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Effect of Shadow Banking Activities on Firm Risk and Performance: Entrusted Loan Evidence from Chinese Listed Firms* 影子银行活动对企业风险和绩效的影响:来自中国上市公司委托贷款的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-05-09 DOI: 10.1111/ajfs.12367
Xiaoyan Wang, Sijia Qiao, Chung-Hua Shen, Meng-Wen Wu, Juan Wang
{"title":"Effect of Shadow Banking Activities on Firm Risk and Performance: Entrusted Loan Evidence from Chinese Listed Firms*","authors":"Xiaoyan Wang,&nbsp;Sijia Qiao,&nbsp;Chung-Hua Shen,&nbsp;Meng-Wen Wu,&nbsp;Juan Wang","doi":"10.1111/ajfs.12367","DOIUrl":"10.1111/ajfs.12367","url":null,"abstract":"<p>This study investigates the effect of non-financial firms' activities in shadow banking on firm risk and performance. Using manually collected data of entrusted loans from Chinese listed firms, we find that lending firms' bankruptcy risk and performance increases from their engagement of entrusted loan businesses in the year the loans are issued and in the following year. Further, firms' risk increases and performance improves significantly when firms are financially healthy, financially constrained, and non-state-owned. Overall, our findings provide policy implications that the risk of shadow banking activities must be cautious.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 2","pages":"256-290"},"PeriodicalIF":1.5,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88360187","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
Female Directors' Foreign Experience and Environmental and Sustainable Performance* 女性董事的海外经验与环境和可持续绩效*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-05-09 DOI: 10.1111/ajfs.12369
Farid Ullah, Ping Jiang, Collins G. Ntim, Yasir Shahab, Xianling Jiang
{"title":"Female Directors' Foreign Experience and Environmental and Sustainable Performance*","authors":"Farid Ullah,&nbsp;Ping Jiang,&nbsp;Collins G. Ntim,&nbsp;Yasir Shahab,&nbsp;Xianling Jiang","doi":"10.1111/ajfs.12369","DOIUrl":"10.1111/ajfs.12369","url":null,"abstract":"<p>We examine the impact of female directors' foreign experience on environmental and sustainable (ES) performance in Chinese listed firms from 2010 to 2016. We find that female directors' foreign experience, especially work experience, significantly positively impacts firms' ES performance. The results are robust, and self-selection concerns are addressed using the Heckman two-step model and propensity score matching. Also, female directors' foreign experience impacts ES performance more significantly when female directors gain foreign experience from a Scandinavian law country or a civil law country. Overall, our results reveal that female directors with foreign experience transmit ES knowledge and practices to Chinese firms.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 2","pages":"169-193"},"PeriodicalIF":1.5,"publicationDate":"2022-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78941426","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: 11
The Mediating Effect of Internal Control for the Impact of Institutional Shareholding on Corporate Financial Performance* 内部控制对机构持股对公司财务绩效影响的中介作用*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-03-31 DOI: 10.1111/ajfs.12368
Xiao Li
{"title":"The Mediating Effect of Internal Control for the Impact of Institutional Shareholding on Corporate Financial Performance*","authors":"Xiao Li","doi":"10.1111/ajfs.12368","DOIUrl":"10.1111/ajfs.12368","url":null,"abstract":"<p>This study analyzes the mediating effect of internal control (IC) on corporate financial performance from an information economics perspective. The results show that effective IC has a significant mediating effect for institutional shareholding to improve financial performance. The mediating mechanism of IC is not reflected for institutional holdings other than Pressure-resistant institutions. In addition, the magnitude of the mediating effect of IC for Stable long-term institutional shareholding to improve financial performance is higher than that for Transactional short-term institutional shareholding. Finally, this study provides some recommendations regarding strengthening the synergistic mechanism of external and internal governance on improving financial performance.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 2","pages":"194-222"},"PeriodicalIF":1.5,"publicationDate":"2022-03-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78533552","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: 5
Industry Specialization and Audit Quality: Evidence from Audit Firm Switches in China* 行业专业化与审计质量:来自中国审计事务所转换的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-03-29 DOI: 10.1111/ajfs.12365
Fangfei Ding, Ziwei Qiao, Mingxia Hu, Minkang Lu
{"title":"Industry Specialization and Audit Quality: Evidence from Audit Firm Switches in China*","authors":"Fangfei Ding,&nbsp;Ziwei Qiao,&nbsp;Mingxia Hu,&nbsp;Minkang Lu","doi":"10.1111/ajfs.12365","DOIUrl":"10.1111/ajfs.12365","url":null,"abstract":"<p>Numerous studies have investigated the consequences of auditor switching. This study contributes to the existing literature by examining the impact of industry specialization on audit quality using audit firm switches in China. We find that changing from a non-specialist to a specialist at the auditor partner level rather than the audit firm level decreases discretionary accruals and increases value relevance and the likelihood of modified audit opinions and going-concern opinions. These results suggest that upward partner-level industry specialization improves audit quality for clients, which attenuates the negative impact of an audit switch.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 5","pages":"657-681"},"PeriodicalIF":1.5,"publicationDate":"2022-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77939451","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: 1
Can Reform of Information Disclosure by an Exchange Restrain Corporate Fraud? Evidence from China* 交易所信息披露改革能否抑制公司欺诈?来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-03-22 DOI: 10.1111/ajfs.12364
Meng Wang, Wanlong Zhao, Wei Zhang
{"title":"Can Reform of Information Disclosure by an Exchange Restrain Corporate Fraud? Evidence from China*","authors":"Meng Wang,&nbsp;Wanlong Zhao,&nbsp;Wei Zhang","doi":"10.1111/ajfs.12364","DOIUrl":"10.1111/ajfs.12364","url":null,"abstract":"<p>This study examines the impact of information disclosure system reform (IDSR) on corporate fraud. IDSR includes the internet-based communication platforms and the introduction of assessment methods for information disclosure. The study finds that reform in the Shenzhen Stock Exchange (SZSE) reduces the probability, frequency, and severity of corporate fraud. In contrast, the reform in the Shanghai Stock Exchange (SSE) has no such effect. The negative association between the SZSE reform and corporate fraud is more evident for firms with weak internal controls and modified audit opinions. This study suggests disclosing companies' ranking in information disclosure assessments to the public to improve governance.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 2","pages":"223-255"},"PeriodicalIF":1.5,"publicationDate":"2022-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78317143","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: 1
A Survey of Asian Family Business Research* 亚洲家族企业研究综述*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-02-14 DOI: 10.1111/ajfs.12363
Morten Bennedsen, Yi-Chun Lu, Vikas Mehrotra
{"title":"A Survey of Asian Family Business Research*","authors":"Morten Bennedsen,&nbsp;Yi-Chun Lu,&nbsp;Vikas Mehrotra","doi":"10.1111/ajfs.12363","DOIUrl":"https://doi.org/10.1111/ajfs.12363","url":null,"abstract":"<p>We survey the literature on family firms with a focus on Asian countries. We begin with identifying three key motivational drivers of international research on family business—their dominance, relative performance, and extent of family embeddedness in the business. Second, we provide a brief survey of family firms in eight Asian economies with a focus on the history and current challenges faced by family firms in each country. Third, we document the variety of family firm definitions used in the literature and the resulting difficulty in drawing inferences due to a lack of definitional consistency. Fourth, we discuss the strategic advantages family assets such as legacy and networks bring to family firms in the Asian context. Fifth, we identify some unique challenges family firms face in their countries, and provide examples of how ownership and succession structures mitigate these challenges. We close this survey by suggesting some open research questions relevant for Asian family firms.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 1","pages":"7-43"},"PeriodicalIF":1.5,"publicationDate":"2022-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.12363","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"137676327","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
Impact of Investor Sentiment on Stock Returns* 投资者情绪对股票回报的影响*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-02-13 DOI: 10.1111/ajfs.12362
Youngkwang Kim, Kaun Y. Lee
{"title":"Impact of Investor Sentiment on Stock Returns*","authors":"Youngkwang Kim,&nbsp;Kaun Y. Lee","doi":"10.1111/ajfs.12362","DOIUrl":"10.1111/ajfs.12362","url":null,"abstract":"<p>This study examines the relationship between investor sentiment and stock returns in two active but different Korean stock markets. Using daily KOSPI and KOSDAQ data, we construct an investor sentiment index that includes adjusted turnover rate, buy–sell imbalance, and relative strength index. We find that investor sentiment significantly affects stock returns, more so in the KOSDAQ with high individual participation. Company characteristics, including size and stock price, affect the relationship between investor sentiment and stock returns. Moreover, we introduce the relationship between mobile trading and investor sentiment, and demonstrate that mobile trading transforms irrational investors into informed, rational investors.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 1","pages":"132-162"},"PeriodicalIF":1.5,"publicationDate":"2022-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77784752","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: 7
Do Foreign Investors Monitor Managers in Merger and Acquisition? Evidence from China* 外国投资者在并购中监督管理者吗?来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-02-03 DOI: 10.1111/ajfs.12361
Xiaofang Zhao, Hao Yang, Chao Xu, Shiqing Li
{"title":"Do Foreign Investors Monitor Managers in Merger and Acquisition? Evidence from China*","authors":"Xiaofang Zhao,&nbsp;Hao Yang,&nbsp;Chao Xu,&nbsp;Shiqing Li","doi":"10.1111/ajfs.12361","DOIUrl":"10.1111/ajfs.12361","url":null,"abstract":"<p>Using foreign investors’ shareholding to proxy for foreign investors’ monitoring effect in the Chinese stock market, we find that those acquirers exhibit higher announcement returns with higher shareholding, and this effect is stronger when acquirers are private firms. We provide price efficiency and corporate governance channels through which foreign investors play a monitoring role in mergers and acquisitions. Finally, foreign investors decrease the likelihood that managers will conduct mergers in the future and significantly improve long-run performance. Our study provides new insights into the real effects of foreign investors on acquisition performance and the economy.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 1","pages":"106-131"},"PeriodicalIF":1.5,"publicationDate":"2022-02-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82655973","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
What Drives Stock Market Underreaction to Liquidity Shocks? Evidence from Korea* 是什么导致股市对流动性冲击反应不足?来自韩国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-02-01 DOI: 10.1111/ajfs.12360
Jeewon Jang
{"title":"What Drives Stock Market Underreaction to Liquidity Shocks? Evidence from Korea*","authors":"Jeewon Jang","doi":"10.1111/ajfs.12360","DOIUrl":"10.1111/ajfs.12360","url":null,"abstract":"<p>Stock-level liquidity shocks have a positive cross-sectional relation to not only contemporaneous returns but also one-month-ahead returns in the Korean stock market, which implies that the stock market underreacts to liquidity shocks. However, the return continuation after the arrival of liquidity shocks is short-lived and disappears in two months in Korea, unlike in the United States. The positive relation between liquidity shocks and one-month-ahead returns is most pronounced for illiquid stocks but not present for liquid stocks, independently of the level of investor attention. However, the effect of limited attention on the positive relation differs somewhat across alternative attention proxies and becomes insignificant after controlling for liquidity. This evidence suggests that the short-lived underreaction to liquidity shocks in the Korean stock market is primarily driven not by inattention but by illiquidity.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 1","pages":"44-80"},"PeriodicalIF":1.5,"publicationDate":"2022-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"75055997","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
Intangible Capital and Market Reactions to Earnings News* 无形资本和市场对盈利消息的反应*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2021-12-20 DOI: 10.1111/ajfs.12352
Woosung Jung, Bong-Chan Kho
{"title":"Intangible Capital and Market Reactions to Earnings News*","authors":"Woosung Jung,&nbsp;Bong-Chan Kho","doi":"10.1111/ajfs.12352","DOIUrl":"10.1111/ajfs.12352","url":null,"abstract":"<p>We investigate how market reactions to earnings news differ between U.S. firms with high and low intangible capital. We expect investors to have difficulty processing information on earnings news for firms with high intangible capital, leading to a larger reaction to earnings news. Measuring intangible capital as the accumulated sum of externally purchased and internally created intangible assets, we show that both immediate and delayed market reactions to earnings news are larger for high-intangible firms. Multivariate regressions and four-factor alphas support the results. This effect is more substantial for firms with limited investor attention and mainly driven by organization capital.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 1","pages":"81-105"},"PeriodicalIF":1.5,"publicationDate":"2021-12-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84899844","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: 1
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