Investment Management and Financial Innovations最新文献

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How does risk aversion shape investors’ intentions? Evidence from the Indian corporate bond market 风险规避如何影响投资者的意图？印度公司债券市场的证据

Investment Management and Financial Innovations Pub Date : 2023-11-16 DOI: 10.21511/imfi.20(4).2023.18

G. E., Rajeev Matha, Kishore L., Venisha Jenifer Dmello

{"title":"How does risk aversion shape investors’ intentions? Evidence from the Indian corporate bond market","authors":"G. E., Rajeev Matha, Kishore L., Venisha Jenifer Dmello","doi":"10.21511/imfi.20(4).2023.18","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.18","url":null,"abstract":"Risk aversion plays a crucial role in understanding how individuals make financial decisions and allocate their resources. This study analyzes the influence of risk aversion on behavioral intentions and explores the mediating role of attitudes, subjective norms, and perceived behavioral control. Additionally, it investigates the moderating effect of gender and financial literacy on behavioral intentions of investors. A sample of 400 people was collected from Indian retail investors by administering a structured questionnaire through stock brokering firms, and data were analyzed using Partial least squares – Structural equation modelling in the Smart PLS 3.3.9 software. The research found that risk aversion, attitude, subjective norms, and perceived behavioral control significantly impact an investor’s intention. Among all the antecedents of behavioral intentions, perceived behavioral control (β 0.481*) was found as a significant predictor of the intention compared to attitude (β 0.154*), subjective norms (β 0.224*) and risk aversion (β 0.082*) factors. Further, mediation analysis found that attitude, subjective norms, and perceived behavioral control partially mediated the relationship between risk aversion and intention. Lastly, the multi-group analysis revealed that gender and financial literacy did not moderate the association between risk aversion and intention.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139267702","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

Liquidity spillover from carbon emission trading markets to stock markets in China 中国碳排放权交易市场对股票市场的流动性溢出效应

Investment Management and Financial Innovations Pub Date : 2023-11-16 DOI: 10.21511/imfi.20(4).2023.19

Xinyuan Yang, Jingyao Zhu, Hantao Xie, Jianing Zhang

{"title":"Liquidity spillover from carbon emission trading markets to stock markets in China","authors":"Xinyuan Yang, Jingyao Zhu, Hantao Xie, Jianing Zhang","doi":"10.21511/imfi.20(4).2023.19","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.19","url":null,"abstract":"This study delves into China’s carbon emissions trading markets, investigating the interplay between carbon price liquidity and stock liquidity. Focusing on 338 companies listed in the national and eight pilot markets of the carbon emissions trading system from August 2013 to October 2023, the empirical finding reveals a positive impact of carbon price liquidity on stock liquidity. Notably, this positive association manifests more robustly in industries characterized by low carbon intensity compared to those with high carbon intensity, is more prominent during the COVID-19 period than in preceding times, and is particularly accentuated in the Hubei Province and Chongqing, as opposed to the remaining seven regions. Intriguingly, both carbon price liquidity and stock liquidity display positive autocorrelations in vector autoregression analysis. The endogeneity concern is alleviated by the two-stage least squares regressions, using lagged carbon price liquidity as instrumental variables. This study contributes to an enhanced comprehension of the dynamic interaction between carbon price liquidity and stock liquidity contextualized within China’s evolving carbon market landscape. The insights garnered herein hold substantial value for investors and government stakeholders seeking to navigate this evolving financial terrain. AcknowledgmentThis research was supported by the Summer Student Partnering with Faculty Research Program of Wenzhou-Kean University (WKUSSPF202304), the Wenzhou Association for Science and Technology – Service and Technology Innovation Program (jczc0254), and the Department of Education of Zhejiang Province – General Program (Y202353438).","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139268476","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

The influence of income tax rate, tunneling incentives, and return on equity on transfer pricing behavior of foreign direct investment enterprises in Vietnam 所得税率、隧道激励和股本回报率对越南外商直接投资企业转让定价行为的影响

Investment Management and Financial Innovations Pub Date : 2023-11-15 DOI: 10.21511/imfi.20(4).2023.17

Tran Quoc Thinh, Nguyen Thi Hai An

{"title":"The influence of income tax rate, tunneling incentives, and return on equity on transfer pricing behavior of foreign direct investment enterprises in Vietnam","authors":"Tran Quoc Thinh, Nguyen Thi Hai An","doi":"10.21511/imfi.20(4).2023.17","DOIUrl":"https://doi.org/10.21511/imfi.20(4).2023.17","url":null,"abstract":"The utilization of competitive advantages in international trading has fortuitously put transnational manufacturing enterprises in the position of distorting transfer pricing techniques to maximize profits. The paper aims to explore the influence of the determinants on the transfer pricing behavior of foreign direct investment enterprises in Vietnam. The paper collects primary data from the financial statements of 96 foreign direct investment enterprises in Vietnam over six years from 2016 to 2021. The paper gets a final panel data of 576 observations to be processed by the fixed effects model estimation method using EViews 12. Supporting agency theory and positive accounting theory, the results show that the income tax rate negatively influences transfer pricing behavior, while tunneling incentives and return on equity positively affect transfer pricing behavior. The paper highlights that government agencies should reperform and implement fiscal policies synchronously to be able to monitor transfer pricing behaviors of foreign direct investment enterprises in Vietnam.","PeriodicalId":507796,"journal":{"name":"Investment Management and Financial Innovations","volume":null,"pages":null},"PeriodicalIF":0.0,"publicationDate":"2023-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139270949","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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