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Can Corporate Governance and Sustainability Policies Drive CSR Performance? An Empirical Study 公司治理和可持续发展政策能否推动企业社会责任绩效？实证研究
IF 1.7
Asia-Pacific Financial Markets Pub Date : 2024-02-14 DOI: 10.1007/s10690-024-09446-x
Ankita Nandi, Nidhi Agarwala, Tarak Nath Sahu
{"title":"Can Corporate Governance and Sustainability Policies Drive CSR Performance? An Empirical Study","authors":"Ankita Nandi, Nidhi Agarwala, Tarak Nath Sahu","doi":"10.1007/s10690-024-09446-x","DOIUrl":"https://doi.org/10.1007/s10690-024-09446-x","url":null,"abstract":"<p>This study investigates how board and audit committee characteristics, alongside sustainable policies, influence corporate social responsibility (CSR) performance (Total ESG Score). We also evaluate their individual effects on environmental, social, and governance ratings. Our research focuses on non-financial firms in India’s Nifty 500 index. We employ panel data analysis, utilising information sourced from annual reports and Bloomberg. The research outcomes state that, CSR performance is positively impacted by board size as well as the implementation of social and environmental policies. Larger and more independent audit committees, on the contrary, appear to have a negative impact on CSR outcomes. Surprisingly, CSR success did not significantly correlate with either gender’s diversity or independence of the board.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"10 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139757502","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 Innovation Relieve Corporate Financial Distress? 创新能否缓解企业的财务困境？
IF 1.7
Asia-Pacific Financial Markets Pub Date : 2024-01-25 DOI: 10.1007/s10690-023-09445-4
Keming Li
{"title":"Does Innovation Relieve Corporate Financial Distress?","authors":"Keming Li","doi":"10.1007/s10690-023-09445-4","DOIUrl":"https://doi.org/10.1007/s10690-023-09445-4","url":null,"abstract":"<p>This paper examines whether innovation ability improves corporate performance of financially distressed firms. I begin by providing direct evidence that innovative firms in financial distress have significantly better future operating performance. To identify the causal effect, I study an exogenous shock—State Street Bank and Trust Company v. Signature Financial Group, Inc.—and find that an increase in innovation ability causes an improvement in future performance of distressed firms. Financial markets tend to pay more attention to innovative distressed firms, but these firms do not earn abnormal equity returns than their counterparts. I document that average investors hold pessimistic perspectives on distressed firms with innovation ability. In contrast, institutional investors have contrarian beliefs on distressed firms with innovation ability and hold more shares in these firms.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"48 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139582318","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 Role of Real Exchange Rate in India’s Service Export: Do Remittances Inflows Matter in Post Liberalization-Era? 实际汇率在印度服务出口中的作用：汇款流入在后自由化时代是否重要？
IF 1.7
Asia-Pacific Financial Markets Pub Date : 2024-01-08 DOI: 10.1007/s10690-023-09444-5
Shreya Pal, Mantu Kumar Mahalik
{"title":"The Role of Real Exchange Rate in India’s Service Export: Do Remittances Inflows Matter in Post Liberalization-Era?","authors":"Shreya Pal, Mantu Kumar Mahalik","doi":"10.1007/s10690-023-09444-5","DOIUrl":"https://doi.org/10.1007/s10690-023-09444-5","url":null,"abstract":"<p>This study assesses the effects of real exchange rate and remittance inflows on India's total service exports, comprising traditional and modern service exports, spanning the annual data from 1990 to 2020. The control variables for the service export function include developments in the banking sector and the stock market and net inflows of foreign direct investment. The ARDL model is the estimating technique of the present study. The real exchange rate has an adverse effect on total, traditional, and modern service exports, according to the long-run outcomes of the ARDL model. Remittance inflows are interestingly shown to support modern service exports while impeding total and traditional service exports. The growth of the banking sector is beneficial for traditional and total service exports, but it has a negative impact on modern service exports. All service exports are benefited by stock market development; however, net FDI inflows negatively impact all forms of service exports. Based on these results, the policymakers in India are advised to maximize the effective utilization of remittance inflows in traditional service exports. Additionally, proactive intervention by the central bank is recommended to mitigate the adverse effects of the real exchange rate on traditional and modern service exports. This study also provides valuable insights for the policymakers and practitioners seeking to enhance India's service export performance while navigating the complexities of real exchange rates, remittance inflows, and financial factors.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"24 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2024-01-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139397438","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
Spillover Effect of Green Bond with Metal and Bullion Market 绿色债券对金属和金银市场的溢出效应
IF 1.7
Asia-Pacific Financial Markets Pub Date : 2023-12-29 DOI: 10.1007/s10690-023-09443-6
Kajal Panwar, Miklesh Prasad Yadav, Neha Puri
{"title":"Spillover Effect of Green Bond with Metal and Bullion Market","authors":"Kajal Panwar, Miklesh Prasad Yadav, Neha Puri","doi":"10.1007/s10690-023-09443-6","DOIUrl":"https://doi.org/10.1007/s10690-023-09443-6","url":null,"abstract":"<p>This paper examines the spillover of green bond with metal market and bullion market using the daily observation from 16/06/2014 to 25/02/2022. The S&amp;P Green Bond (GBD) is used to measure the Green bond while Copper (CPR) and Aluminium (ALM) are used to represent the metal market; the bullion market is measured by Silver (SLV) and Gold (GLD). The result reveals that there is spillover from Green bond to Aluminium, Silver and Gold both in the short run and long while the spillover of Green bond with Copper is only spotted in long run. It furnishes diversification opportunities considering Green bond and Copper in short run due to its absence of spillover. This study offers an implication to various stakeholder of the metal and bullion market.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"97 1","pages":""},"PeriodicalIF":1.7,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139064467","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 Impacts of Policy Uncertainty on Asset Prices: Evidence from China’s Market 政策不确定性对资产价格的影响：来自中国市场的证据
IF 2.5
Asia-Pacific Financial Markets Pub Date : 2023-12-29 DOI: 10.1007/s10690-023-09442-7
Yunpeng Su, Jia Li, Baochen Yang, Yunbi An
{"title":"The Impacts of Policy Uncertainty on Asset Prices: Evidence from China’s Market","authors":"Yunpeng Su,&nbsp;Jia Li,&nbsp;Baochen Yang,&nbsp;Yunbi An","doi":"10.1007/s10690-023-09442-7","DOIUrl":"10.1007/s10690-023-09442-7","url":null,"abstract":"<div><p>We employ the \"Two Sessions,\" comprising the National People’s Congress and the Chinese People’s Political Consultative Conference, as a proxy for measuring policy uncertainty. In our analysis, we utilize a regression model, the three-path mediated effect framework, and the Campbell and Shiller decomposition method to delve into the influence of policy uncertainty on asset pricing within China’s financial market. Our findings reveal an increase in stock returns during the months leading up to the \"Two Sessions,\" evident at both the market and firm levels. Notably, the extent to which stock returns respond to policy uncertainty is contingent on various firm-specific characteristics, including ownership structure, company size, and profitability. Furthermore, our investigation confirms that investor sentiment serves as a complete mediator in the relationship between policy uncertainty and its impact on asset prices. Additionally, we identify future cash flow as the primary conduit through which policy uncertainty directly exerts its influence on asset prices.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"31 4","pages":"1087 - 1133"},"PeriodicalIF":2.5,"publicationDate":"2023-12-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139144256","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
Dynamics of Contagion Risk Among World Markets in Times of Crises: A Financial Network Perspective 危机时期世界市场间传染风险的动态变化：金融网络视角
IF 2.5
Asia-Pacific Financial Markets Pub Date : 2023-12-18 DOI: 10.1007/s10690-023-09439-2
Karim Belcaid, Sara El Aoufi, Mamdouh Abdulaziz Saleh Al-Faryan
{"title":"Dynamics of Contagion Risk Among World Markets in Times of Crises: A Financial Network Perspective","authors":"Karim Belcaid,&nbsp;Sara El Aoufi,&nbsp;Mamdouh Abdulaziz Saleh Al-Faryan","doi":"10.1007/s10690-023-09439-2","DOIUrl":"10.1007/s10690-023-09439-2","url":null,"abstract":"<div><p>This study used a Time-Varying Parameter VAR approach to analyze contagion risk among global stock markets and WTI crude oil during times of crisis. The examined markets included the United States, the Eurozone, the United Kingdom, China, Japan, India, Russia, and select MENA stock markets. The research highlighted the importance of dynamic metrics in assessing financial networks and crisis contagion risk, an area that has received limited attention in previous studies. The evidence demonstrates rapid and dynamic financial contagion resulting from lockdown measures, the spread of COVID-19, and the Russia–Ukraine war. The U.S. and major European markets were identified as net global contributors, while Chinese and MENA equity markets acted as net receivers. Furthermore, the origin of oil shocks was more likely attributed to Russian and Saudi markets. This research carries policy implications for policymakers and investors, emphasizing the importance of shock and contagion effects in portfolio diversification and risk hedging, particularly during times of crisis.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"31 4","pages":"1007 - 1033"},"PeriodicalIF":2.5,"publicationDate":"2023-12-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139175018","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
Revisiting China’s Commodity Futures Market Amid the Main Waves of COVID-19 Pandemics 在COVID-19疫情主潮中重新审视中国商品期货市场
IF 2.5
Asia-Pacific Financial Markets Pub Date : 2023-11-27 DOI: 10.1007/s10690-023-09440-9
Xiangyu Chen, Jittima Tongurai, Pattana Boonchoo
{"title":"Revisiting China’s Commodity Futures Market Amid the Main Waves of COVID-19 Pandemics","authors":"Xiangyu Chen,&nbsp;Jittima Tongurai,&nbsp;Pattana Boonchoo","doi":"10.1007/s10690-023-09440-9","DOIUrl":"10.1007/s10690-023-09440-9","url":null,"abstract":"<div><p>This study examines the impact of the global pandemic on the returns and volatility of China’s commodity futures market from December 2019 to April 2021. Our analysis reveals that the regimes of futures returns in the general commodity, industrial, and metal markets are positively correlated with the regimes of pandemic cases, while the regimes of pandemic cases are negatively correlated with the returns of energy and precious metal futures. In contrast, futures volatilities exhibit inverse relationships with pandemic cases. With the exception of precious metals, which are widely considered safe-haven assets, the risk level of the commodity futures market, as measured by return volatility, is heightened by the level of pandemic cases. Bivariate SVAR results suggest that the pandemic has a greater but short-run impact on futures returns, while its effects on futures volatilities are relatively lesser but long-lasting.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"31 4","pages":"1035 - 1063"},"PeriodicalIF":2.5,"publicationDate":"2023-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139234816","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
Carry Trade Dynamics Under Capital Controls: The Case of China 资本管制下的套利交易动态：中国案例
IF 2.5
Asia-Pacific Financial Markets Pub Date : 2023-11-22 DOI: 10.1007/s10690-023-09441-8
Christopher Balding, Andros Gregoriou, Domenico Tarzia, Xiao Zhang
{"title":"Carry Trade Dynamics Under Capital Controls: The Case of China","authors":"Christopher Balding,&nbsp;Andros Gregoriou,&nbsp;Domenico Tarzia,&nbsp;Xiao Zhang","doi":"10.1007/s10690-023-09441-8","DOIUrl":"10.1007/s10690-023-09441-8","url":null,"abstract":"<div><p>Despite an attractive interest rate differential between China and foreign countries, existing capital control might prevent currency carry trade strategies to be executed. We focus on the copper market to study if trades are taken in order to execute carry trade strategies. We find that copper value is related to carry trade through the onshore-offshore interest differential, while the pegged nature of the USD/CNY exchange rate makes traders indifferent to the forward risk premium. We rule out the possibility of high average payoff due to peso problems, because risk factors are insignificant, implying that carry traders are either fully hedged on FX risks, or they are unconcerned about FX risks.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"31 4","pages":"1065 - 1085"},"PeriodicalIF":2.5,"publicationDate":"2023-11-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139249541","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
Anomaly Identification and Premium Mining: Evidence from Chinese Urban Construction Investment Bonds 异常识别与溢价挖掘：中国城市建设投资债券的证据
IF 2.5
Asia-Pacific Financial Markets Pub Date : 2023-11-20 DOI: 10.1007/s10690-023-09437-4
Ping Li, Jiahong Li, Dong Wang
{"title":"Anomaly Identification and Premium Mining: Evidence from Chinese Urban Construction Investment Bonds","authors":"Ping Li,&nbsp;Jiahong Li,&nbsp;Dong Wang","doi":"10.1007/s10690-023-09437-4","DOIUrl":"10.1007/s10690-023-09437-4","url":null,"abstract":"<div><p>This paper identifies the presence of anomalies in Chinese urban construction investment bonds (UCIBs) market using variable ranking portfolio analysis and finds that liquidity anomalies, downside risk anomalies, and historical return anomalies significantly exist. By conducting Fama–MacBeth regressions on the cross-sectional returns of UCIBs and anomalies, we find that only the 6-month momentum in the historical return anomaly can generate statistically significant risk premium which cannot be explained by long-established bond pricing factors, and thus it’s an anomaly for UCIBs. This paper also finds that portfolios constructed based on significant anomalies in the UCIBs market can generate more profits than other models through the out-of-sample cross-sectional return forecasting.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"31 4","pages":"945 - 974"},"PeriodicalIF":2.5,"publicationDate":"2023-11-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139259549","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
An Empirical Investigation on Financing Choice Descendants of Indian Start-ups 印度初创企业融资选择后代的实证研究
IF 2.5
Asia-Pacific Financial Markets Pub Date : 2023-11-15 DOI: 10.1007/s10690-023-09434-7
Priyanka Runach, Shubham Garg, Karam Pal Narwal
{"title":"An Empirical Investigation on Financing Choice Descendants of Indian Start-ups","authors":"Priyanka Runach,&nbsp;Shubham Garg,&nbsp;Karam Pal Narwal","doi":"10.1007/s10690-023-09434-7","DOIUrl":"10.1007/s10690-023-09434-7","url":null,"abstract":"<div><p>The primary goal of the study is to examine the factors affecting the financial leverage of unicorn start-ups in India. In order to achieve this goal, the study has employed the panel data techniques on the financial data of 25 start-ups unicorn of India from 2017 to 2021. The study has employed three proxies to measure the financial leverage namely short-run, long-run, and total debt ratio. The result of the study indicates that firm size and profitability are significantly negatively correlated with debt ratios, whilst tangibility, business risk, and firm age are positively and significantly associated. Moreover, short-term debt is found to be more prevalent in unicorn firms when we bifurcate total debt into short and long-term debt. As per the best of author’s knowledge, this is the first research that identified the financial choice of startups. Furthermore, this study provides a pathway for conducting future study in this domain on startup firms’ capital structure decisions. This study has major implications for unicorn managements in taking decisions regarding their finance choice that may lead them to plan adequately their capital structure more efficiently and effectively.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":"31 4","pages":"867 - 888"},"PeriodicalIF":2.5,"publicationDate":"2023-11-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138506447","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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