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Asia-Pacific Journal of Financial Studies最新文献

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Executive Financial Literacy and Corporate Performance: Evidence from Small and Medium-Sized Enterprises in China 高管财务素养与公司绩效:来自中国中小企业的证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-01-16 DOI: 10.1111/ajfs.12403
Guangning Tian, Shuyuan Zhou, Yawei Qi
{"title":"Executive Financial Literacy and Corporate Performance: Evidence from Small and Medium-Sized Enterprises in China","authors":"Guangning Tian,&nbsp;Shuyuan Zhou,&nbsp;Yawei Qi","doi":"10.1111/ajfs.12403","DOIUrl":"10.1111/ajfs.12403","url":null,"abstract":"<p>Based on the survey data from the China National SME Survey Database in 2019, we analyze the relationship between executive financial literacy and the performance of Chinese small and medium-sized enterprises (SMEs). We find that executive financial literacy helps improve corporate performance, especially for companies with weak external supervision and low competitive pressure. After controlling for the effects of the variables at the individual executive and enterprise levels, addressing possible endogenous problems in the analysis, robustness tests and heterogeneity analyses indicates that our findings remain unchanged. We further show that executive financial literacy improves corporate performance by alleviating corporate financing constraints and improving corporate risk management. Our findings have important policy implications for stimulating the vitality of economy and promoting high-quality economic development.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 6","pages":"797-827"},"PeriodicalIF":1.5,"publicationDate":"2023-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88366670","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
Government–Business Relations and Corporate Cash Holdings: Evidence from China* 政商关系与企业现金持有:来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-01-16 DOI: 10.1111/ajfs.12406
Yu Gao, Yan Cai, Zhuoqi Teng, Yuantao Fang
{"title":"Government–Business Relations and Corporate Cash Holdings: Evidence from China*","authors":"Yu Gao,&nbsp;Yan Cai,&nbsp;Zhuoqi Teng,&nbsp;Yuantao Fang","doi":"10.1111/ajfs.12406","DOIUrl":"10.1111/ajfs.12406","url":null,"abstract":"<p>This study employs data from Chinese firms between 2017 and 2019 to explore how government–business relations affect corporate cash holdings. We find that healthy government–business relations have a significantly positive impact on corporate cash holdings. The mechanism test reveals that the former affects the latter via investment opportunities. Furthermore, product market competition positively moderates the relationship between government–business relations and corporate cash holdings, but financial constraints negatively moderate this relationship. The results of our research have implications for the government to optimize the quality of governance and for enterprises to adjust their business strategies.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 6","pages":"914-944"},"PeriodicalIF":1.5,"publicationDate":"2023-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85695293","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
Volatility Spillovers Among the Three Places Across the Taiwan Strait: Evidence from a BEKK-CARR Approach* 台湾海峡三地波动溢出效应:基于BEKK-CARR方法的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-01-16 DOI: 10.1111/ajfs.12405
Chun Chou Wu, Wen Xu
{"title":"Volatility Spillovers Among the Three Places Across the Taiwan Strait: Evidence from a BEKK-CARR Approach*","authors":"Chun Chou Wu,&nbsp;Wen Xu","doi":"10.1111/ajfs.12405","DOIUrl":"10.1111/ajfs.12405","url":null,"abstract":"<p>This study introduces a new BEKK-CARR model to explore the volatility spillover effects among mainland China, Hong Kong, and Taiwan stock markets during the COVID-19 pandemic. We also extend the approach of Diebold and Yilmaz (2009, 2012) to infer a brand-new volatility spillover index to discuss the bi-directional volatility transmission. Our results show that the trading information flow among these three markets has changed significantly as a result of the COVID-19 pandemic. The strength of volatility spillover is increasing during this momentous period. The Hong Kong stock market plays a pivotal role in volatility transmission. The values for half-lives by exogenous shocks keep relatively low during the pandemic period. A reasonable explanation is that the trading information transmissions among stock markets are quicker than in the non-pandemic period.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 6","pages":"896-913"},"PeriodicalIF":1.5,"publicationDate":"2023-01-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/ajfs.12405","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78841078","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
Does Information Disclosed in “Use of Proceeds” from Prospectuses Affect IPO Initial Underpricing? 招股说明书“收益用途”披露信息是否影响IPO初始抑价?
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2023-01-04 DOI: 10.1111/ajfs.12402
Wenxiu Tang, Zhong-Guo Zhou
{"title":"Does Information Disclosed in “Use of Proceeds” from Prospectuses Affect IPO Initial Underpricing?","authors":"Wenxiu Tang,&nbsp;Zhong-Guo Zhou","doi":"10.1111/ajfs.12402","DOIUrl":"10.1111/ajfs.12402","url":null,"abstract":"<p>We study the impact of intended use of proceeds disclosed in the section of “Use of Proceeds” in prospectuses on ChiNext IPOs' initial underpricing. After splitting the entire period into two non-overlapping sub-periods to control for regulatory changes and after controlling for the firm-level characteristics and market conditions, we find that the overall information disclosed from “Use of Proceeds” affects IPO initial underpricing significantly over the two sub-periods. Moreover, the intended use of IPO proceeds in several specific categories affects underpricing too. The proceeds raised for IPO firms' information platform and research and development over the second sub-period while the proceeds to promote marketing and sales and to expand existing products over the first sub-period are significantly and positively related to initial underpricing. The significance changes for the IPOs with the opportunity to change their use of proceeds after IPOs. We explore the causes and effects to explain our findings.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 6","pages":"828-858"},"PeriodicalIF":1.5,"publicationDate":"2023-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87548169","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 Effect of the Financial Structure Decision and Governance Mechanism on Shareholders' Wealth: Nonlinearity Evidence from a Petroleum-based Economy 金融结构决策和治理机制对股东财富的影响——来自石油经济的非线性证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-12-01 DOI: 10.1111/ajfs.12400
Ali Shaddady
{"title":"The Effect of the Financial Structure Decision and Governance Mechanism on Shareholders' Wealth: Nonlinearity Evidence from a Petroleum-based Economy","authors":"Ali Shaddady","doi":"10.1111/ajfs.12400","DOIUrl":"https://doi.org/10.1111/ajfs.12400","url":null,"abstract":"<p>This study was designed to determine the nature of the association between the financial structure decision and shareholders' wealth—dividend payments—of firms listed on one of the largest stock markets in oil-based economies, the Saudi stock market. The study used panel data for all nonfinancial firms listed in Saudi Arabia's primary stock market (TASI) during the period from 2000 to 2018. The pooled ordinary least squares, quantile, generalized method of moments and U-tests were conducted to evaluate the association between the financial structure decision and dividend payment. The preliminary findings revealed a positive effect of financial leverage on dividend payments using a linear model. However, when a nonlinear model was used, the study found a nonlinear relation between the financial structure decision and dividend payouts, which exhibited an inverted U-shaped curve driven by levels of debt. This nonlinear relation verifies the tenets of the trade-off theory of optimum debt level based on the costs and benefits of the debt. Further, the study found a negative influence of firm performance, size, and age on dividend payments. The outcomes of this study may provide useful insights for policymakers, managers, and lenders into the optimal level of financial leverage and efficient dividend policies.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 3","pages":"436-472"},"PeriodicalIF":1.5,"publicationDate":"2022-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50115200","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
Surplus Optimization in Defined Benefit Pensions Using the Regime-Switching Model: Occupational Pension Plans in South Korea* 基于制度转换模型的固定收益养老金盈余优化:韩国职业养老金计划*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-10-21 DOI: 10.1111/ajfs.12396
Hyeonjong Jung, Dong-Hwa Lee, Do Young Cheong
{"title":"Surplus Optimization in Defined Benefit Pensions Using the Regime-Switching Model: Occupational Pension Plans in South Korea*","authors":"Hyeonjong Jung,&nbsp;Dong-Hwa Lee,&nbsp;Do Young Cheong","doi":"10.1111/ajfs.12396","DOIUrl":"10.1111/ajfs.12396","url":null,"abstract":"<p>We assume a hypothetical defined benefit (DB) pension plan that reflects the characteristics of the occupational pension in South Korea and propose a surplus optimization strategy using a regime-switching model. Using conditional surplus at risk, we construct an optimized portfolio that limits extreme tail risks. Furthermore, we identify the surplus risk and return conditional on global macroeconomic status using a hidden Markov model. The main results are that (i) the DB pension portfolio should move from principal-protected products to diverse capital market products, and (ii) the DB pension portfolio using the regime-switching model outperforms an unconditional static portfolio.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 5","pages":"709-734"},"PeriodicalIF":1.5,"publicationDate":"2022-10-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"72454775","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
Political Uncertainty and Corporate Social Responsibility in a Transition Economy 转型经济中的政治不确定性与企业社会责任
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-10-17 DOI: 10.1111/ajfs.12393
Maoyong Cheng, Yuxuan Dong, Justin Y. Jin, Kiridaran Kanagaretnam
{"title":"Political Uncertainty and Corporate Social Responsibility in a Transition Economy","authors":"Maoyong Cheng,&nbsp;Yuxuan Dong,&nbsp;Justin Y. Jin,&nbsp;Kiridaran Kanagaretnam","doi":"10.1111/ajfs.12393","DOIUrl":"10.1111/ajfs.12393","url":null,"abstract":"<p>We examine the influence of political uncertainty on the corporate social responsibility (CSR) of local firms in China. Political uncertainty refers to government officials' turnover. We find that these firms significantly increase their CSR activities when city government officials are changed or replaced. We also find that political uncertainty increases firms' attention to employee responsibilities, supply chain responsibilities, and environmental responsibilities. In addition, the turnover of government officials increases CSR activities due to the reduction or loss of political connections. The anti-corruption campaign has also strengthened the influence of political uncertainty on CSR.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 5","pages":"735-760"},"PeriodicalIF":1.5,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81303105","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
Corporate Philanthropy and Analyst Forecast Accuracy: Evidence from China 企业慈善与分析师预测准确性:来自中国的证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-10-17 DOI: 10.1111/ajfs.12394
Jing Tang, Chenghao Huang
{"title":"Corporate Philanthropy and Analyst Forecast Accuracy: Evidence from China","authors":"Jing Tang,&nbsp;Chenghao Huang","doi":"10.1111/ajfs.12394","DOIUrl":"10.1111/ajfs.12394","url":null,"abstract":"<p>Based on the perspective of market attention, this study investigates financial analysts' performance in the presence of corporate philanthropy in China. We find that the involvement of corporate philanthropy is associated with lower analyst forecast error. Additionally, our results show that the favorable effect of philanthropy on analyst forecast accuracy is stronger for firms with higher and easier information exposure in the face of engaging in corporate philanthropy. Collectively, our findings have important implications for academics and practitioners in understanding the function of corporate philanthropy in financial markets.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 5","pages":"682-708"},"PeriodicalIF":1.5,"publicationDate":"2022-10-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90763872","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
The Signaling Role of IPO Lockups: Evidence from SMEs in Korea IPO锁定期的信号作用:来自韩国中小企业的证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-10-11 DOI: 10.1111/ajfs.12397
Youngjoo Lee
{"title":"The Signaling Role of IPO Lockups: Evidence from SMEs in Korea","authors":"Youngjoo Lee","doi":"10.1111/ajfs.12397","DOIUrl":"10.1111/ajfs.12397","url":null,"abstract":"<p>This study examines the signaling role of lockup extensions for initial public offering (IPO) firms subject to mandatory lockup provisions. The sample contains IPO firms that went public in the Korean stock market, which reduced the mandatory lockup period over the sample period. This study finds that (1) IPO underpricing is negatively related to the lockup extension length after the reform, and (2) the negative relationship in the post-reform period is stronger for firms characterized by high information asymmetry. The results imply that lockup extensions may reduce information asymmetry related to IPO underpricing when information asymmetry is acute.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 5","pages":"761-784"},"PeriodicalIF":1.5,"publicationDate":"2022-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77875338","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
The Role of Social Media in Financial Risk Prediction: Evidence from China* 社交媒体在金融风险预测中的作用:来自中国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-10-06 DOI: 10.1111/ajfs.12392
Qi Wang, Chenghu Zhang, Zheng Li
{"title":"The Role of Social Media in Financial Risk Prediction: Evidence from China*","authors":"Qi Wang,&nbsp;Chenghu Zhang,&nbsp;Zheng Li","doi":"10.1111/ajfs.12392","DOIUrl":"10.1111/ajfs.12392","url":null,"abstract":"<p>In this paper, we develop an intelligent approach to detect default risk of FinTech lending platforms. Using China's peer-to-peer (P2P) lending market as an empirical application, we assemble a unique dataset of matched default and non-default platforms. We apply state-of-art techniques to extract sentiment and topic features from several stakeholders' social media data, which are used as supportive soft information. Our approach exhibits better predictive abilities than those with hard information only, where the value of dynamic soft information is demonstrated. Our approach serves as a proof of concept to complement traditional methods of financial risk prediction.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 4","pages":"618-650"},"PeriodicalIF":1.5,"publicationDate":"2022-10-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79037360","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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