Subjects -> BUSINESS AND ECONOMICS (Total: 3614 journals)
    - ACCOUNTING (132 journals)
    - BANKING AND FINANCE (306 journals)
    - BUSINESS AND ECONOMICS (1276 journals)
    - CONSUMER EDUCATION AND PROTECTION (20 journals)
    - COOPERATIVES (4 journals)
    - ECONOMIC SCIENCES: GENERAL (212 journals)
    - ECONOMIC SYSTEMS, THEORIES AND HISTORY (235 journals)
    - FASHION AND CONSUMER TRENDS (20 journals)
    - HUMAN RESOURCES (103 journals)
    - INSURANCE (26 journals)
    - INTERNATIONAL COMMERCE (145 journals)
    - INTERNATIONAL DEVELOPMENT AND AID (103 journals)
    - INVESTMENTS (22 journals)
    - LABOR AND INDUSTRIAL RELATIONS (61 journals)
    - MACROECONOMICS (17 journals)
    - MANAGEMENT (611 journals)
    - MARKETING AND PURCHASING (116 journals)
    - MICROECONOMICS (23 journals)
    - PRODUCTION OF GOODS AND SERVICES (143 journals)
    - PUBLIC FINANCE, TAXATION (37 journals)
    - TRADE AND INDUSTRIAL DIRECTORIES (2 journals)

BUSINESS AND ECONOMICS (1276 journals)                  1 2 3 4 5 6 7 | Last

Showing 1 - 200 of 1566 Journals sorted alphabetically
360 : Revista de Ciencias de la Gestión     Open Access   (Followers: 1)
4OR: A Quarterly Journal of Operations Research     Hybrid Journal   (Followers: 12)
Abacus     Hybrid Journal   (Followers: 16)
Accounting Forum     Hybrid Journal   (Followers: 22)
Acta Amazonica     Open Access   (Followers: 3)
Acta Commercii     Open Access   (Followers: 3)
Acta Marisiensis : Seria Oeconomica     Open Access  
Acta Oeconomica     Full-text available via subscription   (Followers: 3)
Acta Scientiarum. Human and Social Sciences     Open Access   (Followers: 6)
Acta Universitatis Danubius. Œconomica     Open Access   (Followers: 1)
Acta Universitatis Lodziensis : Folia Geographica Socio-Oeconomica     Open Access   (Followers: 1)
Acta Universitatis Nicolai Copernici Zarządzanie     Open Access   (Followers: 4)
AD-minister     Open Access   (Followers: 3)
Adam Academy : Journal of Social Sciences / Adam Akademi : Sosyal Bilimler Dergisi     Open Access   (Followers: 3)
AdBispreneur : Jurnal Pemikiran dan Penelitian Administrasi Bisnis dan Kewirausahaan     Open Access   (Followers: 1)
Admisi dan Bisnis     Open Access   (Followers: 1)
Advanced Sustainable Systems     Hybrid Journal   (Followers: 5)
Advances in Economics and Business     Open Access   (Followers: 21)
Africa Journal of Management     Hybrid Journal   (Followers: 2)
AfricaGrowth Agenda     Full-text available via subscription   (Followers: 3)
African Affairs     Hybrid Journal   (Followers: 67)
African Business     Full-text available via subscription   (Followers: 4)
African Development Review     Hybrid Journal   (Followers: 45)
African Journal of Business and Economic Research     Full-text available via subscription   (Followers: 6)
African Journal of Business Ethics     Open Access   (Followers: 6)
African Review of Economics and Finance     Open Access   (Followers: 8)
Afro Eurasian Studies     Open Access   (Followers: 1)
Afro-Asian Journal of Finance and Accounting     Hybrid Journal   (Followers: 5)
Afyon Kocatepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi     Open Access   (Followers: 3)
Agronomy     Open Access   (Followers: 12)
Akademik Yaklaşımlar Dergisi     Open Access   (Followers: 1)
AL-Qadisiyah Journal For Administrative and Economic sciences     Open Access   (Followers: 1)
Alphanumeric Journal : The Journal of Operations Research, Statistics, Econometrics and Management Information Systems     Open Access   (Followers: 10)
American Economic Journal : Applied Economics     Full-text available via subscription   (Followers: 212)
American Enterprise Institute     Free   (Followers: 3)
American Journal of Business     Hybrid Journal   (Followers: 20)
American Journal of Business and Management     Open Access   (Followers: 52)
American Journal of Business Education     Open Access   (Followers: 14)
American Journal of Economics and Business Administration     Open Access   (Followers: 33)
American Journal of Economics and Sociology     Hybrid Journal   (Followers: 35)
American Journal of Finance and Accounting     Hybrid Journal   (Followers: 22)
American Journal of Health Economics     Full-text available via subscription   (Followers: 18)
American Journal of Industrial and Business Management     Open Access   (Followers: 23)
American Law and Economics Review     Hybrid Journal   (Followers: 32)
ANALES de la Universidad Central del Ecuador     Open Access   (Followers: 1)
Ankara University SBF Journal     Open Access   (Followers: 1)
Annales de l'Institut Henri Poincare (C) Non Linear Analysis     Full-text available via subscription   (Followers: 2)
Annals in Social Responsibility     Full-text available via subscription  
Annals of Finance     Hybrid Journal   (Followers: 33)
Annals of Operations Research     Hybrid Journal   (Followers: 12)
Annual Review of Economics     Full-text available via subscription   (Followers: 42)
Anuario Facultad de Ciencias Económicas y Empresariales     Open Access   (Followers: 1)
Applied Developmental Science     Hybrid Journal   (Followers: 4)
Applied Economics     Hybrid Journal   (Followers: 58)
Applied Economics Letters     Hybrid Journal   (Followers: 31)
Applied Economics Quarterly     Full-text available via subscription   (Followers: 12)
Applied Financial Economics     Hybrid Journal   (Followers: 26)
Applied Mathematical Finance     Hybrid Journal   (Followers: 6)
Applied Stochastic Models in Business and Industry     Hybrid Journal   (Followers: 4)
Apuntes Universitarios     Open Access   (Followers: 1)
Arab Economic and Business Journal     Open Access   (Followers: 4)
Archives of Business Research     Open Access   (Followers: 6)
Arena Journal     Full-text available via subscription  
Argomenti. Rivista di economia, cultura e ricerca sociale     Open Access   (Followers: 4)
ASEAN Economic Bulletin     Full-text available via subscription   (Followers: 6)
Asia Pacific Business Review     Hybrid Journal   (Followers: 9)
Asia Pacific Journal of Human Resources     Hybrid Journal   (Followers: 220)
Asia Pacific Journal of Innovation and Entrepreneurship     Open Access   (Followers: 3)
Asia Pacific Viewpoint     Hybrid Journal   (Followers: 4)
Asia-Pacific Journal of Business Administration     Hybrid Journal   (Followers: 5)
Asia-Pacific Journal of Operational Research     Hybrid Journal   (Followers: 3)
Asia-Pacific Management and Business Application     Open Access   (Followers: 1)
Asian Business Review     Open Access   (Followers: 5)
Asian Case Research Journal     Hybrid Journal   (Followers: 1)
Asian Development Review     Open Access   (Followers: 12)
Asian Economic Journal     Hybrid Journal   (Followers: 9)
Asian Economic Papers     Hybrid Journal   (Followers: 8)
Asian Economic Policy Review     Hybrid Journal   (Followers: 5)
Asian Journal of Business Ethics     Hybrid Journal   (Followers: 9)
Asian Journal of Economics, Business and Accounting     Open Access  
Asian Journal of Social Sciences and Management Studies     Open Access   (Followers: 6)
Asian Journal of Sustainability and Social Responsibility     Open Access   (Followers: 2)
Asian Journal of Technology Innovation     Hybrid Journal   (Followers: 5)
Asian-pacific Economic Literature     Hybrid Journal   (Followers: 7)
AStA Wirtschafts- und Sozialstatistisches Archiv     Hybrid Journal   (Followers: 3)
Atlantic Economic Journal     Hybrid Journal   (Followers: 11)
Australasian Journal of Regional Studies, The     Full-text available via subscription   (Followers: 1)
Australian Cottongrower, The     Full-text available via subscription  
Australian Economic Papers     Hybrid Journal   (Followers: 9)
Australian Economic Review     Hybrid Journal   (Followers: 4)
Australian Journal of Maritime and Ocean Affairs     Hybrid Journal   (Followers: 7)
Balkan Region Conference on Engineering and Business Education     Open Access   (Followers: 2)
Baltic Journal of Real Estate Economics and Construction Management     Open Access   (Followers: 5)
Banks in Insurance Report     Hybrid Journal   (Followers: 1)
BBR - Brazilian Business Review     Open Access   (Followers: 4)
Benchmarking : An International Journal     Hybrid Journal   (Followers: 6)
Benefit : Jurnal Manajemen dan Bisnis     Open Access  
Berkeley Business Law Journal     Free   (Followers: 11)
Beta : Scandinavian Journal of Business Research     Full-text available via subscription  
Bio-based and Applied Economics     Open Access   (Followers: 1)
Biodegradation     Hybrid Journal   (Followers: 2)
Biology Direct     Open Access   (Followers: 9)
BizInfo (Blace) Journal of Economics, Management and Informatics     Open Access   (Followers: 1)
Black Enterprise     Full-text available via subscription  
Board & Administrator for Administrators only     Hybrid Journal  
Boletim Técnico do Senac     Open Access  
Border Crossing : Transnational Working Papers     Open Access   (Followers: 2)
Brazilian Business Review     Open Access  
Briefings in Real Estate Finance     Hybrid Journal   (Followers: 6)
British Journal of Industrial Relations     Hybrid Journal   (Followers: 45)
Brookings Papers on Economic Activity     Open Access   (Followers: 67)
Brookings Trade Forum     Full-text available via subscription   (Followers: 4)
BU Academic Review     Open Access  
Bulletin of Economic Research     Hybrid Journal   (Followers: 19)
Bulletin of Geography. Socio-economic Series     Open Access   (Followers: 4)
Bulletin of Indonesian Economic Studies     Hybrid Journal   (Followers: 4)
Bulletin of the Dnipropetrovsk University. Series : Management of Innovations     Open Access   (Followers: 1)
Business & Entrepreneurship Journal     Open Access   (Followers: 24)
Business & Information Systems Engineering     Hybrid Journal   (Followers: 5)
Business : Theory and Practice / Verslas : Teorija ir Praktika     Open Access   (Followers: 1)
Business and Economic Research     Open Access   (Followers: 8)
Business and Management Horizons     Open Access   (Followers: 9)
Business and Management Research     Open Access   (Followers: 17)
Business and Management Studies     Open Access   (Followers: 11)
Business and Society Review     Hybrid Journal   (Followers: 5)
Business Economics     Hybrid Journal   (Followers: 13)
Business Ethics Quarterly     Full-text available via subscription   (Followers: 17)
Business Ethics: A European Review     Hybrid Journal   (Followers: 20)
Business Horizons     Hybrid Journal   (Followers: 11)
Business Management Analysis Journal     Open Access   (Followers: 3)
Business Management and Strategy     Open Access   (Followers: 38)
Business Research     Open Access   (Followers: 2)
Business Review Journal     Open Access   (Followers: 1)
Business Strategy and Development     Hybrid Journal  
Business Strategy and the Environment     Hybrid Journal   (Followers: 11)
Business Strategy Review     Hybrid Journal   (Followers: 12)
Business Strategy Series     Hybrid Journal   (Followers: 6)
Business Systems & Economics     Open Access   (Followers: 2)
Business, Economics and Management Research Journal : BEMAREJ     Open Access   (Followers: 4)
Business, Management and Education     Open Access   (Followers: 17)
Business: Theory and Practice     Open Access   (Followers: 1)
Cambridge Journal of Economics     Hybrid Journal   (Followers: 75)
Cambridge Journal of Regions, Economy and Society     Hybrid Journal   (Followers: 11)
Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l Administration     Hybrid Journal   (Followers: 1)
Canadian Journal of Economics/Revue Canadienne d`Economique     Hybrid Journal   (Followers: 42)
Canadian journal of nonprofit and social economy research     Open Access   (Followers: 3)
Capitalism Nature Socialism     Hybrid Journal   (Followers: 20)
Case Studies in Business and Management     Open Access   (Followers: 11)
Central European Business Review     Open Access   (Followers: 2)
Central European Journal of Operations Research     Hybrid Journal   (Followers: 5)
Central European Journal of Public Policy     Open Access   (Followers: 3)
CESifo Economic Studies     Hybrid Journal   (Followers: 22)
Chain Reaction     Full-text available via subscription  
Challenge     Full-text available via subscription   (Followers: 6)
Chandrakasem Rajabhat University Journal of Graduate School     Open Access  
China & World Economy     Hybrid Journal   (Followers: 13)
China : An International Journal     Full-text available via subscription   (Followers: 19)
China Economic Journal : The Official Journal of the China Center for Economic Research (CCER) at Peking University     Hybrid Journal   (Followers: 13)
China Economic Review     Hybrid Journal   (Followers: 14)
China Finance Review International     Hybrid Journal   (Followers: 4)
China perspectives     Open Access   (Followers: 12)
Chinese Economy     Full-text available via subscription   (Followers: 3)
Chinese Journal of Population, Resources and Environment     Open Access  
Chinese Journal of Social Science and Management     Open Access  
Christian University of Thailand Journal     Open Access  
Chulalongkorn Business Review     Open Access  
Ciencia, Economía y Negocios     Open Access  
Circular Economy and Sustainability     Hybrid Journal  
Cleaner and Responsible Consumption     Open Access   (Followers: 5)
Cleaner Logistics and Supply Chain     Open Access   (Followers: 6)
Climate and Energy     Full-text available via subscription   (Followers: 5)
CLIO América     Open Access   (Followers: 2)
Cliometrica     Hybrid Journal   (Followers: 4)
Colombo Business Journal     Open Access  
Community Development Journal     Hybrid Journal   (Followers: 24)
Compendium : Cuadernos de Economía y Administración     Open Access  
Competitive Intelligence Review     Hybrid Journal   (Followers: 4)
Competitiveness Review : An International Business Journal incorporating Journal of Global Competitiveness     Hybrid Journal  
Computational Economics     Hybrid Journal   (Followers: 11)
Computational Mathematics and Modeling     Hybrid Journal   (Followers: 8)
Computer Law & Security Review     Hybrid Journal   (Followers: 22)
Computers & Operations Research     Hybrid Journal   (Followers: 13)
Consilience : The Journal of Sustainable Development     Open Access   (Followers: 2)
Construction Innovation: Information, Process, Management     Hybrid Journal   (Followers: 14)
Consumer Behavior Studies Journal     Open Access   (Followers: 1)
Consumer Psychology Review     Hybrid Journal   (Followers: 2)
Contemporary Wales     Full-text available via subscription   (Followers: 1)
Contextus - Revista Contemporânea de Economia e Gestão     Open Access   (Followers: 1)
Continuity & Resilience Review     Hybrid Journal   (Followers: 1)
Contributions to Political Economy     Hybrid Journal   (Followers: 9)
Corporate Communications An International Journal     Hybrid Journal   (Followers: 5)
Corporate Philanthropy Report     Hybrid Journal   (Followers: 2)
Corporate Reputation Review     Hybrid Journal   (Followers: 4)
Creative and Knowledge Society     Open Access   (Followers: 9)
Creative Industries Journal     Hybrid Journal   (Followers: 8)
Cuadernos de Administración (Universidad del Valle)     Open Access   (Followers: 1)
Cuadernos de Economía     Open Access   (Followers: 1)
Cuadernos de Economia - Latin American Journal of Economics     Open Access   (Followers: 2)
Cuadernos de Estudios Empresariales     Open Access   (Followers: 1)
Cuadernos Latinoamericanos de Administración     Open Access  

        1 2 3 4 5 6 7 | Last

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China Finance Review International
Journal Prestige (SJR): 0.245
Number of Followers: 4  
 
Hybrid Journal Hybrid journal   * Containing 1 Open Access Open Access article(s) in this issue *
ISSN (Print) 2044-1398 - ISSN (Online) 2044-1401
Published by Emerald Homepage  [362 journals]
  • Does governance quality matter in the nexus of inclusive finance and
           stability'

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      Authors: Mallika Saha , Kumar Debasis Dutta
      Abstract: Despite numerous evidence of policy trade-off in financial inclusion-stability nexus, little is known about the role of governance quality to align policy goals and maximizing the social benefits. Therefore, to fill the gap, this study focuses to investigate the moderating effect of country governance (CG) in the interplay between financial-inclusion (FI) and financial-stability (FS), using a large panel of 84 economies covering the years 2004–2017. For attaining this objective, the study constructs several indexes for FI, FS and CG using principal component analysis (PCA) and examines how FI influences FS at different CG levels applying advanced econometrics. The results show that CG plays a very crucial role in eradicating the trade-off and strengthens the synergy between FI and FS. The findings are insensitive to several robustness validations and could be constructive for policymakers to devise policies and to ensure financial stability. As far as the authors are aware, this is the only paper that empirically explains CG's role in FI-FS nexus.
      Citation: China Finance Review International
      PubDate: 2022-01-21
      DOI: 10.1108/CFRI-08-2021-0166
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • An index of cryptocurrency environmental attention (ICEA)
         This is an Open Access Article Open Access Article

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      Authors: Yizhi Wang , Brian Lucey , Samuel Alexandre Vigne , Larisa Yarovaya
      Abstract: (1) A concern often expressed in relation to cryptocurrencies is the environmental impact associated with increasing energy consumption and mining pollution. Controversy remains regarding how environmental attention and public concerns adversely affect cryptocurrency prices. Therefore, the paper aims to introduce the index of cryptocurrency environmental attention (ICEA), which aims to capture the relative extent of media discussions surrounding the environmental impact of cryptocurrencies. (2) The impacts of cryptocurrency environmental attention on long-term macro-financial markets and economic development remain part of undeveloped research fields. Based on these factors, the paper will further examine the effects of the ICEA on financial markets or economic developments. (1) The paper introduces a new index to capture cryptocurrency environmental attention in terms of the cryptocurrency response to major related events through gathering a large amount of news stories around cryptocurrency environmental concerns – i.e. >778.2 million news items from the LexisNexis News & Business database, which can be considered as Big Data – and analysing that rich dataset using variety of quantitative techniques. (2) The vector error correction model (VECM) and structural VECM (SVECM) [impulse response function (IRF), forecast error variance decomposition (FEVD) and historical decomposition (HD)] are useful for characterising the dynamic relationships between ICEA and aggregate economic activities. (1) The paper has developed a new measure of attention to sustainability concerns of cryptocurrency markets' growth, ICEA. (2) ICEA has a significantly positive relationship with the UCRY indices, volatility index (VIX), Brent crude oil (BCO) and Bitcoin. (3) ICEA has a significantly negative relationship with the global economic policy uncertainty (GlobalEPU) and global temperature uncertainty (GTU). Moreover, ICEA has a significantly positive relationship with the industrial production (IP) in the short term, whilst having a significantly negative relationship in the long term. (4) The HD of the ICEA displays higher linkages between environmental attention, Bitcoin and UCRY indices around key events that significantly change the prices of digital assets. The ICEA is significant in the analysis of whether cryptocurrency markets are sustainable regarding energy consumption requirements and negative contributions to climate change. Understanding of the broader impacts of cryptocurrency environmental concerns on cryptocurrency market volatility, uncertainty and environmental sustainability should be considered and developed. Moreover, the paper aims to point out future research and policy legislation directions. Notably, the paper poses the question of how cryptocurrency can be made more sustainable and environmentally friendly and how governments' cryptocurrency policies can address the cryptocurrency markets. (1) The paper develops a cryptocurrency environmental attention index based on news coverage that captures the extent to which environmental sustainability concerns are discussed in conjunction with cryptocurrencies. (2) The paper empirically investigates the impacts of cryptocurrency environmental attention on other financial or economic variables [cryptocurrency uncertainty (UCRY) indices, Bitcoin, VIX, GlobalEPU, BCO, GTU index and the Organisation for Economic Co-operation and Development IP index]. (3) The paper provides insights into making the most effective use of online databases in the development of new indices for financial research. Whilst blockchain technology has a number of useful implications and has great potential to transform several industries, issues of high-energy consumption and CO2 pollution regarding cryptocurrency have become some of the main areas of criticism, raising questions about the sustainability of cryptocurrencies. These results are essential for both policy-makers and for academics, since the results highlight an urgent need for research addressing the key issues, such as the growth of carbon produced in the creation of this new digital currency. The results also are important for investors concerned with the ethical implications and environmental impacts of their investment choices. (1) The paper provides an efficient new proxy for cryptocurrency and robust empirical evidence for future research concerning the impact of environmental issues on cryptocurrency markets. (2) The study successfully links cryptocurrency environmental attention to the financial markets, economic developments and other volatility and uncertainty measures, which has certain novel implications for the cryptocurrency literature. (3) The empirical findings of the paper offer useful and up-to-date insights for investors, guiding policy-makers, regulators and media, enabling the ICEA to evolve into a barometer in the cryptocurrency era and play a role in, for example, environmental policy development and investment portfolio optimisation.
      Citation: China Finance Review International
      PubDate: 2022-01-21
      DOI: 10.1108/CFRI-09-2021-0191
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Revisiting the performance of the scaled momentum strategies

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      Authors: Hilal Anwar Butt , Mohsin Sadaqat , Muhammad Tahir
      Abstract: The main purpose of this study is to enunciate the underlying factors that enhance the performance of scaled momentum strategies. In previous studies, the negative relationship between the lagged volatility and future return of momentum strategy is exploited to manage the risk. But this negative relationship only holds when volatility is higher, further the volatility is shown to be persistent. The implication of these two characteristics is important and this paper highlights that. The higher performance of the scaled momentum strategies for the US market is linked with the length of the investment horizon. The traditional asset pricing models fail to explain this relationship. However, the authors find that the excess variance loaded on the long side of these strategies is one important explanation of this horizon bound performance of these strategies. This study highlights that the volatility scaled momentum strategy has higher gains as the investment horizon increases. Therefore, it is an advisable investment strategy for the pension fund industry. Momentum strategy is unique as it fulfils two criteria of performance enhancement through volatility scaling, such as, the persistent in volatility and its negative relationship with the returns. However, the impact on the performance of the negative relationship between volatility and return that only exist in highest volatility related states is not discussed. The authors have shown that this aspect of volatility and return relationship of the momentum strategy has an important bearing on the performance of the volatility scaled momentum strategies. Highlights of the PaperThis study finds that the Sharpe ratios and the alphas of the volatility scaled strategies increase as the investment horizon increases.This is because the volatility series are highly persistent and the negative predictive relationship between the volatility and future momentum returns only exist when the volatility is higher. The impact of these two characteristics of the volatility series on the performance of the scaled momentum strategies is not discussed in the literature.We find that the scaled strategies invest more/less when the volatility of the momentum strategy is lower/higher. By investing less when volatility is higher, the scaled strategies avoid momentum crashes and lessens the contribution of the variance from the short side in the overall variance of these strategies.It is further shown that the higher performance of the volatility scaled strategies, at each investment related horizon can be explained by the higher variance loaded on the long side of such strategies in comparison to the traditional momentum strategy.
      Citation: China Finance Review International
      PubDate: 2022-01-19
      DOI: 10.1108/CFRI-06-2021-0103
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Urban vibrancy, human capital and firm valuation in China

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      Authors: Danling Jiang , Liu Shuying , Feiyu Li , Hongquan Zhu
      Abstract: This paper intends to study how geographic heterogeneity in urban vibrancy, especially in human capital creation, helps explain persist firm valuation dispersion across cities in China. This paper studies geographic differences in firm valuations of 1,023 listed companies headquartered in 35 major cities in China from 2001 to 2018. The authors estimate panel regressions of local firm Tobin's q on city fixed effects or city endowed attributes in human capital creation after controlling industry-year fixed effects as well as a set of firm and city time variant attributes. The results show persistent, significant city-to-city differences in Tobin's q, especially among large, mature or high labor-intensive firms. To explain such geographic differences in firm valuations, the authors identify several factors of the endowed city competitive advantages in creating human capital that play important roles in explaining the persistent geographic firm valuation premia. This paper provides the first systematic analysis of urban vibrancy in human capital supply in explaining persistent geographic firm valuation dispersion in China. The evidence suggests that city endowed comparative advantages in supplying human capital have created long-lasting, and growing, shareholder wealth by attracting and retaining talents and human resources in local firms.
      Citation: China Finance Review International
      PubDate: 2022-01-19
      DOI: 10.1108/CFRI-08-2021-0173
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Causal effects of corporate taxes on private firms' earnings management:
           a regression discontinuity analysis

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      Authors: Gaowen Kong
      Abstract: The authors emphasize the information role of earnings management and how it may be used to “mislead some stakeholders about the underlying economic performance of the company or to influence contractual outcomes that depend on reported accounting numbers.” Specifically, the authors examine the causal effect of tax incentives on private firms' earnings management based on a corporate tax reform in China. In December 2001, China implemented a tax collection reform which moved the collection of corporate income taxes from the local tax bureau to the state tax bureau. This reform results in exogenous variations in the effective tax rate among similar firms established before and after 2002. The authors apply a regression discontinuity design and use the generated variation in the effective tax rate to investigate the impact of taxes on firm earnings management. The authors find that tax reduction substantially increases private firms' incentives to manage earnings information, and such effect is particularly pronounced when tax collection intensity and government interventions are low. Further evidence shows that lower tax rates stimulate firms' investment, inventory turnover and recruitment of skilled human capital. A plausible mechanism is that private firms signal a promising outlook by managing earnings to attain greater financing and improve investment/operation levels when financial constraints are removed. First, the authors present the causal effects of tax incentives on private firm's earnings management, which deepens the authors’ understanding on the determinants of firm's earnings information production. Second, this study also contributes to the literature on tax-induced earnings management. Third, the authors believe that this topic offers clear policy implications and would be of particular interest to regulators.
      Citation: China Finance Review International
      PubDate: 2022-01-14
      DOI: 10.1108/CFRI-10-2021-0210
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Cryptocurrencies and portfolio diversification in an emerging market

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      Authors: Lehlohonolo Letho , Grieve Chelwa , Abdul Latif Alhassan
      Abstract: This paper examines the effect of cryptocurrencies on the portfolio risk-adjusted returns of traditional and alternative investments within an emerging market economy. The paper employs daily arithmetic returns from August 2015 to October 2018 of traditional assets (stocks, bonds, currencies), alternative assets (commodities, real estate) and cryptocurrencies. Using the mean-variance analysis, the Sharpe ratio, the conditional value-at-risk and the mean-variance spanning tests. The paper documents evidence to support the diversification benefits of cryptocurrencies by utilising the mean-variance tests, improving the efficient frontier and the risk-adjusted returns of the emerging market economy portfolio of investments. This paper firmly broadens the Modern Portfolio Theory by authenticating cryptocurrencies as assets with diversification benefits in an emerging market economy investment portfolio. As far as the authors are concerned, this paper presents the first evidence of the effect of diversification benefits of cryptocurrencies on emerging market asset portfolios constructed using traditional and alternative assets.
      Citation: China Finance Review International
      PubDate: 2022-01-11
      DOI: 10.1108/CFRI-06-2021-0123
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Social interactions and mutual fund portfolios: the role of alumni
           networks in China

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      Authors: Quanxi Liang , Jiangshan Liao , Leng Ling
      Abstract: This paper aims to investigate the influence of social interactions on mutual fund portfolios from the perspective of alumni network in China. Based on a data set that consists of 162 actively managed equity funds in China during the time period of 2003–2014, this study employs multiple linear regression model to control for organization- and location-based interpersonal connections as well as other confounding factors and clarify the causality relationship between alumni networks of mutual fund managers and their portfolios. After controlling for organization- and location-based interpersonal connections, we find that mutual fund managers who graduated from the same college/university have more similar stock holdings and are more likely to buy or sell the same stocks contemporaneously. As a result, alumni managers exhibit a higher correlation of fund returns. Moreover, the effect of alumni relationship on mutual fund investments becomes weaker when more managers are connected within the network. We also find that valuable information is shared among alumni managers: (1) the average returns for the alumni common holdings portfolios is significantly higher than those for non-alumni holdings portfolios and (2) a long-short strategy composed of stocks purchased minus sold by alumni managers yields positive and significant risk-adjusted returns. The findings suggest that information dissemination among connected fund managers could be one of the driving forces for mutual fund herding behavior, and that a portfolio of funds whose managers are educationally connected could be highly exposed to certain stocks and risks. This paper contributes to the growing finance literature addressing the influence of personal connections on information dissemination that specifically contributes to price formation. It corresponds more closely to Cohen et al. (2008), who investigate college alumni connections between fund managers and corporate board members. Since the authors simultaneously examine three potentially overlapped social networks, which are based on education, locality and fund family, the authors are able to disentangle their effects on fund managers' investment decisions. Moreover, the findings suggest that institutional investors make investment decisions based on share private information, and therefore, it also contributes to the literature on fund herding behaviors (Grinblatt et al., 1995; Wermers, 1999).
      Citation: China Finance Review International
      PubDate: 2022-01-10
      DOI: 10.1108/CFRI-04-2021-0073
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • The emotional cost-of-carry: Chinese investor sentiment and equity index
           futures basis

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      Authors: Song Cao , Ziran Li , Kees G. Koedijk , Xiang Gao
      Abstract: While the classic futures pricing tool works well for capital markets that are less affected by sentiment, it needs further modification in China's case as retail investors constitute a large portion of the Chinese stock market participants. Their expectations of the rate of return are prone to emotional swings. This paper, therefore, explores the role of investor sentiment in explaining futures basis changes via the channel of implied discount rates. Using Chinese equity market data from 2010 to 2019, the authors augment the cost-of-carry model for pricing stock index futures by incorporating the investor sentiment factor. This design allows us to estimate the basis in a better way that reflects the relationship between the underlying index price and its futures price. The authors find strong evidence that the measure of Chinese investor sentiment drives the abnormal fluctuations in the basis of China's stock index futures. Moreover, this driving force turns out to be much less prominent for large-cap stocks, liquid contracting frequencies, regulatory loosening periods and mature markets, further verifying the sentiment argument for basis mispricing. This study contributes to the literature by relying on investor sentiment measures to explain the persistent discount anomaly of index futures basis in China. This finding is of great importance for Chinese investors with the intention to implement arbitrage, hedging and speculation strategies.
      Citation: China Finance Review International
      PubDate: 2022-01-04
      DOI: 10.1108/CFRI-07-2021-0144
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Investigating the determining factors of sustainable FDI in Vietnam

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      Authors: Phung Thanh Quang , Ehsan Rasoulinezhad , Nguyen Nhat Linh , Doan Phuong Thao
      Abstract: The main purpose of this paper is to analyze the sustainable inward FDI pattern of Vietnam. This paper intends to analyze the sustainable FDI pattern of Vietnam using the gravity theory and panel data approach for the annual data over the period of 2007–2020. Vietnamese FDI volume is positively affected by political and social factors, globalization and green energy consumption, while geographical distance is a major obstacle to the increase of FDI inflows of the country. As the main practical policy implications, issuing policies for sustainable economic growth, launching the novel strategy of green FDI neighborhood policy and regionalism through free trade agreements are recommended. To the best of author's knowledge, there has not been any in-depth academic study focusing on the Vietnam's sustainable FDI. In addition, three robustness checks have been conducted to ensure the validation of empirical findings.
      Citation: China Finance Review International
      PubDate: 2022-01-03
      DOI: 10.1108/CFRI-10-2021-0207
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Is Baidu index really powerful to predict the Chinese stock market
           volatility' New evidence from the internet information

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      Authors: Qiaoqi Lang, Jiqian Wang, Feng Ma, Dengshi Huang, Mohamed Wahab Mohamed Ismail
      Abstract: This paper verifies whether popular Internet information from Internet forum and search engine exhibit useful content for forecasting the volatility in Chinese stock market. First, the authors’ study commences with several HAR-RV-type models, then the study amplifies them respectively with the posting volume and search frequency to construct HAR-IF-type and HAR-BD-type models. Second, from in-sample and out-of-sample analysis, the authors empirically investigate the interpretive ability, forecasting performance (statistic and economic). Third, various robustness checks are utilized to reconfirm the authors’ findings, including alternative forecast window, alternative evaluation method and alternative stock market. Finally, the authors further discuss the forecasting performance in different forecast horizons (h = 5, 10 and 20) and asymmetric effect of information from Internet forum. From in-sample perspective, the authors discover that posting volume exhibits better analytical ability for Chinese stock volatility than search frequency. Out-of-sample results indicate that forecasting models with posting volume could achieve a superior forecasting performance and increased economic value than competing models. These findings can help investors and decision-makers obtain higher forecasting accuracy and economic gains. This study enriches the existing research findings about the volatility forecasting of stock market from two dimensions. First, the authors thoroughly investigate whether the Internet information could enhance the efficiency and accuracy of the volatility forecasting concerning with the Chinese stock market. Second, the authors find a novel evidence that the information from Internet forum is more superior to search frequency in volatility forecasting of stock market. Third, they find that this study not only compares the predictability of the posting volume and search frequency simply, but it also divides the posting volume into “good” and “bad” segments to clarify its asymmetric effect respectively.
      Citation: China Finance Review International
      PubDate: 2021-07-05
      DOI: 10.1108/CFRI-03-2021-0047
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Earnings management when firms face mandatory contributions

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      Authors: Yiyi Qin, Jun Cai, Steven Wei
      Abstract: In this paper, we aim to answer two questions. First, whether firms manipulate reported earnings via pension assumptions when facing mandatory contributions. Second, whether firms alter their earnings management behavior when the Financial Accounting Standard Board (FASB) mandates disclosure of pension asset composition and a description of investment strategy under SFAS 132R. Our basic approach is to run linear regressions of firm-year assumed returns on the log of pension sensitivity measures, controlling for current and lagged actual returns from pension assets, fiscal year dummies and industry dummies. The larger the pension sensitivity ratios, the stronger the effects from inflated ERRs on reported earnings. We confirm the early results that the regression slopes are positive and highly significant. We construct an indicator variable DMC to capture the mandatory contributions firms face and another indicator variable D132R to capture the effect of SFAS 132R. DMC takes the value of one for fiscal years during which an acquisition takes place and zero otherwise. D132R takes the value of one for fiscal years after December 15, 2003 and zero otherwise. Our sample covers the period from June 1992 to December 2017. Our key results are as follows. The estimated coefficient (t-statistic) on DMC is 0.308 (6.87). Firms facing mandatory contributions tend to set ERRs at an average 0.308% higher. The estimated coefficient (t-statistic) on D132R is −2.190 (−13.70). The new disclosure requirement under SFAS 132R constrains all firms to set ERRs at an average 2.190% lower. The estimate (t-statistic) on the interactive term DMA×D132R is −0.237 (−3.29). When mandatory contributions happen during the post-SFAS 132R period, firms tend to set ERRs at 0.237% lower than they would do otherwise in the pre-SFAS 132R period. When firms face mandatory contributions, typically firm experience negative stock market returns. We examine whether managers manage earnings to mitigate such negative impact. We find that firms inflate assumed returns on pension assets to boost their reported earnings when facing mandatory contributions. We also find that managers alter earnings management behavior, in the case of mandatory contributions, following the introduction of new pension disclosure standards under SFAS 132R that become effective on December 15, 2003. Under the new SFAS 132R requirement, firms need to disclose asset allocation and describe investment strategies. This imposes restrictions on managers' discretion in making ERR assumptions, since now the composition of pension assets is a key determinant of the assumed expected rate of return on pension assets. Firms need to justify their ERRs with their asset allocations.
      Citation: China Finance Review International
      PubDate: 2021-06-28
      DOI: 10.1108/CFRI-01-2021-0020
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Lottery preference and stock market participation: evidence from China

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      Authors: Tingting Zhang, Desheng Wei, Zhifeng Liu, Xihao Wu
      Abstract: This paper studies the effects of lottery preference on stock market participation at the macro level. The authors use the abnormal search volume intensity for lottery-related keywords from the Baidu search engine to capture retail investors' lottery preference. To measure stock market participation, they use five different macro-level measures from various angles. They perform the time series regression analysis in their empirical study. First, the validation tests show that the lottery preference index in this study is reasonable. Further, the authors find that lottery preference increases people's propensity to enter and trade in the stock market. Besides, they find that the effect on trading behavior is asymmetric, that is, high lottery preference has a more significant impact on trading behavior than low lottery preference. However, lottery preference has no significant effect on the stockholding. This paper contributes to the growing literature that examines the determinants of stock market participation and the role of lottery/gambling preference in the financial market. It also provides direct and novel evidence for Statman's (2002) conclusions about the similarity of lottery players and stock traders.
      Citation: China Finance Review International
      PubDate: 2021-06-15
      DOI: 10.1108/CFRI-01-2021-0008
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Energy efficiency financing and the role of green bond: policies for
           post-Covid period

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      Authors: Chuc Anh Tu, Ehsan Rasoulinezhad
      Abstract: One of the major negative effects of the Coronavirus outbreak worldwide has been reduced investment in green energy projects and energy efficiency. The main purpose of this paper is to study the role of green bond proposed by the World Bank in 2008, as a reliable instrument to enhance the capital flow in energy efficiency financing and to develop green energy resources during and post the current challenging global time. We model energy efficiency for 37 members of OECD through a panel data framework and quarterly data over 2007Q1–2020Q4. The major results reveal the positive impacts of issued green bonds and regulatory quality index on energy efficiency, while any increase in inflation rate and urbanization decelerates the progress of raising energy efficiency. As highlighted concluding remarks and policy implications, it can be expressed that the tool of green bond is a potential policy to drive-up energy efficiency financing and enhancing environmental quality during and post-COVID period. It is recommended to follow green bond policy with an efficient regulation framework and urbanization saving energy planning. To the best of the authors' knowledge, although a few scholars have investigated the impacts of COVID-19 on green financing or examined the energy efficiency financing, the matter of modeling energy efficiency–green bond relationship has not been addressed by any academic study. The contributions of this paper to the existing literature are: (1) it is the first academic study to discover the relationship between energy efficiency and green bond in OECD countries, (2) since our empirical part provides estimation results based on quarterly data covering the year of 2019 and 2020, it may offer some new policy implications to enhance energy efficiency financing in and post-COVID period, (3) furthermore, we consider energy efficiency indicator (mix of industrial, residential, services and transport energy efficiency) as the dependent variable instead of using the simple energy intensity variable as a proxy for energy efficiency.
      Citation: China Finance Review International
      PubDate: 2021-06-10
      DOI: 10.1108/CFRI-03-2021-0052
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • The impact of chief executive officer turnover on strategic change: a
           model of mediating effect and joint moderating effect

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      Authors: Renhuai Liu, Chao Li, Mengjun Huo
      Abstract: The purpose of this paper is to empirically analyze the impact of chief executive officer (CEO) turnover on strategic change and explore the mediating role of organizational slack between them, as well as the moderating role and joint moderating role of top management team (TMT) external social network, ownership nature and industry type. Based on the upper echelons theory, resource allocation theory and structuration theory, this paper takes the unbalanced panel data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges of China from 2001 to 2018 as the research sample, uses ordinary least squares (OLS) regression method and fixed effect model to study the relationship between CEO turnover and strategic change, and focuses on the mediating mechanism and moderating mechanism between them. The authors find that CEO turnover is positively related to strategic change. When a CEO turns over, a new CEO will initiate strategic change. Precipitation organizational slack plays a mediating role between CEO turnover and strategic change. Non-precipitation organizational slack has no mediating effect between CEO turnover and strategic change, which is embodied as “suppressing effects.” When the non-precipitation organizational slack variable is controlled, the impact of CEO turnover on strategic change will be enhanced. TMT external social network, ownership nature and industry type all negatively moderate the relationship between CEO turnover and strategic change. TMT external social network and ownership nature have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive effect on strategic change in both state-owned enterprises and non-state-owned enterprises, but the promotion effect is stronger in non-state-owned enterprises. When TMT external social network is large, the positive effect of CEO turnover on strategic change in state-owned enterprises is from strong to weak, but in the non-state-owned enterprises is from weak to strong. TMT external social network and industry type have a joint moderating effect between CEO turnover and strategic change. When TMT external social network is small, CEO turnover has a positive impact on strategic change in high-tech enterprises and non-high-tech enterprises, but the promotion effect is stronger in non-high-tech enterprises. When TMT external social network is large, the positive impact of CEO turnover on strategic change in high-tech enterprises is from strong to weak, but in the non-high-tech enterprises is from weak to strong. On the basis of previous studies, this paper further expands the research scope of the mechanism of CEO turnover on strategic change, echoing the research arguments of relevant scholars. At the same time, the research results reveal the mechanism of organizational slack, TMT external social network, ownership nature and industry type in the relationship between CEO turnover and strategic change, and further deepen the application of upper echelons theory, resources allocation theory and structuration theory in China. In addition, the research conclusions of this paper also provide reference value for Chinese enterprises in carrying out strategic change, promoting enterprise transformation and improving the level of corporate governance, and help to enhance the understanding and attention of Chinese enterprises to CEO turnover, organizational slack, TMT external social network, strategic change and corporate governance under the background of high-quality economic development.
      Citation: China Finance Review International
      PubDate: 2021-05-31
      DOI: 10.1108/CFRI-03-2021-0055
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • How does investor sentiment impact stock volatility' New evidence from
           Shanghai A-shares market

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      Authors: Dejun Xie, Yu Cui, Yujian Liu
      Abstract: The focus of the current research is to examine whether mixed-frequency investor sentiment affects stock volatility in the China A-shares stock market. Mixed-frequency sampling models are employed to find the relationship between stock market volatility and mixed-frequency investor sentiment. Principal analysis and MIDAS-GARCH model are used to calibrate the impact of investor sentiment on the large-horizon components of volatility of Shanghai composite stocks. The results show that the volatility in Chinese stock market is positively influenced by B–W investor sentiment index, when the sentiment index encompasses weighted mixed frequencies with different horizons. In particular, the impact of mixed-frequency investor sentiment is most significantly on the large-horizon components of volatility. Moreover, it is demonstrated that mixed-frequency sampling model has better explanatory powers than exogenous regression models when accounting for the relationship between investor sentiment and stock volatility. Given the various unique features of Chinese stock market and its importance as the major representative of world emerging markets, the findings of the current paper are of particularly scholarly and practical significance by shedding lights to the applicableness GARCH-MIDAS in the focused frontiers. A more accurate and insightful understanding of volatility has always been one of the core scholarly pursuits since the influential structural time series modeling of Engle (1982) and the seminal work of Engle and Rangel (2008) attempting to accommodate macroeconomic factors into volatility models. However, the studies in this regard are so far relatively scarce with mixed conclusions. The current study fills such gaps with improved MIDAS-GARCH approach and new evidence from Shanghai A-share market.
      Citation: China Finance Review International
      PubDate: 2021-05-24
      DOI: 10.1108/CFRI-01-2021-0007
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Can we-media information disclosure drive listed companies'
           innovation'—From the perspective of financing constraints

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      Authors: Hongbin Huang, Yani Sun, Qingling Chu
      Abstract: The purpose of this paper is to investigate to what extent the amount, information source and the content of the microblog information disclosure of listed companies could impact on innovation from the perspective of financing constraints. The propensity score matching (PSM) and two-stage least square (2SLS) are used in estimations to deal with the endogeneity problem. Evidence shows that the amount of we-media information disclosure significantly drives the innovation of enterprises. The mechanism is that we-media information disclosure drives the innovation by easing the financing constraints and bringing funds to the R&D activities. Further research shows that only the original information can drive the innovation. In particular, the R&D information promotes the R&D input and innovation output more significantly. The conclusion of this paper provides a reference for the listed companies to drive innovation with the help of we-media information disclosure, a new solution for the small and medium-sized listed companies in China which have difficulty in carrying out innovation activities due to financing constrains and also provides useful practical enlightenment for the government and the capital market regulatory authorities to issue relevant policies to regulate we-media information disclosure. This paper introduces a new information disclosure channel--we-media into the research on influencing factors of innovation and discusses the influence of the amount, different sources and disclosure contents from we-media on enterprise innovation, which enriches the existing research on enterprise innovation influencing factors, providing a new perspective for driving enterprises to innovate.
      Citation: China Finance Review International
      PubDate: 2021-04-30
      DOI: 10.1108/CFRI-09-2020-0127
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Familial altruism and reputation risk: evidence from China

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      Authors: Hanqing “Chevy” Fang, Yulin Shi, Zhenyu Wu
      Abstract: The authors study the effects of altruism and intention for succession on family firm's reputation risk-taking behaviors in Chinese publicly listed companies. The authors use earnings management as a proxy for reputation risk in family firms, and hand-collected relationship between family members to measure the closeness of incumbent family members and their potential successors as a proxy for the altruistic degree. Results show that, in developing countries like China, familial altruism in family firms with succession plans, which does not reduce the practice of earnings management, should be considered by practitioners while detecting it. The hand collected data are very unique; the authors have focused on the relationship between incumbents and successors and the authors define their closeness by using genes shared between them.
      Citation: China Finance Review International
      PubDate: 2021-04-01
      DOI: 10.1108/CFRI-01-2021-0016
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Geopolitical risk, economic policy uncertainty and asset returns in
           Chinese financial markets

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      Authors: Thomas C. Chiang
      Abstract: This paper investigates the impact of a change in economic policy uncertainty (ΔEPUt) and the absolute value of a change in geopolitical risk ( ΔGPRt ) on the returns of stocks, bonds and gold in the Chinese market. The paper uses Engle's (2009) dynamic conditional correlation (DCC) model and Chiang's (1988) rolling correlation model to generate correlations of asset returns over time and analyzes their responses to (ΔEPUt) and   ΔGPRt . Evidence shows that stock-bond return correlations are negatively correlated to ΔEPUt, whereas stock-gold return correlations are positively related to the ΔGPRt , but negatively correlated with ΔEPUt. This study finds evidence that stock returns are adversely related to the risk/uncertainty measured by downside risk,  ΔEPUt and   ΔGPRt , whereas the bond return is positively related to a rise in ΔEPUt; the gold return is positively correlated with a heightened ΔGPRt . The findings are based entirely on the data for China's asset markets; further research may expand this analysis to other emerging markets, depending on the availability of GPR indices. Evidence suggests that the performance of the Chinese market differs from advanced markets. This study shows that gold is a safe haven and can be viewed as an asset to hedge against policy uncertainty and geopolitical risk in Chinese financial markets. This study identify the special role for the gold prices in response to the economic policy uncertainty and the geopolitical risk. Evidence shows that stock and bond return correlation is negatively related to the ΔEPU and support the flight-to-quality hypothesis. However, the stock-gold return correlation is positively related to ΔGPR , resulting from the income or wealth effect. The presence of a dynamic correlations between stock-bond and stock-gold relations in response to  ΔEPUt and   ΔGPRt has not previously been tested in the literature. Moreover, this study finds evidence that bond-gold correlations are negatively correlated to both ΔEPUt and   ΔGPRt .
      Citation: China Finance Review International
      PubDate: 2021-03-17
      DOI: 10.1108/CFRI-08-2020-0115
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • What do we know about cryptocurrency' Past, present, future

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      Authors: Mohammed Sawkat Hossain
      Abstract: The authors make a fundamental initial effort to conduct a systematic review analysis on “cryptocurrency,” mainly to analyze the way it has been changing the “stereotype” financial transactions, and also identify the probable unexplored research avenues on this innovative investment regime. The study aims to draw the landscape of the current state, prospects, challenges, trends and possible agendas of cryptocurrency in the global market. Using a quali-quantitative approach widely known as meta-literature review, the synthesis analysis on “cryptocurrency” is conducted. Methodologically, the authors review and analyze the most recent and relevant papers preferably published between 2016 and 2020 in leading business and finance journals of ISI Web of Science (ISI WOS) through bibliometric analysis particularly coupled with content analysis. The findings of the meta-analysis summarize the relevant stylized facts of the cryptocurrency market: distinctive features of blockchain technology, decentralized payment method, low-cost facility, ensuring pseudo-anonymity, independence from central authority, double spending attack protection, organic and instantaneous nature, among others. In addition, the analysis identified several future research regimes: pricing model, prospect of investment regime, hedging properties, volatility dynamics, information asymmetry, underlying risk factors and bubble-like nature in global cryptocurrency market. This academic novelty significantly contributes to enhance our knowledge on the current state-of-the-art of digital finance, outlines the research agenda and eventually provides important investment implications for financial managers, research analysts, investors, market practitioners, regulatory compliance professionals and policymakers. Therefore, the findings shed the lights on new investment opportunity in the global market. Cryptocurrency, virtual currency or digital asset having cryptography for idiosyncratic security features, seems to be a persistent paradigm shift in the digitalized financial system. Despite the continuing growth, the academic research on cryptocurrency is still at nascent stage, particularly because researchers did not deeply draw attention at this financial innovation. In addition, the authors argue that none of the earlier studies yet conducted a meta-analysis on this latest investment regime. Therefore, this review study is the initial attempt to fill up the gap in the finance literature.
      Citation: China Finance Review International
      PubDate: 2021-02-03
      DOI: 10.1108/CFRI-03-2020-0026
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Public pension and borrowing behavior: evidence from rural China

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      Authors: Conglong Fang, Qinghua Shi
      Abstract: The purpose of this paper is to investigate how China's rural public pension affects farmers' formal borrowing, which has always been rationed. This paper uses a difference-in-difference (DID) estimation to evaluate the effect of the implementation of the New Rural Pension Scheme (NRPS) at the end of 2009 on farmers' formal borrowing. The results show that the NRPS significantly reduces farmers' formal borrowing from rural credit cooperatives (RCCs). The effect is significant among the elderly, eastern China and high-income groups. This study contributes to the literature by identifying another potential reason for rural formal credit shortage. Policymakers and rural formal financial institutions should consider the demand side problem of lending.
      Citation: China Finance Review International
      PubDate: 2021-01-26
      DOI: 10.1108/CFRI-07-2020-0103
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Does the research meeting affect the shareholding ratio of institutional
           investors in listed companies' Empirical evidence from China

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      Authors: Jingqin Zhang, Yong Ye
      Abstract: This paper discusses whether institutional investors change the shareholding ratio of listed companies through research meeting, and whether this active investment mode can really improve the investment efficiency of institutional investors. Using empirical research method, this study designs and conducts an empirical research according to empirical research's basic norms. Thus, we acquire needed and credible empirical data. This study analyzes whether institutional investors seek their private interest in researched companies by analyzing their research meetings and the shareholding ratios of different types of institutional investors using Shenzhen Stock Exchange data on listed firms from 2014 to 2018. This study finds that the research meetings of institutional investors provide participants with reliable information which supports the decision of institutional investors to change their shareholding ratio. The stock price growth rate strengthens the positive correlation between the research meetings of institutional investors and the shareholding ratio of institutional investors. Additionally, transactional institutional investors increase the shareholding ratio, while holding institutional investors do not. This paper combines the behavior of institutional investors with the holding status of institutional investors, and discusses the impact of institutional investors' behavior on investment decisions. At the same time, it classifies the institutional investors and discusses the attitude of different types of institutional investors towards this active investment mode.
      Citation: China Finance Review International
      PubDate: 2021-01-22
      DOI: 10.1108/CFRI-08-2020-0112
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • China's outward foreign direct investment and bilateral export
           sophistication: a cross countries panel data analysis

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      Authors: Faheem Ur Rehman, Abul Ala Noman
      Abstract: China's outward foreign direct investment (OFDI) has risen remarkably over the past two decades. Does such increase affect the sophistication of Chinese exports, is a significant issue that has surprisingly remained unaddressed' The purpose of this study is to investigate the impact of Chinese OFDI on bilateral export sophistication of China and its OFDI receiving partner countries during 2003–2017 by applying Poisson pseudo-maximum likelihood approach based on gravity model. The analysis has been performed for total sample, region-wise grouped sample (Europe and Central Asia, Middle East and North Africa, Latin America and Caribbean, East Asia and Pacific, South Asia, North America and sub-Saharan Africa) and income-wise grouped sample (high income, upper middle income, lower middle income and lower income group sample). The results confirmed the significant and positive effect of Chinese OFDI on bilateral export sophistication in total sample, regions-wise and income groups sample. The study provides a helpful suggestion regarding policy towards achieving more sophistication in export and thus to achieve comparative advantage in trade.
      Citation: China Finance Review International
      PubDate: 2021-01-12
      DOI: 10.1108/CFRI-04-2020-0040
      Issue No: Vol. ahead-of-print, No. ahead-of-print (2021)
       
  • Corporate bond spreads and understated pension liabilities

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      Authors: Huan Yang , Jun Cai
      Abstract: The question is whether debt market investors see through managers' attempts to hide their pension obligations. The authors establish a robust relation between understated pension liabilities and corporate bond yield spreads after controlling for factors that have been previously identified as having a significant impact on firms' cost of borrowing. The results support the idea that bond market investors are not being misled by the use of high pension liability discount rates by some companies to lower their reported pension obligations. For a small fraction of debt issuers, the reported pension liabilities are larger than the pension liabilities valued at the stipulated interest rate benchmarks. For these issuers with overstated pension liabilities, bond investors adjust their borrowing costs downward. The authors investigate the relation between corporate bond yield spreads and understated pension liabilities relative to long-term Treasury and high-grade corporate bond yields. They aim to answer two questions. First, what are the sizes of over or understated pension liabilities relative to guideline benchmarks' Second, do debt market investors see through the potential management manipulation of pension discount rates' The authors find that firms with large understated pension liabilities face higher marginal borrowing costs after taking into account issue-specific features, firm characteristics, macroeconomic conditions and other pension information such as funded status and mandatory contributions. The average understated projected benefit obligations (PBOs) are understated by $394.3 and $335.6, equivalent to 3.5 and 3.0% of the beginning of the fiscal year market value, respectively. The average understated accumulated benefit obligations (ABOs) are understated by $359.3 and $305.3 million, equivalent to 3.1 and 2.6%, of the beginning of the fiscal year market value, respectively. Relative to AA-grade corporate bond yields, the average difference between firm pension discount rates and benchmark yields becomes much smaller; the percentage of firm pension discount rates higher than benchmark yields is also much smaller. As a result, understated pension liabilities become negligible. The authors establish a robust relation between corporate bond yield spreads and measures of understated pension liabilities after controlling for issue-specific features, firm characteristics, other pension information (funded status and mandatory contributions), macroeconomic conditions, calendar effects and industry effects. S&P Rating Services recognizes the issue that there is considerably more variability in discount rate assumptions among companies than in workforce demographics or the interest rate environment in which firms operate (Standard and Poor's, 2006). S&P also indicates that it would be desirable to normalize different discount rate assumptions but acknowledges that it is difficult to do so. In practice, S&P Rating Services conducts periodic surveys to see whether firms' assumed discount rates conform to the normal standard. The paper makes an initial attempt to quantify the size of understated pension liabilities and their impact on corporate bond yield spreads. This approach can be extended to study firms' costs of equity capital, the pricing of seasoned equity offerings and the pricing of merger and acquisition transaction deals, among other questions.
      Citation: China Finance Review International
      PubDate: 2021-12-28
      DOI: 10.1108/CFRI-07-2021-0146
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • The dynamic interaction between investor attention and green security
           market: an empirical study based on Baidu index

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      Authors: Yang Gao , Yangyang Li , Yaojun Wang
      Abstract: This paper aims to explore the interaction between investor attention and green security markets, including green bonds and stocks. This study takes the Baidu index of “green finance” as the proxy for investor attention and constructs several generalized prediction error variance decomposition models to investigate the interdependence. It further analyzes the dynamic interaction between investor attention and the return and volatility of green security markets using the rolling time window. The empirical analysis and robustness test results reveal that the spillovers between investor attention and the return and volatility of the green bond market are relatively stable. In contrast, the spillover level between investor attention and the green stock market displays significant time-varying and asymmetric effects. Moreover, the volatility spillover between investor attention and green securities is vulnerable to major financial events, while the return spillover is extremely sensitive to market performance. The conclusion further expands the practical application and theoretical framework of behavioral finance in green finance and provides a new reference for investors and regulators. Besides, this study also lays a theoretical basis for investors to focus on the practical application of volatility prediction and risk management in green securities.
      Citation: China Finance Review International
      PubDate: 2021-12-24
      DOI: 10.1108/CFRI-06-2021-0136
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Financial statement analysis: a review and current issues

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      Authors: Andrew B. Jackson
      Abstract: The literature on financial statement analysis attempts to improve fundamental analysis and to identify market inefficiencies with respect to financial statement information. In this paper, the author reviews the extant research on financial statement analysis. The author then provides some preliminary evidence using Chinese data and offer suggestions for future research, with a focus on utilising unique features of the Chinese business environment as motivation. The author notes that there has been no work that the author could locate specifically on Chinese FSA research. The unique business environment in China, relative to the US where the vast majority of this work has been conducted, should motivate any studies, especially given the author documents the robust finding in terms of the mean reversion in profitability.
      Citation: China Finance Review International
      PubDate: 2021-12-07
      DOI: 10.1108/CFRI-10-2021-0208
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Cryptocurrency as a safe haven for investment portfolios amid COVID-19
           panic cases of Bitcoin, Ethereum and Litecoin

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      Authors: Mutaju Isaack Marobhe
      Abstract: This article examines the susceptibility of cryptocurrencies to coronavirus disease 2019 (COVID-19) induced panic in comparison with major stock indices. The author employs the Bayesian structural vector autoregression to examine the phenomenon in Bitcoin, Ethereum and Litecoin from 2nd January 2020 to 30th June 2021. A similar analysis is conducted for major stock indices, namely S&P 500, FTSE 100 and SSE Composite for comparison purposes. The results suggest that cryptocurrencies returns suffered immensely in the early days of the COVID-19 outbreak following declarations of the disease as a global health emergency and eventually a pandemic in March 2020. However, the returns for all three cryptocurrencies recovered by April 2020 and remained resistant to further COVID-19 panic shocks. The results are dissimilar to those of S&P 500, FTSE 100 and SSE Composite values which were vulnerable to COVID-19 panic throughout the timeframe to June 2021. The results further reveal strong predictive power of Bitcoin on prices of other cryptocurrencies. The article provides evidence to support the cryptocurrency as a safe haven during COVID-19 school of thought given their resistance to subsequent shocks during COVID-19. Thus, the author stresses the need for diversification of investment portfolios by including cryptocurrencies given their uniqueness and resistance to shocks during crises. The author makes use of the novel corona virus panic index to examine the magnitude of shocks in prices of cryptocurrencies during COVID-19.
      Citation: China Finance Review International
      PubDate: 2021-11-26
      DOI: 10.1108/CFRI-09-2021-0187
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Energy financing in COVID-19: how public supports can benefit'

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      Authors: Sajid Iqbal , Ahmad Raza Bilal
      Abstract: The study aims to empirically estimate the role of public supports for energy efficiency financing and presents the way forward to mitigate the energy financing barriers that incurred during the COVID-19 crisis. Using the G7 countries data, the study estimated the nexus between the constructs. Generalized method of moments (GMM) and conventional increasing-smoothing asymptotic of GMM are applied to justify the study findings. Wald econometric technique is also used to robust the results. The study findings reported a consistent role of public support on energy efficiency financing indicators, during the COVID-19 crisis period. G7 countries raised funds around 17% through public supports for energy efficiency financing, and it raised 4% of per unit energy usage to GDP, accelerated 16% energy efficiency and 24% output of renewable energy sources, during COVID-19. By this, study findings warrant a maximum support from public offices, energy ministries and other allied departments for energy efficiency optimization. The study presents multiple policy implications to enhance energy efficiency through different alternative sources, such as, on-bill financing, direct energy efficiency grant, guaranteed financial contracts for energy efficiency and energy efficiency credit lines. If suggested policy recommendations are applied effectively, this holds the potential to diminish the influence of the COVID-19 crisis and can probably uplift the energy efficiency financing during structural crisis. The originality of the recent study exists in a novel framework of study topicality. Despite growing literature, the empirical discussion in the field of energy efficiency financing and COVID-19 is still shattered and less studied, which is contributed by this study.
      Citation: China Finance Review International
      PubDate: 2021-11-23
      DOI: 10.1108/CFRI-02-2021-0046
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Pandemic, risk-adaptation and household saving: evidence from China

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      Authors: Yixing Zhang , Xiaomeng Lu , Haitao Yin , Rui Zhao
      Abstract: Scholars have not agreed with each other on how people would behave after experiencing a catastrophic event. They could save more as a precautionary action for future difficulties or save less with a carpe diem attitude. This study aims to attempt to shed light on this debate with empirical observations on how the Covid-19 pandemic has affected household saving decisions. The two waves of the survey data allowed us to investigate both instantaneous and ongoing effects of Covid-19 on household saving decisions. The instantaneous effect refers to the immediate impact of the crisis, while the ongoing effect refers to the lasting impact of the pandemic when economic recovery had started. The variation in the number of confirmed cases across cities during the two waves provides the source of power for identification. The authors extend their analyses of the impact of Covid-19 on the household saving decision by using ordinary least squares models. Due to the ordered nature of survey responses, the authors also rerun all baseline models using the ordered probit regression method. This paper studied the impact of the Covid-19 pandemic on household saving decisions in China. This study found that households in the most affected cities would save more during the Covid-19 but tend to save less when the disaster started fading away. Combining findings in Kun et al. (2013) and Filipski et al. (2015), people do become more pessimistic during and after the Covid-19, possibly driving their observed precautionary and cape diem behaviors during the two points of time. Heterogeneity analysis shows that specific households would dramatically change their saving behavior. These observations might be useful for policymakers who concern the economic recovery after this pandemic disaster. Understanding how the Covid-19 pandemic would affect household consumption vs saving decisions is important for the economic recovery after this disaster comes to an end. The analyses presented in this research could be useful for policymakers who concern appropriate policies aiming to boost consumption and economic activities after Covid.
      Citation: China Finance Review International
      PubDate: 2021-11-01
      DOI: 10.1108/CFRI-04-2021-0077
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Management geographical proximity and stock price crash risk

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      Authors: Xin Jin , Shangkun Liang , Junli Yu
      Abstract: This study provides empirical support for the cultural economics model between executive team and firm performance and offers important implications for policy selection and appointment of managers in China. From the perspective of relationship embeddedness, the authors explore the impact of management geographical proximity (GP) on stock price crash risk in China. Using archival data from China's unique dataset about birthplace culture, the authors find that management GP experiences a large increase in corporate stock price crash risk for the period 2009–2018. The impact of management GP on stock price crash risk is more pronounced when the company is located in areas with weaker formal legal environment and stronger Confucian culture. Furthermore, the impact has a significant links with firm characteristics such as information transparency, over-investment and tax aggressiveness. First, the research extends the literature on the empirical determinants of stock price crash risk. These studies focus on formal institution, not on informal institution, such as relational culture. Second, the research provides evidence for economic consequences on relational governance from executive birthplace culture to explore the economic consequences of geographical relational governance but takes stock price crash risk to present executives' behavior strategies and market reaction via exploring asymmetrical variation of market stock price. Finally, the paper provides reference to corporate governance arrangement and executive appointment.
      Citation: China Finance Review International
      PubDate: 2021-10-26
      DOI: 10.1108/CFRI-06-2021-0117
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Financial inclusion and bank risk-taking nexus: evidence from China

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      Authors: Muhammad Umar , Muhammad Akhtar
      Abstract: This study aims to investigate the relationship between financial inclusion and risk-taking by Chinese banks. It uses the panel data from Chinese banks ranging from 2011 to 2019 and applies system generalized method of moments to measure coefficients. To get in-depth understanding of the relationship between above-mentioned variables, the analysis for commercial, cooperative, listed, unlisted, small and large banks has been done. Financial inclusion index has been measured based on demographic and geographic aspects by using the principal component analysis, and bank risk-taking has been proxied by z-score. The findings reveal an inverse relationship between financial inclusion and bank risk-taking which implies that an increase in financial inclusion results in lesser risk for the banks, i.e. diversification hypothesis applies. However, the results for unlisted and large banks show a different story where an increase in financial inclusion results in higher bank risk and vice versa. The present study offers several valid and convincing implications for consumers, policymakers and banking sector regulators.
      Citation: China Finance Review International
      PubDate: 2021-10-26
      DOI: 10.1108/CFRI-08-2021-0174
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • The impact of green finance and Covid-19 on economic development: capital
           formation and educational expenditure of ASEAN economies

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      Authors: Quang-Thanh Ngo , Hoa Anh Tran , Hai Thi Thanh Tran
      Abstract: The purpose of this study is to examine the impact of green finance (i.e. green investment, green security and green credit) along with capital formation and government educational expenditures on the economic development of (ASEAN) countries. The data were gathered from the central banks of all ASEAN countries and the World Bank Indicators between 2008 and 2019. The fixed-effect model and generalized method of moments were used to check the nexus between the constructs. The results revealed that green finance along with capital formation and government educational expenditures have a positive association with the economic development of ASEAN countries. The study carries some limitations, even though it addresses the underlying variables comprehensively. These limitations provide opportunities to future researchers and authors to expand the scope and accuracy of their study. This research investigation has been supported by the data collected from a single source. Though data collection is maintained correctly, it is still recommended to the upcoming scholars to acquire data to reconfirm the same findings using multiple data sources. The data collected from using some specific data source may be limited in scope and may hinder the comprehensive elaboration of the underlying variables and their mutual relationship. Therefore, the utilization of multiple sources of data collection gives data sufficient to meet the requirement of an okay quality research study. The study is about the economies of ASEAN countries. It checks the influences of green finance development on economic activities and the country's economic growth in ASEAN countries' economies. Thus, its results are valid only in the economies of these countries, and this research investigation lacks generalizability. For generalizability, the authors must consider the underlying variables in the world's vast economies. They must adopt a standard scale to judge the impacts of green financial development on economic development. Besides, the study analyzes the economic factors, economic conditions and their effects on the country's position in the world economy in the face of a severe epidemic like COVID-19. Thus, the results may be different in the case of the normal situation. So, a general standardized study is recommended to be conducted in the upcoming days. Green finance has significant capability to improve the global economy, especially amidst the COVID-19 pandemic. This study is beneficial for policymakers to develop policies related to economic development with reference to green finance and also helps future research on a similar topic.
      Citation: China Finance Review International
      PubDate: 2021-10-13
      DOI: 10.1108/CFRI-05-2021-0087
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Last hour momentum in the Chinese stock market

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      Authors: Lu Yang
      Abstract: To capture the last hour momentum over the intraday session, the authors develop a trading strategy for the exchange-traded fund (ETF) that is effective because of the T+0 trading rule. This strategy generates annualized excess return of 9.673%. In this study, the authors identify a last hour momentum pattern in which the sixth (seventh) half-hour return predicts the next half-hour return by employing high frequency 2012–2017 data from the China Securities Index (CSI) 300 and its ETF. Overall, both the predictability and the trading strategy are statistically and economically significant. In addition, the strategy performs more strongly on high volatility days, high trading volume days, high order-imbalance days and days without economic news releases than on other days. Noise trading, late-information trading, infrequent rebalancing and disposition effects from retail investors may account for this phenomenon.
      Citation: China Finance Review International
      PubDate: 2021-09-24
      DOI: 10.1108/CFRI-06-2021-0106
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Are corporate social responsibility reports informative' Evidence from
           textual analysis of banks in China

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      Authors: Jerry C. Ho , Ting-Hsuan Chen , Jia-Jin Wu
      Abstract: The authors investigate the association of the constructed corporate social responsibility (CSR) measures with the banks’ profitability, social contributions and CSR spending as well as the market reaction to CSR spending. Using textual analysis of the CSR reports of banks listed on the Chinese market, the authors construct CSR measures in six domains: business, environment, human rights, corporate governance, charity and social capital. Our textual-based CSR measures contain substantial and valuable information beyond what Rankins CSR ratings offer. The findings suggest that banks with stronger engagements and interests in the business-related CSR domain experience higher profitability, while those that are more committed to the corporate governance and charity-related domains create larger social contributions. Banks tend to incur higher CSR spending when they are more active in corporate governance. Although the stock market reacts positively to CSR expenditures, the reaction is less favorable for banks with CSR expenditures above the industry norm. This study offers insights to policymakers of the regulatory bodies and the banks in China. To enhance the financial safety and soundness of the banking system, the regulatory bodies should encourage banks to strategically allocate corporate resources to achieve higher CSR ratings and engage more business-related CSR activities. To create larger social values, bank management should invest more in philanthropic CSR initiatives such as corporate governance and charity activities. To pursue higher corporate profits, they should engage more in self-centered business-related CSR activities. However, according to the reaction of the market, they should not over-invest in CSR activities. While the use of textual analysis to evaluate CSR disclosure has recently emerged in the literature, few studies focus on banks in China. Using the term frequency–inverse data frequency (TF-IDF) method, the authors constructed a score for each of the six CSR domains: business (BUS), environment (ENV), human rights (HR), corporate governance (GOV), charity (CHY) and social capital (SCAP). To the best of our knowledge, no studies have adopted the textual approach to evaluate social reporting quality and CSR activities in the context of the banking industry in China.
      Citation: China Finance Review International
      PubDate: 2021-09-07
      DOI: 10.1108/CFRI-04-2021-0081
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Role of green financing and corporate social responsibility (CSR) in
           technological innovation and corporate environmental performance: a
           COVID-19 perspective

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      Authors: Ala Eldin Awawdeh , Mohammed Ananzeh , Ahmad Ibrahiem El-khateeb , Ahmad Aljumah
      Abstract: The aim of this study is to estimate the relationship between technological innovation and corporate environmental performance among energy companies working in Egypt. The study extended the aim with the intention to assess the role of green financing in enhancing corporate environmental performance. Partial least squares (PLS)-based structural equation modeling (SEM) is applied to estimate the nexus among study variables. The results indicated that technological innovation influenced environmental performance and has a positive impact on company performance. The role of green financing for environmental performance is also significant and positive. Moreover, corporate social responsibility (CSR) has insignificant role in environmental performance of the energy companies in the study context. The study offers a valuable model for general managers of manufacturing organizations and policymakers to manage CSR, environmental strategy and green innovation in examining environmental performance. It can help to assist general managers of large manufacturing organizations to strengthen their internal resources like CSR, environmental strategy and green innovation to enhance environmental performance. The findings of this article will help the practitioners to design policies regarding sustainable energy systems and green finance in the presence of any natural calamity. This study primarily complements the existing literature by establishing how green financing and CSR can augment and/or interact between technological innovation and corporate environmental performance under COVID-19 crises, in a developing country.
      Citation: China Finance Review International
      PubDate: 2021-08-27
      DOI: 10.1108/CFRI-03-2021-0048
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Does green finance matter for sustainable entrepreneurship and
           environmental corporate social responsibility during COVID-19'

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      Authors: Muhammad Sadiq , Sakkarin Nonthapot , Shafi Mohamad , Ooi Chee Keong , Syed Ehsanullah , Nadeem Iqbal
      Abstract: The discourse aimed to investigate green finance practices under the assumptions of several notable climate advisors and speculators in Asia and particularly in Southeast Asia. The study intrigues by considering financial specialists to vent government spending on green restoration plans leading toward green bankable venture openings for the public and private sector. This section distinguishes a few of the green fund components and approaches that can be joined by national and neighborhood governments, essentially in Southeast Asia, into their post-COVID-19 techniques, but are too valuable inputs for domestic commercial banks and private corporates. It can be defined as a functional type for Cobb Douglas development. ARDL technology is a way of calculating complex forces at the classification level at long-term and short-term stages. This ARDL approach has many advantages and can be implemented when incorporated in level I (0) and level I first (1) with the original variable. Still, it offers robust ability to the outcomes and standardizes the lag, considering the number and sample size used. Pooled mean group (PMG) method is becoming a convenient technique for monitoring data over the period and a good approach for energy impact panels – growth ties for creating links between energy emissions and environmental sustainability and businesses in the nation. There is a positive partnership between creativity and a sustainable world. Corporations are recommended to uphold the principles of CSR in the development process by introducing environmentally friendly advanced technologies. The main objectives of corporate social responsibility (CSR) are economic growth, environmental sustainability and social justice. Several programs have been established to expand businesses' responsibilities to improve their confessions in sustainable growth. SMEs are a primary source of production of innovative products and technologies. The key concerns of stakeholders and politicians in the new competitive business climate are the protection of environmental sustainability and social responsibility, recognizing factors driving economic development for SMEs. During the COVID-19 era, the prime responsibility of pandemic confronting governments is to spend on help activities (that have been started in earlier phase) and recovery endeavors (yet to start in the situation). Therefore, the governments may devise policies to pool resources from commercial, private, public-private partnerships and other capital market sources. With rising hazard recognitions particularly emerging from at-threat income projections, governments ought to make the correct mechanisms and instruments that can perform this catalytic part of derisking and drawing in such capital. This too can be an opportunity for governments to enhance and execute such financial instruments that offer assistance, quicken their commitments to climate alter beneath the Paris Agreement and the sustainable development goals (SDGs), and thus “build back better” is being progressively voiced over the world.
      Citation: China Finance Review International
      PubDate: 2021-08-19
      DOI: 10.1108/CFRI-02-2021-0038
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • The impact of green finance, economic growth and energy usage on CO
           emission in Vietnam – a multivariate time series analysis

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      Authors: Quyen Ha Tran
      Abstract: This study aims to examine the relationship between green finance, economic growth, renewable energy consumption (energy efficiency), energy import and CO2 emission in Vietnam using multivariate time series analysis. The data were collected from 1986 to 2018 since Vietnam initiated the economic reforms, namely “Doi Moi” in 1986. The concept and methods of cointegration, Granger causality and error correction model (ECM) were employed to establish the relationship between the variables of interest. Our results confirmed the existence of cointegration among the variables. The Granger causality test revealed unidirectional causality running from renewable energy consumption to CO2 emission and green investment to CO2 emission. This study results confirm the existence of cointegration among the variables. The results of the study imply that policies on economic development impose a significant impact on pollution in Vietnam. This study has described Vietnam, its economic development, green manufacturing practices, its environmental health and level of carbon dioxide emission which was enhanced due to COVID-19.
      Citation: China Finance Review International
      PubDate: 2021-08-10
      DOI: 10.1108/CFRI-03-2021-0049
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • Making of an innovative economy: a study of diversity of Chinese
           enterprise innovation

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      Authors: Nimesh Salike , Yanghua Huang , Zhifeng Yin , Douglas Zhihua Zeng
      Abstract: This research examines the effects of firm ownership and size on innovation capability using data from the World Bank China Enterprise Survey (WBCES), which provides directly measurable innovation-related variables. Key consideration is given to the role and innovation capability of state-owned enterprises (SOEs) compared with domestic and foreign private enterprises in the Chinese economy. In its quest for technological self-reliance and a new developmental path, China is focusing on its enterprise innovation capability. The findings suggest that SOEs and domestic private enterprises are similar in terms of innovation participation but differ in terms of innovation diversification, which implies ownership-specific innovative advantages. In general, the authors find that SOEs are more innovative with respect to processes innovation but less so with respect to product, management and promotion innovations. Foreign-owned enterprises are superior in all types of innovation except product innovation. The authors also find that size is an important determinant of innovation capability, with the effect varying depending on location and industry. Moreover, the joint effect of firm ownership and size on innovation declines with increasing size. These findings provide new insights into the evaluation of China's major policies. This research examines the effects of ownership and size on enterprise innovation capability, using the WBCES (2013) data, which include direct measurable innovation related variables.
      Citation: China Finance Review International
      PubDate: 2021-07-14
      DOI: 10.1108/CFRI-10-2020-0135
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2021)
       
  • The global business cycle and speculative demand for crude oil

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      Authors: Elisabete Neves , Vítor Oliveira , Joana Leite , Carla Henriques
      Abstract: This paper aims to better understand if speculative activity is a factor or even the main factor in the run-up of oil prices in the spot market, particularly in the recent price bubble that occurred in the period from mid-2003 to 2008. The methodology used is based on an existing vector autoregressive model proposed by Kilian and Murphy (2014), which is a structural model of the global market for crude oil that accounts for flow demand and flow supply shocks and speculative demand oil shocks. From the output of the authors’ structural model, the authors ruled out speculation as a factor of rising oil prices. The authors have found instead that the rapid oil demand caused by an unexpected increase in the global business cycle is the most accurate culprit. Despite the change of perspective in the speculative component, the authors’ conclusions concur with the findings of Kilian and Murphy (2014) and others. As far as the authors are aware, this is the first time that a study has used as a spread oil variable, a speculative component of the real price, replacing the oil inventories considered by Kilian and Murphy (2014). Another contribution is that the model used allows estimating traditional oil demand elasticity in production and oil supply elasticity in spread movements, casting doubt on existing models with perfect price-inelastic output for crude oil.
      Citation: China Finance Review International
      PubDate: 2021-09-03
      DOI: 10.1108/CFRI-05-2021-0091
      Issue No: Vol. 11 , No. 4 (2021)
       
  • Catastrophe risk, reinsurance and securitized risk-transfer solutions: a
           review

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      Authors: Yang Zhao , Jin-Ping Lee , Min-Teh Yu
      Abstract: Catastrophe (CAT) events associated with natural catastrophes and man-made disasters cause profound impacts on the insurance industry. This research thus reviews the impact of CAT risk on the insurance industry and how traditional reinsurance and securitized risk-transfer instruments are used for managing CAT risk. This research reviews the impact of CAT risk on the insurance industry and how traditional reinsurance and securitized risk-transfer instruments are used for managing CAT risk. Apart from many negative influences, CAT events can increase the net revenue of the insurance industry around CAT events and improve insurance demand over the post-CAT periods. The underwriting cycle of reinsurance causes inefficiencies in transferring CAT risks. Securitized risk-transfer instruments resolve some inefficiencies of the reinsurance market, but are subject to moral hazard, basis risk, credit risk, regulatory uncertainty, etc. The authors introduce some popular securitized solutions and use Merton's structural framework to demonstrate how to value these CAT-linked securities. The hybrid solutions by combining reinsurance with securitized CAT instruments are expected to offer promising applications for CAT risk management. The authors introduce some popular securitized solutions and use Merton's structural framework to demonstrate how to value these CAT-linked securities. The hybrid solutions by combining reinsurance with securitized CAT instruments are expected to offer promising applications for CAT risk management. This research reviews a broad array of impacts of CAT risks on the (re)insurance industry. CAT events challenge (re)insurance capacity and influence insurers' supply decisions and reconstruction costs in the aftermath of catastrophes. While losses from natural catastrophes are the primary threat to property–casualty insurers, the mortality risk posed by influenza pandemics is a leading CAT risk for life insurers. At the same time, natural catastrophes and man-made disasters cause distinct impacts on (re)insures. Man-made disasters can increase the correlation between insurance stocks and the overall market, and natural catastrophes reduce the above correlation. It should be noted that huge CAT losses can also improve (re)insurance demand during the postevent period and thus bring long-term effects to the (re)insurance industry.
      Citation: China Finance Review International
      PubDate: 2021-08-13
      DOI: 10.1108/CFRI-06-2021-0120
      Issue No: Vol. 11 , No. 4 (2021)
       
  • China Finance Review International

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