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Does human flight and brain drain affect cross-border acquisitions? Insights into tobit and binomial regression models
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-13 DOI: 10.1016/j.ribaf.2025.102805
Chandrika Raghavendra , Miklesh Prasad Yadav , Taimur Sharif , Mohammad Zoynul Abedin
{"title":"Does human flight and brain drain affect cross-border acquisitions? Insights into tobit and binomial regression models","authors":"Chandrika Raghavendra ,&nbsp;Miklesh Prasad Yadav ,&nbsp;Taimur Sharif ,&nbsp;Mohammad Zoynul Abedin","doi":"10.1016/j.ribaf.2025.102805","DOIUrl":"10.1016/j.ribaf.2025.102805","url":null,"abstract":"<div><div>India has witnessed dramatic expansion in cross-border acquisition (CBA) activities. Although extant literature has examined various determinants of the flow of CBA activities to emerging economies, the role of human flight and brain drain (HFBD) has remained underexplored. Moreover, India’s HFBD index, indicating the economic consequence of brain drain, has been decreasing in the past three decades while its inbound CBA activities are escalating. Against this background, drawing on institutional and ethnic network theories, we develop a hypothesis to understand the influence of HFBD on CBA volume. We also examine the moderating effect of economic distance (ED) through which HFBD impacts India’s share of CBA. We use a sample of 804 country–year observations covering 57 home countries that acquired Indian target firms in the 1990–2020 period. Our findings show that India’s HFBD is inversely correlated with its CBA volume, indicating that the reduced economic consequences of HFBD boost India’s attraction of CBA volume. Additionally, ED significantly moderates the impact of HFBD on CBA volume. The findings of this research offer key insights for policymakers and multinational enterprises regarding brain drain and CBAs.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102805"},"PeriodicalIF":6.3,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143419258","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
Differential impact of adopting Islamic banking: A quasi-experimental approach
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-12 DOI: 10.1016/j.ribaf.2025.102793
Adil Saleem , RM Ammar Zahid , Judit Sagi
{"title":"Differential impact of adopting Islamic banking: A quasi-experimental approach","authors":"Adil Saleem ,&nbsp;RM Ammar Zahid ,&nbsp;Judit Sagi","doi":"10.1016/j.ribaf.2025.102793","DOIUrl":"10.1016/j.ribaf.2025.102793","url":null,"abstract":"<div><div>This study examines the treatment effect of the adoption of Islamic banking system in Pakistan. Compared to traditional banks, the distinct involvement of Islamic banks in real trading, along with its risk-sharing attributes, necessitates an examination of whether these differences impact economic growth. We applied a novel quasi-experimental research design using the synthetic control method (SCM) to examine the incremental effect of Islamic banking adoption on economic growth from 1990 to 2022. Results confirm that the Islamic financial system contributed differentially to economic growth in Pakistan, compared to the control group (51 countries), in the post-adoption period. The counterfactual effect on economic growth is estimated to be between 23% and 32% compared to the countries where Sharia banking is absent. The results are consistent and robust to alternative analysis, SCM with additional covariates, and placebo tests. The results also provide crucial implications for countries and central banks to implement Sharia-based banking, complementing the United Nations’ Sustainable Development Goal 8.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102793"},"PeriodicalIF":6.3,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143437223","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
How do exchange rate and oil price volatility shape Pakistan’s stock market?
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-12 DOI: 10.1016/j.ribaf.2025.102796
Misbah Khan , Sitara Karim , Farah Naz , Brian M. Lucey
{"title":"How do exchange rate and oil price volatility shape Pakistan’s stock market?","authors":"Misbah Khan ,&nbsp;Sitara Karim ,&nbsp;Farah Naz ,&nbsp;Brian M. Lucey","doi":"10.1016/j.ribaf.2025.102796","DOIUrl":"10.1016/j.ribaf.2025.102796","url":null,"abstract":"<div><div>Changes in oil prices and currency values significantly influence economic systems worldwide, with pronounced effects on equity markets. This study specifically examines the consequences of oil price changes and currency value fluctuations on the volatility of Pakistan's stock market, exploring both direct and indirect pathways. Employing the Tobit regression model, it investigates how the volatility of oil prices and exchange rates impacts the volatility of stock returns in the Pakistani context. The findings underscore the importance for investors and policymakers in Pakistan to consider the implications of oil and currency volatility when assessing investment risks and opportunities in the stock market. This research contributes to the understanding of the intricate relationships between oil price volatility, exchange rate fluctuations, and stock market dynamics in Pakistan, offering valuable insights for informed decision-making.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102796"},"PeriodicalIF":6.3,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143437224","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
Does the financial reporting quality of private targets matter for deal timing? Evidence from European M&A 私营目标公司的财务报告质量对交易时机有影响吗？欧洲并购的证据
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-11 DOI: 10.1016/j.ribaf.2025.102794
Belén Gill-de-Albornoz , Marco Maffei , Flavio Spagnuolo
{"title":"Does the financial reporting quality of private targets matter for deal timing? Evidence from European M&A","authors":"Belén Gill-de-Albornoz ,&nbsp;Marco Maffei ,&nbsp;Flavio Spagnuolo","doi":"10.1016/j.ribaf.2025.102794","DOIUrl":"10.1016/j.ribaf.2025.102794","url":null,"abstract":"<div><div>We investigate whether the financial reporting quality (FRQ) of privately-held targets influences deal timing dynamics in a sample of 1286 European mergers and acquisitions (M&amp;A) operations announced during the years 2012–2023. Given the weak demand for high-FRQ in the private setting, the usefulness of the financial information of private firms is questionable and capital providers may prefer alternative solutions to reduce information asymmetry problems when valuing these targets. We address this empirical question running multivariate regression analyses to test the association between the deal timing and the private targets’ FRQ, proxied by accrual-based and non-accrual metrics. Our main results, interpreted through the lens of signalling theory, show that the deals are completed faster when private targets exhibit better FRQ. These findings suggest that acquirers rely on the deep analysis of private firms’ financial information to allocate their due diligence resources, supporting the usefulness of FRQ in the private setting. Additionally, we observe that the industry-relatedness nature of transactions shapes the strength of this association, and that in due diligence stage where acquirers can manage only a limited information released by sellers, the targets’ FRQ may become less useful. While the research reveals insights on the role of targets’ financial information in M&amp;A terms, it also suggests that policymakers should consider measures to strengthen reporting practices for private companies to reduce information asymmetry and enhance the efficiency of M&amp;A transactions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102794"},"PeriodicalIF":6.3,"publicationDate":"2025-02-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143421025","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
Spatial distribution of public service, spatial sorting, and labor market
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-10 DOI: 10.1016/j.ribaf.2025.102795
Xiaozhong Yang , Fusheng Xie , Guanpu Li
{"title":"Spatial distribution of public service, spatial sorting, and labor market","authors":"Xiaozhong Yang ,&nbsp;Fusheng Xie ,&nbsp;Guanpu Li","doi":"10.1016/j.ribaf.2025.102795","DOIUrl":"10.1016/j.ribaf.2025.102795","url":null,"abstract":"<div><div>This study aims to demonstrate the impact of the spatial distribution of public services on the labor market. By incorporating urban space into a search-matching framework, we found two patterns of spatial sorting: completed and mixed spatial sorting. In completed spatial sorting, employed workers live in the city center and unemployed workers live in the suburbs, whereas in mixed spatial sorting, short-term unemployed workers live in the city center, long-term unemployed workers live in the far suburbs, and employed workers live in intermediate areas. When suburban public services decline, market tightness and search intensity increase, thereby decreasing unemployment rates and wages. The inconvenience of suburban transportation facilities increases search intensity, reduces unemployment rate, and decreases wages.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102795"},"PeriodicalIF":6.3,"publicationDate":"2025-02-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143394638","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
Online investor sentiment in the financial futures markets
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-05 DOI: 10.1016/j.ribaf.2024.102708
Walid Bahloul , Wael Dammak
{"title":"Online investor sentiment in the financial futures markets","authors":"Walid Bahloul ,&nbsp;Wael Dammak","doi":"10.1016/j.ribaf.2024.102708","DOIUrl":"10.1016/j.ribaf.2024.102708","url":null,"abstract":"<div><div>This paper contributes to sentiment analysis in financial futures markets in two ways. First, we develop a domain-specific sentiment lexicon adapted to the language and expressions used by online futures market participants. We find that a domain-specific lexicon is essential for accurately measuring investor sentiment in futures markets. Second, we explore the relation between online investor sentiment and subsequent returns in three actively traded financial futures markets. Our results support the usefulness of the proposed sentiment index, constructed using the specific lexicon, for predicting subsequent returns over short horizons in futures markets. Sentiment timing strategies based on different lexicons were also examined, and we found that our sentiment-based lexicon market timing strategy outperforms the general financial lexicons timing strategies during the evaluation period. Overall, these findings are valuable for researchers and practitioners seeking deeper insights into investor sentiment and its impact on futures markets.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102708"},"PeriodicalIF":6.3,"publicationDate":"2025-02-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143349595","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
Climate change management and companies' financial performance: Exploring the moderating role of carbon credits
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-04 DOI: 10.1016/j.ribaf.2025.102785
Antonio Salvi , Francesco Martielli , Enrico Battisti , Canio Forliano , Satish Kumar
{"title":"Climate change management and companies' financial performance: Exploring the moderating role of carbon credits","authors":"Antonio Salvi ,&nbsp;Francesco Martielli ,&nbsp;Enrico Battisti ,&nbsp;Canio Forliano ,&nbsp;Satish Kumar","doi":"10.1016/j.ribaf.2025.102785","DOIUrl":"10.1016/j.ribaf.2025.102785","url":null,"abstract":"<div><div>The purpose of this paper is to examine how carbon emissions affect companies' financial performance, exploring the moderating role of carbon credits. Drawing on institutional theory, this study analyses 118 companies that used carbon offsets in 2018–2022. The results reveal that carbon emissions have a detrimental effect on financial performance; however, this negative impact can be mitigated by adopting climate finance tools, such as carbon credits, which can moderate this relationship. This research offers valuable contributions to both theoretical and practical domains, supporting regulators in monitoring carbon emissions.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102785"},"PeriodicalIF":6.3,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143377755","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
Return trade-offs between environmental and social pillars of ESG scores
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-04 DOI: 10.1016/j.ribaf.2025.102779
Leyla Yusifzada , Igor Lončarski , Gergely Czupy , Helena Naffa
{"title":"Return trade-offs between environmental and social pillars of ESG scores","authors":"Leyla Yusifzada ,&nbsp;Igor Lončarski ,&nbsp;Gergely Czupy ,&nbsp;Helena Naffa","doi":"10.1016/j.ribaf.2025.102779","DOIUrl":"10.1016/j.ribaf.2025.102779","url":null,"abstract":"<div><div>Our analysis explores the trade-off between environmental and social factors, as we observe that the environmental and social performances of firms are negatively correlated across industries. We find that, from 2013 to 2022, firms with high environmental scores but low social scores outperformed those with low environmental scores but high social scores by an average of 0.39% per month. However, this outperformance diminished when the investment horizon began in 2016. We find that in the period following 2016, public markets began to signal an equal importance for both environmental and social pillars. Therefore, policy frameworks should aim to balance both environmental and social objectives to address the disparities created by regulations that favour one aspect of sustainability over the other.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102779"},"PeriodicalIF":6.3,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143372772","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
Towards green trade: Digital economy and export quality of green products
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-04 DOI: 10.1016/j.ribaf.2025.102777
Xiaojing Ou , Weikang Zhao , Zhiqiang Zheng , Muhammad Mohiuddin
{"title":"Towards green trade: Digital economy and export quality of green products","authors":"Xiaojing Ou ,&nbsp;Weikang Zhao ,&nbsp;Zhiqiang Zheng ,&nbsp;Muhammad Mohiuddin","doi":"10.1016/j.ribaf.2025.102777","DOIUrl":"10.1016/j.ribaf.2025.102777","url":null,"abstract":"<div><div>The digital economy not only drives economic growth but also supports green development, creating new opportunities for enterprises to excel in high-quality green exports. Initially, we constructed a theoretical model to assess how the digital economy influences the export quality of green products. Subsequently, we conducted empirical analyses to examine its impact and the mechanisms underlying factor allocation. Our findings underscore that the digital economy significantly aids enterprises in enhancing the export quality of green products. This positive impact primarily arises from the optimized allocation of capital, labor, and technology. Furthermore, through its effects on product entry and exit dynamics, the digital economy effectively identifies and promotes high-quality products while filtering out inferior ones. Consequently, there is an overall improvement in the export quality of green products. This study provides new empirical evidence on how the digital economy fosters the enhancement of green product quality. It contributes to the literature on the influence of digital technologies on green development and offers practical recommendations for advancing green trade.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102777"},"PeriodicalIF":6.3,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143377754","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
Private equity and financial distress: A bibliometric literature review
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102674
Cristina De Silva , Belinda Laura Del Gaudio , Anna Gervasoni , Michele Lertora
{"title":"Private equity and financial distress: A bibliometric literature review","authors":"Cristina De Silva ,&nbsp;Belinda Laura Del Gaudio ,&nbsp;Anna Gervasoni ,&nbsp;Michele Lertora","doi":"10.1016/j.ribaf.2024.102674","DOIUrl":"10.1016/j.ribaf.2024.102674","url":null,"abstract":"<div><div>This paper presents a bibliometric literature review to examine the impact of private equity (PE) on portfolio companies' financial distress. Due to PE's increasing role in the economy, this topic is of growing interest. Our analysis encompasses 151 publications, exploring co-occurrence networks, co-citation patterns, publication patterns and key research streams. The existing literature shows that PE-backed companies' risk of distress increases following a buyout. However, when controlling for leverage, this does not result in higher bankruptcy rates compared to non-PE-backed companies. Furthermore, PE-backed companies are more likely than non-PE-backed peers to avoid insolvency in the event of financial distress. This ability to manage financial distress effectively is attributed to corporate governance mechanisms based on active and concentrated ownership, availability of financial resources, and reputational concerns. In addition, the study identifies future research avenues and provides valuable insights for academic scholars, industry practitioners, and policymakers alike.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102674"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100868","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
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