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Local Financial Agglomeration and Corporate Green Innovation* 地方金融集聚与企业绿色创新*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-08-03 DOI: 10.1111/ajfs.12443
Yu He, Dianna Chang, Ran Wei
{"title":"Local Financial Agglomeration and Corporate Green Innovation*","authors":"Yu He,&nbsp;Dianna Chang,&nbsp;Ran Wei","doi":"10.1111/ajfs.12443","DOIUrl":"https://doi.org/10.1111/ajfs.12443","url":null,"abstract":"<p>Using a large sample of publicly listed firms in China, we examine the relation between local financial agglomeration and corporate green innovation. We document that local financial agglomeration positively affects corporate green innovation output. This positive effect is more pronounced when firms have better environmental performance, when the market-level sentiment for corporate environmental responsibility is higher, or prior to the implementation of a green credit policy in China. Further analysis reveals that local financial agglomeration enhances corporate green investments and the quality of green innovation. Collectively, our findings reveal the real and environmental effects of local financial agglomeration.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 4","pages":"539-564"},"PeriodicalIF":1.5,"publicationDate":"2023-08-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50118823","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
Acknowledgement 确认
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-29 DOI: 10.1111/ajfs.12439
{"title":"Acknowledgement","authors":"","doi":"10.1111/ajfs.12439","DOIUrl":"https://doi.org/10.1111/ajfs.12439","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 3","pages":"323"},"PeriodicalIF":1.5,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50147801","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
Market States and Lottery Preference: Evidence from Chinese Open‐End Funds* 市场状态与彩票偏好:来自中国开放式基金的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-25 DOI: 10.1111/ajfs.12437
Rongxin He, Pei-lin Hsieh
{"title":"Market States and Lottery Preference: Evidence from Chinese Open‐End Funds*","authors":"Rongxin He, Pei-lin Hsieh","doi":"10.1111/ajfs.12437","DOIUrl":"https://doi.org/10.1111/ajfs.12437","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"24 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2023-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81183093","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
Market States and Lottery Preference: Evidence from Chinese Open-End Funds* 市场状态与彩票偏好——来自中国开放式基金的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-25 DOI: 10.1111/ajfs.12437
Rongxin He, Pei-Lin Hsieh
{"title":"Market States and Lottery Preference: Evidence from Chinese Open-End Funds*","authors":"Rongxin He,&nbsp;Pei-Lin Hsieh","doi":"10.1111/ajfs.12437","DOIUrl":"https://doi.org/10.1111/ajfs.12437","url":null,"abstract":"<p>Recent studies find that investors prefer funds with lottery-like payoffs. Using a sample of Chinese open-end funds, we show that investors' preference for funds' extreme positive payoffs (MAXs) depend on the state of the market: it is significant for MAXs in an unfavorable market but weak or reversed for those in a favorable market. Such state-dependent preference is irrational because, inconsistent with the flow–MAX relationship, higher MAXs under market downturns are associated with worse performance. We further document support for the salience-theory-based explanation for investors' preference and provide counter-evidence for alternative mechanisms based on rational choice or changes in aggregate flows.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 5","pages":"678-706"},"PeriodicalIF":1.5,"publicationDate":"2023-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"71980294","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
Does Tax-Favored Policy Improve the Profitability of Environmental Protection Firms? An Empirical Study from the Implicit Tax Perspective 税收优惠政策能提高环保企业的盈利能力吗？隐性税收视角下的实证研究
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-22 DOI: 10.1111/ajfs.12435
Jifeng Cao, Yiwen Cui
{"title":"Does Tax-Favored Policy Improve the Profitability of Environmental Protection Firms? An Empirical Study from the Implicit Tax Perspective","authors":"Jifeng Cao,&nbsp;Yiwen Cui","doi":"10.1111/ajfs.12435","DOIUrl":"https://doi.org/10.1111/ajfs.12435","url":null,"abstract":"<p>An implicit tax is a reduction in the pretax rate of return driven by tax preferences. With increasingly stringent requirements of sustainable development, Chinese government actively promotes environmental protection with the direct corporate income tax rate preferences, which provide a unique opportunity to examine whether implicit taxes remain a significant tax cost in the environmental protection industry. This paper finds the existence of implicit taxes in environmental protection firms and the market structure impedes the realization of implicit taxes. The market power and market concentration reduce the negative effect of tax preferences on the firm's pretax rate of return. The environmental protection firms with lower competition bear lower implicit taxes. These findings are important to evaluate the effectiveness of the tax incentives on environmental protection firms and other tax-favored industries.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 3","pages":"473-495"},"PeriodicalIF":1.5,"publicationDate":"2023-06-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50115554","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
Multiple Large Shareholders and Firm Performance: Evidence from China* 多重大股东与企业绩效：来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-16 DOI: 10.1111/ajfs.12434
Caiyu Yan, Xuefei He, Juan Li, Hongqu He, Tianping Ao
{"title":"Multiple Large Shareholders and Firm Performance: Evidence from China*","authors":"Caiyu Yan,&nbsp;Xuefei He,&nbsp;Juan Li,&nbsp;Hongqu He,&nbsp;Tianping Ao","doi":"10.1111/ajfs.12434","DOIUrl":"https://doi.org/10.1111/ajfs.12434","url":null,"abstract":"<p>Agency theory has shown that multiple large shareholders have competing monitoring and entrenchment governance effects. Therefore, this paper studies the governance effects of multiple large shareholders to determine the dominant effect in the Chinese setting. A panel data model and <i>F-</i>test demonstrate that a significant positive relationship exists between multiple large shareholders and firm performance, but the positive relationship between multiple large shareholders and firm performance will be weakened by state-owned enterprises and politically connected enterprises. Furthermore, our findings suggest that multiple large shareholders can enhance firm performance by mitigating the agent–principal problem and the principal–principal problem. Additionally, a threshold model is introduced to explore the impact of other governance mechanisms on multiple large shareholders' governance, and our findings show that enhancing controlling shareholder governance and board size significantly weakens multiple large shareholders governance, but increasing the proportion of independent directors strengthens the positive relationship between multiple large shareholders and <i>Tobin's Q</i> and weakens the positive relationship between multiple large shareholders and <i>ROA</i>.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 3","pages":"394-435"},"PeriodicalIF":1.5,"publicationDate":"2023-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50134996","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
The Roles of Finance in ESG Management 财务在ESG管理中的作用
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-15 DOI: 10.1111/ajfs.12436
Young Seog Park, Hyo Seob Lee
{"title":"The Roles of Finance in ESG Management","authors":"Young Seog Park,&nbsp;Hyo Seob Lee","doi":"10.1111/ajfs.12436","DOIUrl":"https://doi.org/10.1111/ajfs.12436","url":null,"abstract":"<p>As shareholder capitalism has revealed its limitations since the outbreak of Covid-19, there has been a growing demand for a shift toward stakeholder capitalism. Environmental, social, and governance (ESG) management seeks an optimal way to allocate resources to both financial and social values in order to enhance stakeholder utility. Given the various legal, theoretical, and empirical limitations of pluralistic stakeholder capitalism, it is necessary to focus on achieving instrumental stakeholder capitalism. In this regard, we present three roles that finance should play in promoting more firms to adopt ESG management. First, infrastructure needs to be established to measure and assess ESG value in a fair and objective manner. Financial firms should make efforts to develop a non-financial disclosure and certification system, create an ESG index, expand research and investment in this area, and improve credit ratings. Second, there is a need to boost the intermediation of ESG-linked finance in order to enhance utility for firms, investors, and governments. Third, it is crucial to facilitate the trading of ESG value in the market, as this could provide incentives for firms and help them cover the costs associated with ESG investments.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 3","pages":"354-373"},"PeriodicalIF":1.5,"publicationDate":"2023-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50133801","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
Family Feud: Succession Tournaments and Risk-Taking in Family Firms* 家族恩怨：家族企业的继承锦标赛与风险承担*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-13 DOI: 10.1111/ajfs.12432
Jongsub Lee, Hojong Shin, Hayong Yun
{"title":"Family Feud: Succession Tournaments and Risk-Taking in Family Firms*","authors":"Jongsub Lee,&nbsp;Hojong Shin,&nbsp;Hayong Yun","doi":"10.1111/ajfs.12432","DOIUrl":"https://doi.org/10.1111/ajfs.12432","url":null,"abstract":"<p>We identify succession as a novel determinant of risk-taking in family firms. We find significantly higher risk-taking (mergers and acquisitions and cash flow volatility) and lower operating efficiency in firms controlled by families with multiple sons during the pre- rather than the postsuccession period compared to family firms with one or no sons. Presuccession risk-taking by sons decreases the following inheritance law amendments that require sharing of wealth among heirs, bolstering the causal interpretation of our findings. An infusion of outside talent via daughters' marriages also alleviates the relative rank-seeking behaviors of sons during succession tournaments.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 3","pages":"324-353"},"PeriodicalIF":1.5,"publicationDate":"2023-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50131406","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
Less Volatile Value-at-Risk Estimation Under a Semi-parametric Approach* 半参数方法下的低波动风险值估计*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-06-13 DOI: 10.1111/ajfs.12433
Shih-Feng Huang, David K. Wang
{"title":"Less Volatile Value-at-Risk Estimation Under a Semi-parametric Approach*","authors":"Shih-Feng Huang,&nbsp;David K. Wang","doi":"10.1111/ajfs.12433","DOIUrl":"https://doi.org/10.1111/ajfs.12433","url":null,"abstract":"<p>In this study, we propose a two-step, less-volatile value-at-risk (LVaR) estimation using a generalized nearly isotonic regression (GNIR) model. In the proposed approach, a VaR sequence is first produced under the generalized autoregressive conditional heteroskedasticity (GARCH) framework. Then, the VaR sequence is adjusted by GNIR, and the generated estimate is denoted as LVaR. The results of an empirical investigation show that LVaR outperformed other VaR estimates under the classic equally weighted and exponentially weighted moving-average frameworks. Furthermore, we show not only that LVaR is less volatile, but also that it performed reasonably well in various backtests.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 3","pages":"374-393"},"PeriodicalIF":1.5,"publicationDate":"2023-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50150436","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
Weak Instruments, Degree of Risk Aversion and Equity Premium: Evidence from Singapore, South Korea and Taiwan 弱工具、风险规避程度与股权溢价——来自新加坡、韩国和台湾的证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-04-21 DOI: 10.1111/ajfs.12422
Liona Lai, Henry Tam
{"title":"Weak Instruments, Degree of Risk Aversion and Equity Premium: Evidence from Singapore, South Korea and Taiwan","authors":"Liona Lai,&nbsp;Henry Tam","doi":"10.1111/ajfs.12422","DOIUrl":"https://doi.org/10.1111/ajfs.12422","url":null,"abstract":"<p>Using data from Singapore, South Korea, and Taiwan, we estimate the coefficient of relative risk aversion (RRA) in the constant relative risk aversion utility specification of the consumption-based capital asset pricing model. Conventional instrumental variables methods find that the coefficient of RRA is low but the inverse of it—the elasticity of intertemporal substitution in consumption—is also low. Such contradictory findings could be attributed to instruments being weak. Using weak-instrument robust tests, we find from the equity market data that the coefficient of RRA is rather high, which could potentially explain the high equity premiums in these three East Asian economies.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 2","pages":"292-317"},"PeriodicalIF":1.5,"publicationDate":"2023-04-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50139552","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
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