Research in International Business and Finance最新文献_第9页

The effect of impact investing on performance of private firms 影响力投资对私营公司业绩的影响

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-09-14 DOI: 10.1016/j.ribaf.2024.102586

Riste Ichev , Aljoša Valentinčič

{"title":"The effect of impact investing on performance of private firms","authors":"Riste Ichev , Aljoša Valentinčič","doi":"10.1016/j.ribaf.2024.102586","DOIUrl":"10.1016/j.ribaf.2024.102586","url":null,"abstract":"<div><p>This study empirically examines the effectiveness of impact investing of private firms in Slovenia. We use a sample of 7671 distinct private firms during the 2005–2020 period applying for and eventually receiving various government grants. This allows us to identify firms with the intent to impact-invest. We employ the staggered difference-in-difference (SDiD) approach recently proposed by Baker et al. (2022) and Athey and Imbens (2022) to assess the outcomes of these investments over time and across firms. SDiD allows for firms switching back and forth between receiving and not receiving grants and thus being a treated observation or a potential control observation respectively. Our results show that firms receiving an impact investing grant, on average, increase the number of employees in the subsequent period, generate higher cash flows from operations, increase value added per employee, make higher capital investments, have higher levels of exports, but grants hinder firm productivity in the short-run. PSM, the time-varying average treatment effects, and Heckman’s two-stage approach robustness analyses further support the conclusions that the impact investing grants successfully foster firm performance.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102586"},"PeriodicalIF":6.3,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142241268","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 firms’ perception of global uncertainty and R&D investment: Evidence from China 企业对全球不确定性的认知与研发投资：来自中国的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-09-14 DOI: 10.1016/j.ribaf.2024.102578

Bing Lu , Wanwan Ren , Wenge Liu

引用次数: 0

A paradox of emerging government securities market development 新兴政府证券市场发展的悖论

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-09-14 DOI: 10.1016/j.ribaf.2024.102582

Tadashi Endo

{"title":"A paradox of emerging government securities market development","authors":"Tadashi Endo","doi":"10.1016/j.ribaf.2024.102582","DOIUrl":"10.1016/j.ribaf.2024.102582","url":null,"abstract":"<div><div>Many governmental and international attempts to develop government securities markets (GSMs) in low-income economies have been unsuccessful. Common causes of the failures are a lack of understanding of the development dynamics of emerging GSMs and developmentally and locally suitable policies. Emerging GSMs tend to get trapped in a paradoxical market failure in which the market system cannot develop a GSM or core financial infrastructure. In contrast to advanced GSMs in which the government plays a minor role, emerging GSMs require the government to play a significant role in establishing and supporting a market structure that provides traders with “utilities” to facilitate trading. Using a multiplicative factor model and diagrams and referring to empirically observed development patterns of the Indian GSM, this study examined the effects of “utilities” and found that diminishing returns to utility explained the development dynamics of emerging GSMs. The analyses in this study also used the theories of club, consumer purchasing behavior, and diffusion of innovation. For better policy analyses and formulation for emerging GSM development, the study proposes a financial market utility hypothesis and a two-dimensional policy framework.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102582"},"PeriodicalIF":6.3,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142653528","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

Risk spillovers and diversification benefits between crude oil and agricultural commodity futures markets 原油和农产品期货市场之间的风险溢出效应和多样化收益

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-09-14 DOI: 10.1016/j.ribaf.2024.102579

Walid Mensi , Mobeen Ur Rehman , Remzi Gök , Eray Gemici , Xuan Vinh Vo

{"title":"Risk spillovers and diversification benefits between crude oil and agricultural commodity futures markets","authors":"Walid Mensi , Mobeen Ur Rehman , Remzi Gök , Eray Gemici , Xuan Vinh Vo","doi":"10.1016/j.ribaf.2024.102579","DOIUrl":"10.1016/j.ribaf.2024.102579","url":null,"abstract":"<div><div>This study examines the dependence structure and risk spillovers between crude oil and eight major agricultural futures (wheat, corn, soybean coffee, cotton, lumber, cocoa, and live cattle) markets. It also analyzes the potential conditional diversification benefits using a variety of copula functions and Conditional Value at Risk (CoVaR) measure. The results show significant crisis-sensitive and temporal dependence between oil and agricultural markets. Moreover, crude oil shows a symmetric tail dependence with both wheat, corn, soybeans, and cotton futures, whereas oil exhibits an average dependence with coffee. A strong dependence is observed between oil and cocoa (lumber) during bearish (bullish) market conditions. Oil and Live cattle have a symmetric dependence during bearish and bullish market conditions. On the other hand, we find asymmetric and bidirectional risk spillovers from oil to agricultural markets. Furthermore, the wheat futures contract appears to be the most dominating and vulnerable asset to oil price shocks, followed by lumber and corn futures, respectively, while the live cattle contracts are the least. Finally, an equally weighted portfolio offers the highest diversification benefits at a 5 % expected shortfall.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102579"},"PeriodicalIF":6.3,"publicationDate":"2024-09-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142315147","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

Confucian culture and corporate environmental management: The role of innovation, financing constraints and managerial myopia 儒家文化与企业环境管理：创新、融资限制和管理近视的作用

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-09-14 DOI: 10.1016/j.ribaf.2024.102585

Anna Min Du , Mengyuan Lu , Yiyan Zhang , Zhongyuan Li

引用次数: 0

The bright side of analyst coverage: Evidence from stock price resilience during COVID-19 分析师报道的光明面：COVID-19 期间股价弹性的证据

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-09-14 DOI: 10.1016/j.ribaf.2024.102583

Chao Zhang , Xiaoxiao Song , Cancan Wang

引用次数: 0

A hybrid deep learning model for cryptocurrency returns forecasting: Comparison of the performance of financial markets and impact of external variables 用于加密货币收益预测的混合深度学习模型：金融市场表现与外部变量影响的比较

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-09-13 DOI: 10.1016/j.ribaf.2024.102575

Ismail Jirou , Ikram Jebabli , Amine Lahiani

引用次数: 0

Currency Internationalization, payment infrastructures and central banks: An institutional analysis of renminbi internationalization 货币国际化、支付基础设施和中央银行：人民币国际化的制度分析

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-09-13 DOI: 10.1016/j.ribaf.2024.102571

Marina Zucker-Marques

{"title":"Currency Internationalization, payment infrastructures and central banks: An institutional analysis of renminbi internationalization","authors":"Marina Zucker-Marques","doi":"10.1016/j.ribaf.2024.102571","DOIUrl":"10.1016/j.ribaf.2024.102571","url":null,"abstract":"<div><div>This study explores the role of central banks in designing cross-border payment infrastructure as part of a broader agenda of currency internationalization, focusing on the Chinese experience from 2008 to 2023. Based on primary data- including descriptive statistics and interviews with senior officials from the People's Bank of China and staff from Chinese commercial banks – and triangulating information from secondary literature and official documents, the article traces the evolution of the renminbi's cross-border payment network comparing these developments with the early internationalization stages of the U.S. dollar. China's strategy is characterized as 'imitate and innovate,' where the renminbi's payment network development mirrors, to some extent, the institutional frameworks underpinning the dollar's global use. However, it also exhibits notable differences in public sector involvement and pace of development. This comparison indicates that, for late- industrializers, central bank plays a more pronounced role in jumpstarting a currency internationalization process. Moreover, this article also contributes to the international currency literature by demonstrating how payment infrastructures can aid in enhancing a country's external resilience through currency internationalization, without necessitating the complete liberalization of the capital account.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102571"},"PeriodicalIF":6.3,"publicationDate":"2024-09-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142311731","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 ESG information disclosure increase firm value? The mediation role of financing constraints in China 环境、社会和公司治理信息披露会增加公司价值吗？中国融资约束的中介作用

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-09-12 DOI: 10.1016/j.ribaf.2024.102584

Hui An , Chenyang Ran , Ya Gao

{"title":"Does ESG information disclosure increase firm value? The mediation role of financing constraints in China","authors":"Hui An , Chenyang Ran , Ya Gao","doi":"10.1016/j.ribaf.2024.102584","DOIUrl":"10.1016/j.ribaf.2024.102584","url":null,"abstract":"<div><p>This study examined the influence of environmental, social, and governance (ESG) information disclosure on firm value and the mediation effect of financing constraints using a panel of Chinese A-listed firms from 2013 to 2020. Based on linear regressions, we found that the relationship between ESG disclosure scores and firm value was significantly positive, and the results remained after robustness checks and endogenous tests. Furthermore, the mediation effect analysis indicates that the relationship is achieved by alleviating financing constraints. The subsample analyses showed that ESG disclosure scores positively affect firm value in non-state-owned, nonheavy polluting, and high-transparency firms. The results of each dimension’s relationship to firm value indicate that environmental and social dimensions significantly affected firm value in the panel data, whereas governance did not. Therefore, this paper determines the influence of ESG information disclosure and firm value in China and reveals the mediation effect of financing constraints, supplementing the influence mechanism of information disclosure and extending the previous studies bsed on the developed stock markets.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102584"},"PeriodicalIF":6.3,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142227991","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

Geographic matching analysis between green finance development and carbon emissions in China’s new era of environmental transition 中国环境转型新时期绿色金融发展与碳排放的地理匹配分析

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2024-09-12 DOI: 10.1016/j.ribaf.2024.102581

Jin Chen , Wenfei Meng , Yang Dong , Wei Zhou

{"title":"Geographic matching analysis between green finance development and carbon emissions in China’s new era of environmental transition","authors":"Jin Chen , Wenfei Meng , Yang Dong , Wei Zhou","doi":"10.1016/j.ribaf.2024.102581","DOIUrl":"10.1016/j.ribaf.2024.102581","url":null,"abstract":"<div><p>Green finance plays a pivotal role in driving sustainable development. While its effectiveness in promoting green development is well-established, the impact of regional heterogeneity on its outcomes warrants further investigation. By introducing the Spatial Durbin Model (SDM) model, we analyze the causal relationship between provincial carbon emissions and green finance development in China, accounting for spatial spillovers across provinces. A geographic mismatch between regions of green finance development and carbon emission concentration is revealed. Central and Western areas exhibit higher carbon emissions, indicating a greater need for targeted green finance initiatives to promote sustainable development. However, green finance growth in these areas remains sluggish. Moreover, carbon emissions hinder local green finance development and negatively impact neighboring regions. We present new insights into the influence of carbon emissions on green finance, highlighting the importance of inter-regional collaboration and the potential applicability to other countries facing similar challenges.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"73 ","pages":"Article 102581"},"PeriodicalIF":6.3,"publicationDate":"2024-09-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142233048","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