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Asia-Pacific Journal of Financial Studies最新文献

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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
Research and Development Expenditure, Audit Fees, and Corporate Social Responsibility Disclosure: Evidence from Chinese Listed Firms* 研发支出、审计费用与企业社会责任披露:来自中国上市公司的证据*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-06-13 DOI: 10.1111/ajfs.12371
Yi Zhang
{"title":"Research and Development Expenditure, Audit Fees, and Corporate Social Responsibility Disclosure: Evidence from Chinese Listed Firms*","authors":"Yi Zhang","doi":"10.1111/ajfs.12371","DOIUrl":"10.1111/ajfs.12371","url":null,"abstract":"<p>This study of Chinese listed firms from 2008 to 2018 shows that research and development (R&amp;D) expenditure is associated with increased audit fees. However, corporate social responsibility (CSR) disclosure can attenuate this fee increase, especially in firms with an opaque information environment, high risks, and non-high- and new-technology enterprises. These findings are robust to the use of proxies and instrumental variables, propensity score matching, and controlling for firm fixed effects and CSR performance. This study contributes to the understanding of the economic consequences of R&amp;D activities, determinants of audit fees, and CSR disclosure.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"431-458"},"PeriodicalIF":1.5,"publicationDate":"2022-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88675986","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
Firm Misvaluation and Corporate Social Responsibility* 企业错估与企业社会责任*
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-05-31 DOI: 10.1111/ajfs.12373
Yaling Jin
{"title":"Firm Misvaluation and Corporate Social Responsibility*","authors":"Yaling Jin","doi":"10.1111/ajfs.12373","DOIUrl":"10.1111/ajfs.12373","url":null,"abstract":"<p>This paper shows that overvalued firms have better performance in corporate social responsibility. Using hypothetical mutual fund outflow pressure, I establish causality from misvaluation to corporate social responsibility performance. Further analysis reveals that the effect of firm misvaluation on corporate social responsibility performance is stronger for firms with greater financial strengths, higher socially responsible investor ownership, higher long-term institutional investor ownership, and during high corporate social responsibility sentiment periods. Overall, the results reveal the incentives of firms to engage in corporate social responsibility activities in overvaluation to cater to investors who prefer better corporate social responsibility performance.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 4","pages":"517-540"},"PeriodicalIF":1.5,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74796448","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
Corporate Social Irresponsibility and Firm Value: International Evidence from Media Coverage 企业社会不负责任与企业价值:来自媒体报道的国际证据
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-05-31 DOI: 10.1111/ajfs.12375
Tracie Frost, Lei Li, Albert Tsang, Miao Yu
{"title":"Corporate Social Irresponsibility and Firm Value: International Evidence from Media Coverage","authors":"Tracie Frost,&nbsp;Lei Li,&nbsp;Albert Tsang,&nbsp;Miao Yu","doi":"10.1111/ajfs.12375","DOIUrl":"10.1111/ajfs.12375","url":null,"abstract":"<p>Media attention to corporate social irresponsibility (CSiR) is increasing around the world. Using a sample of firms from 43 countries, we find that media coverage of CSiR is negatively associated with firm value. We further find that the negative relation between media coverage of CSiR and firm value is more pronounced for firms with long-term orientations and for firms domiciled in countries where demand for socially responsible corporate activities is high. Our findings support the role that CSiR plays in corporate reputation and explain the heterogeneity of the relation between CSiR and firm value across firms and countries.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"401-430"},"PeriodicalIF":1.5,"publicationDate":"2022-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80115929","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: 4
How Does Corporate Social Responsibility Affect Credit Default Swap Spreads? 企业社会责任如何影响信用违约互换息差?
IF 1.5 4区 经济学
Asia-Pacific Journal of Financial Studies Pub Date : 2022-05-30 DOI: 10.1111/ajfs.12374
Jongho Kang, Jihun Kim
{"title":"How Does Corporate Social Responsibility Affect Credit Default Swap Spreads?","authors":"Jongho Kang,&nbsp;Jihun Kim","doi":"10.1111/ajfs.12374","DOIUrl":"10.1111/ajfs.12374","url":null,"abstract":"<p>We examine the relationship between corporate social responsibility (CSR) and credit risk. We test how CSR strengths and concerns impact credit default swap (CDS) spreads during the global financial crisis period (2008–2009) and non-crisis periods (2003–2007 and 2010–2013). CSR concerns increase and CSR strengths reduce CDS spreads during the non-crisis period, whereas their effects change during the global financial crisis. CSR strengths during an adverse economic environment can indicate agency problems and overinvestment. The effect of CSR concerns becomes much larger during the global financial crisis, while that of CSR strengths can even increase CDS spreads.</p>","PeriodicalId":8570,"journal":{"name":"Asia-Pacific Journal of Financial Studies","volume":"51 3","pages":"459-485"},"PeriodicalIF":1.5,"publicationDate":"2022-05-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85244436","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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