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Does Co-CEO Adoption Lead to Better Stock Performance? An Empirical Analysis Focusing on High-growth Firms 采用联席ceo会带来更好的股票表现吗?基于高增长企业的实证分析
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-09-30 DOI: 10.1111/ajfs.12391
Jae Eun Shin, Gun Lee
{"title":"Does Co-CEO Adoption Lead to Better Stock Performance? An Empirical Analysis Focusing on High-growth Firms","authors":"Jae Eun Shin,&nbsp;Gun Lee","doi":"10.1111/ajfs.12391","DOIUrl":"10.1111/ajfs.12391","url":null,"abstract":"<p>While there is an increasing debate about whether having multiple CEOs is beneficial to firms, few empirical studies have examined stock returns' consequences after adopting the co-CEO structure. Set in the Korean context, where the co-CEO structure is a common corporate practice, we find that co-CEO adoption has subsequently led to better stock performance than adherence to a sole-CEO structure. Moreover, given the diverse circumstances in which firms operate, co-CEO structure adoption does not guarantee success. We find evidence that the co-CEO structure's superior performance over the sole-CEO structure is concentrated in high-growth subsamples.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 4","pages":"569-593"},"PeriodicalIF":1.5,"publicationDate":"2022-09-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88200765","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
Effect of Institutional Depositors on Banks' Dividend Policy: Evidence from Korea during the Global Financial Crisis* 机构存款人对银行股利政策的影响:来自全球金融危机时期韩国的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-09-29 DOI: 10.1111/ajfs.12390
Hyun-Jae Jung, Jinho Lee, Young S. Park
{"title":"Effect of Institutional Depositors on Banks' Dividend Policy: Evidence from Korea during the Global Financial Crisis*","authors":"Hyun-Jae Jung,&nbsp;Jinho Lee,&nbsp;Young S. Park","doi":"10.1111/ajfs.12390","DOIUrl":"10.1111/ajfs.12390","url":null,"abstract":"<p>This study investigates the motive for dividends by examining the relationship between dividends and banks' institutional depositors during the global financial crisis. The results indicate that during the financial crisis, the higher the deposit ratio of institutional depositors to the total insured deposits was, the lower the dividend payments were. This may be attributable to the fact that during the financial crisis, banks significantly reduced their dividends because they were under close monitoring due to the fear that institutional depositors would overreact to disadvantageous policy and cause a bank run.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 4","pages":"541-568"},"PeriodicalIF":1.5,"publicationDate":"2022-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84368864","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 Responses to Private and Public Targets: The Role of Goodwill Valuation* 市场对私人和公共目标的反应：商誉评估的作用*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-09-21 DOI: 10.1111/ajfs.12388
Shin Hyoung Kwon, Irene Guannan Wang
{"title":"Market Responses to Private and Public Targets: The Role of Goodwill Valuation*","authors":"Shin Hyoung Kwon,&nbsp;Irene Guannan Wang","doi":"10.1111/ajfs.12388","DOIUrl":"https://doi.org/10.1111/ajfs.12388","url":null,"abstract":"<p>Investors overprice goodwill value acquired from a private target during a merger and acquisition (M&amp;A) announcement. However, the overpricing of goodwill is corrected in the years following the deal's completion. Our results show that investors predict the decreasing value of goodwill and promptly adjust their pricing regardless of goodwill impairment. The differential market reactions to goodwill between private and public targets are economically significant. The pricing on goodwill obtained from a private target is 47% higher around the announcements and 44% (33%) lower one (two) year(s) after the M&amp;A completion than that from the public target.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 1","pages":"89-115"},"PeriodicalIF":1.5,"publicationDate":"2022-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50140182","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 Marital Status in the Online Lending Market: Evidence from the Renrendai Platform 婚姻状况在网络借贷市场中的作用:来自人人贷平台的证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-09-20 DOI: 10.1111/ajfs.12389
Wenli Huang, Anyun Chen, Yanhong Qian
{"title":"The Role of Marital Status in the Online Lending Market: Evidence from the Renrendai Platform","authors":"Wenli Huang,&nbsp;Anyun Chen,&nbsp;Yanhong Qian","doi":"10.1111/ajfs.12389","DOIUrl":"10.1111/ajfs.12389","url":null,"abstract":"<p>Based on data from the Renrendai platform in China, this paper studies the impacts of marital status on funding success and default. Probit models are employed to perform the main regressions. The empirical results show that married borrowers have the highest rate of funding success, followed by divorced and single borrowers. Although the default risk of divorced borrowers is higher than that of married borrowers, it is not different from that of single borrowers. In addition, this paper uncovers an important joint effect of marital status and education on online lending.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 4","pages":"594-617"},"PeriodicalIF":1.5,"publicationDate":"2022-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76273672","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 Unintended Effects of Stock Pledging: A Perspective on the Shareholder–Creditor Conflict* 股票质押的非预期效应——基于股东与债权人冲突的视角*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-08-24 DOI: 10.1111/ajfs.12387
Yuanyuan Liu, Lili Jiu
{"title":"The Unintended Effects of Stock Pledging: A Perspective on the Shareholder–Creditor Conflict*","authors":"Yuanyuan Liu,&nbsp;Lili Jiu","doi":"10.1111/ajfs.12387","DOIUrl":"https://doi.org/10.1111/ajfs.12387","url":null,"abstract":"<p>This paper examines whether and how stock pledging by a firm's largest shareholder affects the conflict of interest between shareholders and creditors. We find such stock pledging is negatively associated with corporate risk-taking. This association is more pronounced for companies with high debt costs before such pledging, with dominant controlling shareholders, and those whose largest shareholders  borrow from small lenders. Further, we find firms subject to such pledging are more likely to be granted new private loans and exhibit greater investment efficiency. Overall, stock pledging by a firm's largest shareholder unintentionally mitigates the shareholder–creditor conflict by reducing corporations' pursuit of risky investments.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"52 1","pages":"63-88"},"PeriodicalIF":1.5,"publicationDate":"2022-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50142685","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
Sustainable Finance: ESG/CSR, Firm Value, and Investment Returns* 可持续金融:ESG/CSR、企业价值和投资回报*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-07-23 DOI: 10.1111/ajfs.12379
Xin Chang, Kangkang Fu, Yaling Jin, Pei Fun Liem
{"title":"Sustainable Finance: ESG/CSR, Firm Value, and Investment Returns*","authors":"Xin Chang,&nbsp;Kangkang Fu,&nbsp;Yaling Jin,&nbsp;Pei Fun Liem","doi":"10.1111/ajfs.12379","DOIUrl":"10.1111/ajfs.12379","url":null,"abstract":"<p>We review the burgeoning sustainable finance literature, emphasizing the value implications of ESG (environmental, social, and governance) and CSR (corporate social responsibility) practices. We use a discounted cash flow valuation framework to identify value drivers through which such practices can enhance firm value. Collectively, empirical evidence supports that they increase firm value by motivating employees, strengthening customer–supplier relationships, boosting long-term growth, increasing dividends, and reducing financing costs. Furthermore, more socially responsible firms deliver no higher excess stock returns in the long run. Green bonds neither provide issuers with a price premium nor make investors sacrifice on lower returns. Socially responsible investing (SRI) funds generate no higher risk-adjusted long-term returns than non-SRI funds. Finally, we briefly suggest several topics for future research on sustainable finance.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"325-371"},"PeriodicalIF":1.5,"publicationDate":"2022-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90061448","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: 10
The Impact of Directors’ Foreign Experience on Environmental Information Disclosure: Evidence from Heavily Polluting Chinese Firms 国外董事经验对环境信息披露的影响:来自中国重污染企业的证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-07-09 DOI: 10.1111/ajfs.12372
Muhammad Jameel Hussain, Gaoliang Tian, Muhammad Ayaz, Xia Zhang
{"title":"The Impact of Directors’ Foreign Experience on Environmental Information Disclosure: Evidence from Heavily Polluting Chinese Firms","authors":"Muhammad Jameel Hussain,&nbsp;Gaoliang Tian,&nbsp;Muhammad Ayaz,&nbsp;Xia Zhang","doi":"10.1111/ajfs.12372","DOIUrl":"10.1111/ajfs.12372","url":null,"abstract":"<p>Based on manually collected data relating to board internationalization, measured as directors' experience gained in developed countries, this paper explores the relationship between directors' foreign experience and the environmental information disclosure of Chinese heavily polluting firms from 2016 to 2019. We find that directors' foreign experience has a significant positive impact on environmental information disclosure. These findings are robust and consistent across various analytical models. In addition, empirical evidence shows that the positive effect of directors' foreign experience on environmental information disclosure is more significant in state-owned enterprises and firms with foreign ownership. Our research has important implications for policy-makers and regulators.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"486-509"},"PeriodicalIF":1.5,"publicationDate":"2022-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85232337","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
Financial Education, and Gender Equity 金融教育和性别平等
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-07-09 DOI: 10.1111/ajfs.12386
Kyounghun Bae, Ga-Young Jang, Hyoung-Goo Kang, Pearleen Tan
{"title":"Financial Education, and Gender Equity","authors":"Kyounghun Bae, Ga-Young Jang, Hyoung-Goo Kang, Pearleen Tan","doi":"10.1111/ajfs.12386","DOIUrl":"https://doi.org/10.1111/ajfs.12386","url":null,"abstract":"This study investigates how to promote gender equity in finance through early financial education using the survey responses gathered in Singapore. The empirical tests for the effect of financial education on financial literacy suggest that women who receive early financial education better understand the compounding effect of interest rates on loans, portfolio diversification, and mortgage payments. The impact of early financial education on financial behavior is also evident in women's increased participation in the stock market, insurance activities, and savings habits. The implications can be used to guide policymakers charged with promoting gender equity through early financial education.","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"89 6","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"138495168","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
Early Financial Education, Financial Literacy, and Gender Equity in Finance* 早期金融教育、金融素养与金融性别平等*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-06-27 DOI: 10.1111/ajfs.12378
Kyounghun Bae, Ga-Young Jang, Hyoung-Goo Kang, Pearleen Tan
{"title":"Early Financial Education, Financial Literacy, and Gender Equity in Finance*","authors":"Kyounghun Bae,&nbsp;Ga-Young Jang,&nbsp;Hyoung-Goo Kang,&nbsp;Pearleen Tan","doi":"10.1111/ajfs.12378","DOIUrl":"10.1111/ajfs.12378","url":null,"abstract":"<p>This study investigates how to promote gender equity in finance through early financial education using survey responses gathered in Singapore. The empirical tests for the effect of financial education on financial literacy suggest that women who receive early financial education better understand the compounding effect of interest rates on loans, portfolio diversification, and mortgage payments. The impact of early financial education on financial behavior is also evident in women's increased participation in the stock market, insurance activities, and savings habits. The implications can be used to guide policymakers charged with promoting gender equity through early financial education.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"372-400"},"PeriodicalIF":1.5,"publicationDate":"2022-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"81010746","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
Political Uncertainty and Corporate Social Responsibility 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 : 2022-06-25 DOI: 10.1111/ajfs.12377
Maoyong Cheng, Yuxuan Dong, J. Jin, K. Kanagaretnam
{"title":"Political Uncertainty and Corporate Social Responsibility","authors":"Maoyong Cheng, Yuxuan Dong, J. Jin, K. Kanagaretnam","doi":"10.1111/ajfs.12377","DOIUrl":"https://doi.org/10.1111/ajfs.12377","url":null,"abstract":"","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"103 1","pages":""},"PeriodicalIF":1.5,"publicationDate":"2022-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78466546","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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