
International Journal of Finance and Economics Pub Date : 2024-01-10 DOI: 10.1002/ijfe.2928
Qingli Dong, Lanlan Lian, Qichuan Jiang
{"title":"Risk spillover measurement of carbon trading market considering susceptible factors: A network perspective","authors":"Qingli Dong, Lanlan Lian, Qichuan Jiang","doi":"10.1002/ijfe.2928","DOIUrl":"https://doi.org/10.1002/ijfe.2928","url":null,"abstract":"An objective and robust network-based data-driven strategy is proposed to analyze risk spillovers in carbon markets. First, we characterize the causality network between the carbon market and potential associated markets using a data-driven fuzzy cognitive map approach. Second, network-based community detection is conducted to explore community structures that include carbon trading markets, and five market factors belonging to the same community as EU Allowances (EUA) are identified. Next, we conduct downside and upside-tail measurements of EUA risk spillover levels within the community based on estimates and fits of marginal and joint distributions for different market pairs. Finally, we point out that the market factor having the most significant upper-tail spillover effects on EUA is OILFUTURE, besides, EURUSD asset is found to be the best hedge for EUA futures among the detected market factors.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"88 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2024-01-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139421368","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Your gender identity is who you are: Female chief executive officers and corporate debt structure 你的性别认同就是你的身份：女性首席执行官与公司债务结构
International Journal of Finance and Economics Pub Date : 2023-12-20 DOI: 10.1002/ijfe.2923
Yuxuan Huang, Qi Zhu, Cheng Yan, Yeqin Zeng
{"title":"Your gender identity is who you are: Female chief executive officers and corporate debt structure","authors":"Yuxuan Huang, Qi Zhu, Cheng Yan, Yeqin Zeng","doi":"10.1002/ijfe.2923","DOIUrl":"https://doi.org/10.1002/ijfe.2923","url":null,"abstract":"Using a large sample of S&P 1500 firms during 1993–2021, we empirically examine the implications of CEO gender on corporate debt structure. We find that after controlling for endogeneity, firms managed by female CEOs issue less debt than those managed by male CEOs. Female CEOs being more risk averse than male CEOs is the underlying mechanism which drives the negative relation between female CEOs and firm leverage. Further, we find that the effect of CEO gender is more pronounced when the firm's CEO is younger, the litigation risk is higher, and the market is more competitive. In terms of debt structure, firms managed by female CEOs prefer to maintain positive debt capacity and have longer debt maturities. Finally, we show that CEO gender has a stronger impact on debt structure than CFO gender. Taken together, our evidence suggests that there exist gender differences in terms of corporate debt borrowing decision making.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"35 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138823998","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Time-varying causality between investor sentiment an oil price: Does uncertainty matter? 投资者情绪与石油价格之间的时变因果关系：不确定性是否重要？
International Journal of Finance and Economics Pub Date : 2023-12-10 DOI: 10.1002/ijfe.2922
Mohamed Sahbi Nakhli, Khaled Mokni, Manel Youssef
{"title":"Time-varying causality between investor sentiment an oil price: Does uncertainty matter?","authors":"Mohamed Sahbi Nakhli, Khaled Mokni, Manel Youssef","doi":"10.1002/ijfe.2922","DOIUrl":"https://doi.org/10.1002/ijfe.2922","url":null,"abstract":"While the oil market-investors sentiment (IS) has been considerably investigated, almost all studies have focused on the assumption of a constant relationship, and no attention has been given to the causality analysis in a time-varying approach. To fill this gap, this study investigates the predictive power between IS and oil price based on a time-varying Granger causality test. Using data over the period 1987–2020, we find evidence of significant bidirectional asymmetric time-varying causal influences between investor sentiment and oil prices, suggesting that oil prices may predict investor sentiment and vice versa. Besides, the results suggest that bearish (bullish) investor sentiment has positive (negative) influences on oil prices during major economic and political events. In contrast, oil price exerts an influence on the sentiment which switches between positive and negative from one period to another. Further analysis shows that uncertainty related to the oil and equity markets can be a driver of the predictive power of oil prices on the bearish IS.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138682990","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
U.S. economic uncertainty shocks and extreme capital flows episodes: An empirical analysis of emerging and developing economies 美国经济不确定性冲击和极端资本流动事件：对新兴经济体和发展中经济体的实证分析
International Journal of Finance and Economics Pub Date : 2023-12-10 DOI: 10.1002/ijfe.2914
Xinqian Du, Tian Pu
{"title":"U.S. economic uncertainty shocks and extreme capital flows episodes: An empirical analysis of emerging and developing economies","authors":"Xinqian Du, Tian Pu","doi":"10.1002/ijfe.2914","DOIUrl":"https://doi.org/10.1002/ijfe.2914","url":null,"abstract":"We use the two-way fixed-effect panel logit model to examine the impact of U.S. economic uncertainty shocks on the probability of extreme capital flow episodes based on quarterly data from 71 emerging and developing economies from 1998Q1 to 2022Q4. According to the findings, U.S. economic uncertainty shocks has a negative effect on the probability of gross capital surges, gross capital flight, and net capital surges, and has a positive effect on the probability of gross capital sudden stops, gross capital retrenchment, and net capital sudden stops. Moreover, we find differences in the factors affecting net and gross capital flows, which are usually more closely related to earnings factors dominated by real economic growth rates. Additionally, the sample's heterogeneity is analysed in accordance with the exchange rate regimes. Our results differ from traditional views, as floating exchange rates do not act as a buffer against extreme capital flows. Finally, capital flows are classified into direct investment, other investment, and portfolio investment, and it is found that U.S. economic uncertainty shocks have a significant impact on the extreme flow episodes of other and portfolio investment.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"2 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138683114","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How do credit ratings affect corporate investment efficiency? 信用评级如何影响企业投资效率？
International Journal of Finance and Economics Pub Date : 2023-12-07 DOI: 10.1002/ijfe.2920
Di Xiao, Xinyu Yu
{"title":"How do credit ratings affect corporate investment efficiency?","authors":"Di Xiao, Xinyu Yu","doi":"10.1002/ijfe.2920","DOIUrl":"https://doi.org/10.1002/ijfe.2920","url":null,"abstract":"This study examines the impact of credit ratings on the efficiency of firms' investments. Using a large sample of US firms, we find a positive relationship between the existence of credit ratings and investment efficiency. The cross-sectional analyses show the positive relationship is more pronounced for firms with greater information asymmetry and weaker corporate governance. Our results are robust to different methods to address potential endogeneity concerns, alternative measures of key variables, and the inclusion of additional control variables. Overall, the findings support the notion that credit rating agencies enhance information transparency and external monitoring, thereby allowing rated firms to promote investment efficiency. The findings contribute to our understanding of the significant role played by credit rating agencies in shaping firms' investment behaviour and efficiency.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"72 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138565845","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How do intangible assets and financial constraints affect stock returns in Vietnam before and during the COVID-19 pandemic? 在 COVID-19 大流行之前和期间，无形资产和财务限制如何影响越南的股票回报？
International Journal of Finance and Economics Pub Date : 2023-12-06 DOI: 10.1002/ijfe.2916
Khoa Dang Duong, Tran Ngoc Huynh, Linh Thi Diem Truong
{"title":"How do intangible assets and financial constraints affect stock returns in Vietnam before and during the COVID-19 pandemic?","authors":"Khoa Dang Duong, Tran Ngoc Huynh, Linh Thi Diem Truong","doi":"10.1002/ijfe.2916","DOIUrl":"https://doi.org/10.1002/ijfe.2916","url":null,"abstract":"We are the first to determine the effect of intangible intensity (INTANG) on cross-sectional stock returns after controlling financial constraints in the Vietnam stock market. Our sample includes 37,938 firm-month observations from 488 non-financial firms from October 2008 to February 2021. We employ Fama and MacBeth regressions and portfolio analysis methodologies to estimate the impact of intangible assets and financial constraints on stock returns. Our findings show that a percentage increase in INTANG empowers stock returns by 0.922%. Meanwhile, the cross-sectional stock returns decrease by 0.506% when the financial constraints index increases by a percentage point. Moreover, the results suggest that intangible assets in the entire sample and before COVID-19 empower the stock return cross-sectionally. Our findings are robust after employing alternative INTANG proxies. Our findings support the risk-based explanation, the pecking order theory, and prior literature. Our findings suggest governments should promote intellectual property and copyright regulations to encourage Small and Medium Enterprises (SMEs) to expand intangible assets. Furthermore, investors can utilize our suggested models to construct their portfolios efficiently.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"68 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138566067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Is illiquidity priced in an international factor pricing model? A dynamic panel data application with robust IV 非流动性是否在国际要素定价模型中定价?具有鲁棒性的动态面板数据应用
International Journal of Finance and Economics Pub Date : 2023-11-30 DOI: 10.1002/ijfe.2919
François-Eric Racicot, William F. Rentz, Raymond Théoret
{"title":"Is illiquidity priced in an international factor pricing model? A dynamic panel data application with robust IV","authors":"François-Eric Racicot, William F. Rentz, Raymond Théoret","doi":"10.1002/ijfe.2919","DOIUrl":"https://doi.org/10.1002/ijfe.2919","url":null,"abstract":"In the setting of a dynamic panel data framework, we investigate the international five-factor Fama–French (2017) model augmented with traditional illiquidity factors (Amihud, Journal of Financial Markets, 2002, 5, 31–56; Amihud, Critical Finance Review, 2019, 8, 203–221; Pástor and Stambaugh, Journal of Political Economy, 2003, 111, 642–685; Pástor and Stambaugh, Critical Finance Review, 2019, 8, 277–299) to determine if any of these factors are priced. Since illiquidity measures are endogenous, we propose an algorithm that generates robust instruments which are combined with a GMM estimator to cope with both the endogeneity issues surrounding illiquidity and other eventual specification errors. In this dynamic framework, we generally find that the most significant factors correspond to market and size but illiquidity may matter depending on the level of the beta. We find that illiquidity has more impact on returns in expansion than in recession. However, the bid-ask spread seems to behave differently from the other illiquidity measures.","PeriodicalId":501193,"journal":{"name":"International Journal of Finance and Economics","volume":"92 2","pages":""},"PeriodicalIF":0.0,"publicationDate":"2023-11-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138511342","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","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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