Asia-Pacific Journal of Financial Studies最新文献

Stock Market Reactions to Supply Chain Disruptions and Recovery from the 2022 Shanghai Lockdown* 股市对供应链中断的反应和2022年上海封锁后的复苏*

IF 1.8 4区经济学

Asia-Pacific Journal of Financial Studies Pub Date : 2025-04-11 DOI: 10.1111/ajfs.70003

Kyunghee Song, Yun Shin Lee, Moon Su Koo

{"title":"Stock Market Reactions to Supply Chain Disruptions and Recovery from the 2022 Shanghai Lockdown*","authors":"Kyunghee Song, Yun Shin Lee, Moon Su Koo","doi":"10.1111/ajfs.70003","DOIUrl":"https://doi.org/10.1111/ajfs.70003","url":null,"abstract":"This paper investigates the effects of the 2022 Shanghai lockdown and its subsequent lifting on global supply chains during the COVID-19 pandemic. We first identify four focal firms—Tesla, Volkswagen, SAIC Motors, and General Motors—most frequently cited in the news articles as experiencing supply chain disruptions due to the lockdown. Using an event study methodology, we estimate abnormal stock returns for these focal firms and their tier-1 global suppliers following the lockdown and its lifting announcements. We find significant and systematic stock market reactions for the suppliers of the focal firms, whereas the focal firms themselves do not exhibit statistically significant stock reactions. Specifically, suppliers experienced significantly negative abnormal returns during the lockdown, with the opposite effect observed upon the lifting of the lockdown. Furthermore, supplier characteristics such as capital expenditure and inventory turnover significantly influenced cumulative abnormal returns during the lockdown, while leverage and R&D intensity affected returns during the lifting event. Compared to the suppliers of benchmark firms, those of the focal firms experienced significantly more negative cumulative abnormal returns in the lockdown case, while no significant difference was observed between them in the lifting case.","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 2","pages":"152-187"},"PeriodicalIF":1.8,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.70003","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852999","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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

Concentrate or Diversify? Economic Policy Uncertainty and Supplier-Base Concentration 集中还是分散？经济政策不确定性与供应商集中度

IF 1.8 4区经济学

Asia-Pacific Journal of Financial Studies Pub Date : 2025-03-24 DOI: 10.1111/ajfs.70002

Ran Duan, Chengda Liu

引用次数: 0

ESG Controversies and Firm Value: Moderating Role of ESG Performance* ESG争议与企业价值：ESG绩效的调节作用*

IF 1.8 4区经济学

Asia-Pacific Journal of Financial Studies Pub Date : 2025-02-28 DOI: 10.1111/ajfs.70001

Hyeong Joon Kim, Tae-Wook Ahn, Junesuh Yi

{"title":"ESG Controversies and Firm Value: Moderating Role of ESG Performance*","authors":"Hyeong Joon Kim, Tae-Wook Ahn, Junesuh Yi","doi":"10.1111/ajfs.70001","DOIUrl":"https://doi.org/10.1111/ajfs.70001","url":null,"abstract":"This study investigates the impact of a firm's environmental, social, and governance (ESG) controversies on its value and examines the moderating role of ESG initiatives in mitigating this impact. It further explores how this moderating effect varies based on factors such as reputational risk, external monitoring, agency motivations, and the recurrence of controversies. Using a novel machine learning approach, this study measures ESG controversies among publicly traded Korean firms by analyzing over 20 million news articles from major Korean media outlets. The findings indicate that ESG controversies negatively affect firm value, but this adverse impact is mitigated by stronger ESG performance, underscoring the insurance-like role of ESG. The moderating effect is particularly significant for firms facing high reputation risk, greater external monitoring, or with ESG activities that are less likely to be driven by agency motives. Moreover, non-repetitive ESG controversies exert a more substantial negative effect on firm value compared to repetitive ones, highlighting the crucial role of ESG in these situations. Consistent results are observed using short-term firm value measures, such as cumulative abnormal returns surrounding the release of ESG controversy news. Overall, this study contributes to the ESG literature by demonstrating that ESG can provide shareholders with an insurance-like benefit, supporting stakeholder theory.","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 2","pages":"228-269"},"PeriodicalIF":1.8,"publicationDate":"2025-02-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852677","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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

Big Data and Machine Learning in ESG Research* ESG研究中的大数据和机器学习*

IF 1.8 4区经济学

Asia-Pacific Journal of Financial Studies Pub Date : 2025-01-27 DOI: 10.1111/ajfs.12503

Kai Li

引用次数: 0

Acknowledgement 确认

IF 1.8 4区经济学

Asia-Pacific Journal of Financial Studies Pub Date : 2024-12-12 DOI: 10.1111/ajfs.12502

引用次数: 0

Judicial Effectiveness and Cost of Debt: Evidence From A Quasi-Natural Experiment in China* 司法效力与债务成本：来自中国准自然实验的证据*

IF 1.8 4区经济学

Asia-Pacific Journal of Financial Studies Pub Date : 2024-11-24 DOI: 10.1111/ajfs.12501

Yue Li, Min Bai, Yiru Song

引用次数: 0

Can the MD&A Tone of Listed Firms’ Annual Reports Predict Their Future Performance? Empirical Evidence Based on Machine Learning Text Analysis* 上市公司年报的并购语气能否预测其未来业绩？基于机器学习文本分析的经验证据*

IF 1.8 4区经济学

Asia-Pacific Journal of Financial Studies Pub Date : 2024-11-13 DOI: 10.1111/ajfs.12500

Shuangyan Li, Dan Wang, Lihua Jiang

引用次数: 0

Co-CEO Structure and Earnings Smoothing Incentives 联席ceo结构与收益平滑激励

IF 1.8 4区经济学

Asia-Pacific Journal of Financial Studies Pub Date : 2024-10-29 DOI: 10.1111/ajfs.12499

Gun Lee, Jae Eun Shin

{"title":"Co-CEO Structure and Earnings Smoothing Incentives","authors":"Gun Lee, Jae Eun Shin","doi":"10.1111/ajfs.12499","DOIUrl":"https://doi.org/10.1111/ajfs.12499","url":null,"abstract":"This paper investigates the effects of a co-CEO structure on earnings smoothing and its implications for the informativeness of earnings. While the consequences of a co-CEO structure have been relatively underexplored in prior research, existing studies suggest potential benefits, such as higher valuations and stronger internal governance. This paper delves into the specific consequences of a co-CEO structure, focusing on earnings smoothing practices. Using data from Korean firms, where co-CEO structures are prevalent, we find that firms with a co-CEO structure exhibit smoother earnings compared to those with a sole-CEO structure. However, the informativeness of these smooth earnings is reduced under a co-CEO structure, suggesting that co-CEOs engage in earnings smoothing primarily for their own benefit, rather than to provide more information to investors. Additional analyses reveal that co-CEOs' earnings smoothing leads to adverse consequences for investors, including lower earnings quality, higher costs of capital, increased financial distress, greater credit risk, and higher stock price crash risk. Our study contributes to the literature by highlighting the potential costs associated with co-CEO structures, particularly in terms of reduced earnings informativeness.","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 1","pages":"82-109"},"PeriodicalIF":1.8,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143439157","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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

Can Corporate Site Visits Improve ESG Ratings? 企业网站访问能提高ESG评级吗？

IF 1.8 4区经济学

Asia-Pacific Journal of Financial Studies Pub Date : 2024-10-29 DOI: 10.1111/ajfs.12497

Songlian Tang, Lingfei He, Lei Meng, Chengchi Liu

{"title":"Can Corporate Site Visits Improve ESG Ratings?","authors":"Songlian Tang, Lingfei He, Lei Meng, Chengchi Liu","doi":"10.1111/ajfs.12497","DOIUrl":"https://doi.org/10.1111/ajfs.12497","url":null,"abstract":"As environmental, social, and governance (ESG) becomes an increasingly popular criterion for investment screening, drivers of ESG performance have attracted attention from a wide range of stakeholders. In this study, we test whether corporate site visits can improve ESG ratings using a unique dataset of site visits from Chinese listed firms. We find that corporate site visits can lead to improved ESG performance for listed firms, which is robust even after adding a series of control variables, alternative model specifications, and accounting for endogeneity issues. This effect is attributed to the mediating effects of ESG information disclosure and corporate internal control quality. We also find that the more ESG-related discussion during site visits the better managers learn to improve ESG performance of their firms. Furthermore, there is evidence that the positive effect of site visits on ESG are more pronounced among firms that are not audited by Big Four accounting firms, not cross-listed, and when Qualified Foreign Institutional Investors are involved. Overall, this paper contributes to the literature by providing complementary evidence that site visits are an important platform for communicating between investors and corporate management, which can have profound implications on incentivizing managers to deliver better ESG performance. Our findings also offer practical and policy implications to regulators on the promotion and implementation of ESG in listed firms.","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"54 1","pages":"22-53"},"PeriodicalIF":1.8,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143439035","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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

Acknowledgement 鸣谢

IF 1.8 4区经济学

Asia-Pacific Journal of Financial Studies Pub Date : 2024-10-13 DOI: 10.1111/ajfs.12498

引用次数: 0