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Common institutional ownership and executive pay-performance sensitivity: Mediating role of information transparency and fund occupation
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102695
Shaobo Mou, Sijia Yi, Qiufeng Zhang, Danping Liu
{"title":"Common institutional ownership and executive pay-performance sensitivity: Mediating role of information transparency and fund occupation","authors":"Shaobo Mou,&nbsp;Sijia Yi,&nbsp;Qiufeng Zhang,&nbsp;Danping Liu","doi":"10.1016/j.ribaf.2024.102695","DOIUrl":"10.1016/j.ribaf.2024.102695","url":null,"abstract":"<div><div>Research in corporate governance highlights the development of executive compensation contracts as a crucial strategy for mitigating agency conflicts. This study uses the pay-performance sensitivity (PPS) of executives as a metric to evaluate the effectiveness of compensation agreements, specifically examining the influence of common institutional ownership (CIO) with data from publicly traded companies between 2009 and 2022. The findings reveal the existence of PPS and its amplification through CIO, a conclusion that remains robust after conducting various tests. Moreover, the research identifies two mediating effects: information transparency and fund occupation. The co-governance role of CIO is found to be more pronounced in the eastern region, within state-owned enterprises, and in contexts characterized by higher agency costs and greater equity concentration. These insights deepen our understanding of the governance synergies associated with CIO, offering both theoretical and empirical foundations for the design of executive compensation contracts.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102695"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100870","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
Environmental protection interview and corporate environmental investment: Evidence from China
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102694
Jiewei Zhang , Yi Yang
{"title":"Environmental protection interview and corporate environmental investment: Evidence from China","authors":"Jiewei Zhang ,&nbsp;Yi Yang","doi":"10.1016/j.ribaf.2024.102694","DOIUrl":"10.1016/j.ribaf.2024.102694","url":null,"abstract":"<div><div>This study examines the impact of a new government’s environmental governance tool, namely, the environmental protection interview system, on corporate environmental investment. Using Chinese A-share companies and a difference-in-differences design, we show that enhanced environmental law enforcement significantly boosts corporate investment in environmental initiatives. Mechanism tests indicate that this effect works in two ways: it raises public awareness of environmental issues and improves green awareness among internal management. Further analysis shows that the policy’s positive impact is most pronounced in non-state-owned sectors, manufacturing industries, and companies operating in highly marketized regions. These results highlight the relationship between macro-level environmental policies and corporate investment in green initiatives, and they provide policy implications for strengthening environmental supervision and enforcement and improving the environmental law enforcement system.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102694"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100871","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
Balancing ecology and finance: The impact of carbon performance on dividend payout policy
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102710
Ramzi Benkraiem , Olfa Berrich , Nadia Lakhal , Hamza Nizar , Faten Lakhal
{"title":"Balancing ecology and finance: The impact of carbon performance on dividend payout policy","authors":"Ramzi Benkraiem ,&nbsp;Olfa Berrich ,&nbsp;Nadia Lakhal ,&nbsp;Hamza Nizar ,&nbsp;Faten Lakhal","doi":"10.1016/j.ribaf.2024.102710","DOIUrl":"10.1016/j.ribaf.2024.102710","url":null,"abstract":"<div><div>This paper investigates the effect of corporate carbon performance on the dividend payout policy. Based on an international sample from 2010 to 2022, the results show that firms that emit less carbon pay more dividends to their shareholders suggesting that managers are likely to balance all stakeholders’ needs. However, companies distribute less dividends following the Paris Agreement in 2015. This result suggests that the increased pressure on companies to engage in sustainability initiatives can reduce the amount of profit available for dividends. Furthermore, the positive effect of carbon performance on dividend payout policy is accentuated for companies with strong profitability and high corporate governance quality. Nevertheless, this positive effect is less prevalent in companies under highly competitive pressure.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102710"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100910","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
Sustainable synergy: Static and dynamic nexus between ESG and BRICS equity markets
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102698
Shoaib Ali , Nassar S. Al-Nassar , Muzammal Ilyas Sindhu , Muhammad Naveed
{"title":"Sustainable synergy: Static and dynamic nexus between ESG and BRICS equity markets","authors":"Shoaib Ali ,&nbsp;Nassar S. Al-Nassar ,&nbsp;Muzammal Ilyas Sindhu ,&nbsp;Muhammad Naveed","doi":"10.1016/j.ribaf.2024.102698","DOIUrl":"10.1016/j.ribaf.2024.102698","url":null,"abstract":"<div><div>Sustainable finance has become the new frontier in global investments, redefining success beyond mere profit margins. For the BRICS economies, this paradigm shift presents both a challenge and an opportunity to reimagine their role in the evolving world of responsible investing. Therefore, this study examines the connectedness between environmental, social, and governance (ESG) leader indices and the BRICS equity markets using the TVP-VAR model. Our return and volatility connectedness results demonstrate a moderate level of transmission between ESG and conventional equity markets. Moreover, the system integration increased substantially during COVID-19 compared to pre-COVID-19, highlighting the strong impact of global events on financial market behavior. ESG (conventional) stocks predominantly emerge as net transmitters (recipients) of return and volatility shock to the system. The dynamic analysis reveals a notable increase in system connectedness, exhibiting increased transmission during an uncertain market environment. Our portfolio analysis suggests that investors should increase their investment in BRICS equity markets during COVID-19 to get higher diversification benefit, however hedging ESG with conventional stocks becomes expensive (higher hedge ratio) during a turbulent period. These results have substantial implications for portfolio management, suggesting that ESG can effectively mitigate risk and optimize portfolio performance.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102698"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100965","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
Easing the squeeze: How do acquisitions relieve target firms’ financial constraints?
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102673
Sadok El Ghoul , Zhaoran (Jason) Gong , Omrane Guedhami
{"title":"Easing the squeeze: How do acquisitions relieve target firms’ financial constraints?","authors":"Sadok El Ghoul ,&nbsp;Zhaoran (Jason) Gong ,&nbsp;Omrane Guedhami","doi":"10.1016/j.ribaf.2024.102673","DOIUrl":"10.1016/j.ribaf.2024.102673","url":null,"abstract":"<div><div>Using private firm financial data, we investigate how acquisitions alleviate financial constraints in private firms. We find that targets’ internal financing improves after acquisitions because they can retain higher proportions of earnings and borrow interest-free capital from their parent companies. Targets also receive better external financing as they obtain more debt financing with lower interest rates, borrow more trade credit from suppliers, and collect receivables from customers more quickly. Our findings suggest that internal and external financing improvements contribute to reducing targets’ financial constraints.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102673"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100874","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
Do past ESG scores efficiently predict future ESG performance?
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102706
Dilvin Taskin , Görkem Sariyer , Ece Acar , Efe Caglar Cagli
{"title":"Do past ESG scores efficiently predict future ESG performance?","authors":"Dilvin Taskin ,&nbsp;Görkem Sariyer ,&nbsp;Ece Acar ,&nbsp;Efe Caglar Cagli","doi":"10.1016/j.ribaf.2024.102706","DOIUrl":"10.1016/j.ribaf.2024.102706","url":null,"abstract":"<div><div>Given the effects of Environmental, Social, and Governance (ESG) scores on financial performance and stock returns, the prediction of future ESG scores is highly crucial. ESG scores are calculated using an enormous number of variables related to the sustainability practices of firms; thus, it is impractical for investors to come up with predictions of ESG performance. This paper aims to fill this gap by using only the past score-based and rating-based ESG performance as the determinant of future ESG performance using four machine learning-based algorithms; decision tree (DT), random-forest (RF), k-nearest neighbor (KNN), and logistic regression (LR). The proposed model is validated in BIST sustainability index companies. The results suggest that past ESG grade-based and numerical scores can be used as a determinant of future ESG performance. The results prove that a simple indicator could serve to predict future ESG scores rather than complex data alternatives. Using data from BIST sustainability index companies in Turkey, the findings demonstrate that past ESG grades and scores are reliable predictors of future ESG performance, offering a simple yet effective alternative to complex data-driven methods. This study not only contributes to advancing sustainable finance practices but also provides practical tools for emerging markets like Turkey to align corporate strategies with global sustainability standards. The methodological contributions also have broader relevance for international financial markets.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102706"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100905","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
Controlling shareholder’s escape threat: Foreign residency rights and stock price crash risk
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102707
Feng Cao , Haitong Li , Xueyan Zhang , Zixi Zhang
{"title":"Controlling shareholder’s escape threat: Foreign residency rights and stock price crash risk","authors":"Feng Cao ,&nbsp;Haitong Li ,&nbsp;Xueyan Zhang ,&nbsp;Zixi Zhang","doi":"10.1016/j.ribaf.2024.102707","DOIUrl":"10.1016/j.ribaf.2024.102707","url":null,"abstract":"<div><div>This paper examines how foreign residency rights (FRRs) of controlling shareholders affect stock price crash risk in emerging financial markets. Using a unique sample of Chinese privately-owned firms, we find that FRRs significantly increase crash risk. This effect is stronger for firms that are less conservative in accounting, more fraudulent, and more litigious. Furthermore, we find that the FRRs-crash risk effect is more pronounced when controlling shareholders face original sin suspicion, obtain FRRs directly or indirectly control the listed firm. We also identify several mitigating factors, and our findings suggest that more independent directors, stronger audit supervision, and better legal system can reduce the positive effect of FRRs on crash risk.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102707"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100957","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
The effect of political connections on earnings management: Evidence from ECB-supervised banks
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-02-01 DOI: 10.1016/j.ribaf.2024.102711
Catarina Proença, Mário Augusto, José Murteira
{"title":"The effect of political connections on earnings management: Evidence from ECB-supervised banks","authors":"Catarina Proença,&nbsp;Mário Augusto,&nbsp;José Murteira","doi":"10.1016/j.ribaf.2024.102711","DOIUrl":"10.1016/j.ribaf.2024.102711","url":null,"abstract":"<div><div>This study examines the effect of political connections on earnings management in banks supervised by the European Central Bank (ECB). The study analyses panel data on 58 banks supervised by the European Central Bank (ECB) from 2012 to 2019, using generalized method moment (GMM). Our results suggest a non-linear U-inverted relationship between political connections and earnings management practices. When political connections are low or moderate, they tend to favor earnings management, evidencing the opportunism of politically connected directors, with reflections on discretionary earnings management. However, in boards whose members have strong political connections, this effect is negative, suggesting that directors in this situation will not resort to discretionary practices, as they consider that they will be subject to greater scrutiny and oversight. These results are generally robust when we consider alternative earnings management measures.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"74 ","pages":"Article 102711"},"PeriodicalIF":6.3,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143100958","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
Dividend policy and the takeover market: Half a century of evidence
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-01-31 DOI: 10.1016/j.ribaf.2025.102774
Pandej Chintrakarn , Pattanaporn Chatjuthamard , Pornsit Jiraporn , Khine Kyaw
{"title":"Dividend policy and the takeover market: Half a century of evidence","authors":"Pandej Chintrakarn ,&nbsp;Pattanaporn Chatjuthamard ,&nbsp;Pornsit Jiraporn ,&nbsp;Khine Kyaw","doi":"10.1016/j.ribaf.2025.102774","DOIUrl":"10.1016/j.ribaf.2025.102774","url":null,"abstract":"<div><div>We study the effect of a key external governance mechanism – the takeover market – on dividend policy. We employ a unique measure to assess vulnerability to corporate takeovers derived from the varied enactment of legislation across different states. Using an extensive dataset spanning half a century and all state regulations, we demonstrate that firms more susceptible to takeover threats pay significantly higher dividends. Our results support agency theory, which postulates that the takeover market compels self-serving managers to return more cash to shareholders through higher dividends.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102774"},"PeriodicalIF":6.3,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143164370","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
Can internal regulatory technology (RegTech) mitigate bank credit risk? Evidence from the banking sector in China
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2025-01-30 DOI: 10.1016/j.ribaf.2025.102780
Zhengxu Shi , Yufei Xia , Lingyun He , Naili Sun , Qiong Zheng
{"title":"Can internal regulatory technology (RegTech) mitigate bank credit risk? Evidence from the banking sector in China","authors":"Zhengxu Shi ,&nbsp;Yufei Xia ,&nbsp;Lingyun He ,&nbsp;Naili Sun ,&nbsp;Qiong Zheng","doi":"10.1016/j.ribaf.2025.102780","DOIUrl":"10.1016/j.ribaf.2025.102780","url":null,"abstract":"<div><div>We empirically investigate the impact of internal RegTech on bank credit risk with panel data from 141 Chinese banks from 2011 to 2022. We initially constructed a bank-level RegTech index by mining banks' annual reports. We reveal that internal RegTech can significantly mitigate bank credit risk. Concretely, a one-standard-deviation increase in internal RegTech level leads to a 7.39–11.90 % decrease in bank credit risk. Regulatory intensity, income diversification, and charter value are identified as potential channels. The cross-sectional analysis demonstrates that the credit risk mitigation effect of internal RegTech is more pronounced in non-listed and low administrative-expense banks. Our main conclusions remain robust after addressing potential endogeneity issues, ruling out the potential effect of bank financial technology, alternative proxies for the dependent variable, alternative sample periods, and clustering of standard errors. In further analysis, we show the influential roles of the compliance application and technological foundation in the internal RegTech subindices and reveal the de-branching effect of internal RegTech.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102780"},"PeriodicalIF":6.3,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143165446","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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