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Economic Freedom, Ownership Structure, and SME Financial Fragility: Evidence from an Emerging Economy 经济自由度、所有权结构和中小企业财务脆弱性：来自新兴经济体的证据
IF 2.5
Asia-Pacific Financial Markets Pub Date : 2024-02-28 DOI: 10.1007/s10690-023-09438-3
Anh-Tuan Doan
{"title":"Economic Freedom, Ownership Structure, and SME Financial Fragility: Evidence from an Emerging Economy","authors":"Anh-Tuan Doan","doi":"10.1007/s10690-023-09438-3","DOIUrl":"10.1007/s10690-023-09438-3","url":null,"abstract":"<div><p>This paper examines the impact of economic freedom on the financial fragility of 1,496 non-financial SMEs in Vietnam over the period 2012–2020. We also evaluate the effect of ownership structure on the relationship between economic freedom and financial fragility. Our findings provide evidence that an increase in the degree of aggregated economic freedom and its categories – rule of law, regulatory efficiency, and market openness – help firms reduce the level of financial fragility. However, an increased government size tends to worsen their financial risk. Regarding the impact of ownership, our results reveal that greater rule of law, regulatory efficiency, and market openness have a positive influence on foreign-owned firms, enabling them to maintain lower levels of financial fragility compared to non-foreign-owned firms. However, foreign-owned firms experience a higher level of financial fragility relative to domestically private-owned firms due to increased government size. Furthermore, our analysis indicates that there is no difference in the effect of economic freedom on financial fragility between state-owned and non-state-owned firms in Vietnam. This finding has implications for recognizing the importance of foreign ownership and economic freedom in emerging markets. It also encourages foreign shareholders to design appropriate policies to mitigate financial risk.</p></div>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":null,"pages":null},"PeriodicalIF":2.5,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140003265","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
Nonlinear Relationship Between Investor Sentiment and Conditional Volatility in Emerging Equity Markets 新兴股票市场投资者情绪与条件波动之间的非线性关系
IF 1.7
Asia-Pacific Financial Markets Pub Date : 2024-02-28 DOI: 10.1007/s10690-024-09449-8
Rameeza Andleeb, Arshad Hassan
{"title":"Nonlinear Relationship Between Investor Sentiment and Conditional Volatility in Emerging Equity Markets","authors":"Rameeza Andleeb, Arshad Hassan","doi":"10.1007/s10690-024-09449-8","DOIUrl":"https://doi.org/10.1007/s10690-024-09449-8","url":null,"abstract":"","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"140423515","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 Asymmetric Interaction Between Oil Price Change and Stock Returns of the Renewable Energy Companies in India: A Panel NARDL Approach 油价变化与印度可再生能源公司股票回报之间的不对称互动：面板 NARDL 方法
IF 1.7
Asia-Pacific Financial Markets Pub Date : 2024-02-14 DOI: 10.1007/s10690-024-09447-w
Lalatendu Mishra, Rajesh H. Acharya
{"title":"The Asymmetric Interaction Between Oil Price Change and Stock Returns of the Renewable Energy Companies in India: A Panel NARDL Approach","authors":"Lalatendu Mishra, Rajesh H. Acharya","doi":"10.1007/s10690-024-09447-w","DOIUrl":"https://doi.org/10.1007/s10690-024-09447-w","url":null,"abstract":"<p>This study aims to investigate the oil price asymmetric effect on stock return of renewable energy companies. We apply panel Non-linear Autoregressive Distributed Lag to examine the effect of positive and negative changes in the oil price. The monthly data of all renewable energy companies listed in the National Stock Exchange of India are considered for the analysis. We find the oil price asymmetric effect only on stock returns of the standalone renewable products and services companies in the long run. This asymmetric effect is not found in the whole sample and other sub-groups of renewable energy companies. The findings would be useful to investors, portfolio managers, corporate managers and policymakers.</p>","PeriodicalId":54095,"journal":{"name":"Asia-Pacific Financial Markets","volume":null,"pages":null},"PeriodicalIF":1.7,"publicationDate":"2024-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"139757368","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
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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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":null,"pages":null},"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
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