Subjects -> BUSINESS AND ECONOMICS (Total: 3570 journals)
    - ACCOUNTING (132 journals)
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    - BUSINESS AND ECONOMICS (1248 journals)
    - CONSUMER EDUCATION AND PROTECTION (20 journals)
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    - ECONOMIC SCIENCES: GENERAL (212 journals)
    - ECONOMIC SYSTEMS, THEORIES AND HISTORY (235 journals)
    - FASHION AND CONSUMER TRENDS (20 journals)
    - HUMAN RESOURCES (103 journals)
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    - MICROECONOMICS (23 journals)
    - PRODUCTION OF GOODS AND SERVICES (143 journals)
    - PUBLIC FINANCE, TAXATION (37 journals)
    - TRADE AND INDUSTRIAL DIRECTORIES (2 journals)

BUSINESS AND ECONOMICS (1248 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: 2)
4OR: A Quarterly Journal of Operations Research     Hybrid Journal   (Followers: 13)
Abacus     Hybrid Journal   (Followers: 16)
Accounting Forum     Hybrid Journal   (Followers: 22)
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: 7)
Advances in Developing Human Resources     Hybrid Journal   (Followers: 26)
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: 68)
African Business     Full-text available via subscription   (Followers: 3)
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: 7)
African Review of Economics and Finance     Open Access   (Followers: 7)
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: 2)
Alphanumeric Journal : The Journal of Operations Research, Statistics, Econometrics and Management Information Systems     Open Access   (Followers: 9)
American Economic Journal : Applied Economics     Full-text available via subscription   (Followers: 215)
American Enterprise Institute     Free   (Followers: 3)
American Journal of Business     Hybrid Journal   (Followers: 20)
American Journal of Business and Management     Open Access   (Followers: 51)
American Journal of Business Education     Open Access   (Followers: 14)
American Journal of Economics and Business Administration     Open Access   (Followers: 34)
American Journal of Economics and Sociology     Hybrid Journal   (Followers: 36)
American Journal of Evaluation     Hybrid Journal   (Followers: 16)
American Journal of Finance and Accounting     Hybrid Journal   (Followers: 22)
American Journal of Health Economics     Full-text available via subscription   (Followers: 19)
American Journal of Industrial and Business Management     Open Access   (Followers: 24)
American Journal of Medical Quality     Hybrid Journal   (Followers: 15)
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)
Annals in Social Responsibility     Full-text available via subscription  
Annals of Finance     Hybrid Journal   (Followers: 33)
Annals of Operations Research     Hybrid Journal   (Followers: 14)
Annual Review of Economics     Full-text available via subscription   (Followers: 44)
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: 7)
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: 3)
Archives of Business Research     Open Access   (Followers: 5)
Arena Journal     Full-text available via subscription   (Followers: 1)
Argomenti. Rivista di economia, cultura e ricerca sociale     Open Access   (Followers: 4)
ASEAN Economic Bulletin     Full-text available via subscription   (Followers: 7)
Asia Pacific Business Review     Hybrid Journal   (Followers: 9)
Asia Pacific Journal of Human Resources     Hybrid Journal   (Followers: 207)
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: 6)
Asia-Pacific Journal of Operational Research     Hybrid Journal   (Followers: 3)
Asia-Pacific Journal of Rural Development     Hybrid Journal   (Followers: 2)
Asia-Pacific Management and Business Application     Open Access   (Followers: 1)
Asian Case Research Journal     Hybrid Journal   (Followers: 1)
Asian Development Review     Open Access   (Followers: 13)
Asian Economic Journal     Hybrid Journal   (Followers: 10)
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: 8)
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: 10)
Australian Economic Review     Hybrid Journal   (Followers: 4)
Australian Journal of Maritime and Ocean Affairs     Hybrid Journal   (Followers: 7)
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: 3)
Benchmarking : An International Journal     Hybrid Journal   (Followers: 7)
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: 7)
British Journal of Industrial Relations     Hybrid Journal   (Followers: 48)
Brookings Papers on Economic Activity     Open Access   (Followers: 68)
Brookings Trade Forum     Full-text available via subscription   (Followers: 4)
BRQ Business Research Quarterly     Open Access   (Followers: 2)
BU Academic Review     Open Access  
Bulletin of Economic Research     Hybrid Journal   (Followers: 19)
Bulletin of Geography. Socio-economic Series     Open Access   (Followers: 3)
Bulletin of Indonesian Economic Studies     Hybrid Journal   (Followers: 5)
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 & Society     Hybrid Journal   (Followers: 14)
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 Professional Communication Quarterly     Hybrid Journal   (Followers: 8)
Business and Society Review     Hybrid Journal   (Followers: 5)
Business Economics     Hybrid Journal   (Followers: 14)
Business Ethics Quarterly     Full-text available via subscription   (Followers: 18)
Business Ethics: A European Review     Hybrid Journal   (Followers: 20)
Business Horizons     Hybrid Journal   (Followers: 11)
Business Information Review     Hybrid Journal   (Followers: 15)
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, Economics and Management Research Journal : BEMAREJ     Open Access   (Followers: 4)
Business: Theory and Practice     Open Access   (Followers: 1)
Cambridge Journal of Economics     Hybrid Journal   (Followers: 77)
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: 43)
Canadian journal of nonprofit and social economy research     Open Access   (Followers: 3)
Capitalism Nature Socialism     Hybrid Journal   (Followers: 21)
Case Studies in Business and Management     Open Access   (Followers: 12)
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: 23)
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: 20)
China Economic Journal : The Official Journal of the China Center for Economic Research (CCER) at Peking University     Hybrid Journal   (Followers: 14)
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   (Followers: 1)
Cleaner and Responsible Consumption     Open Access  
Cleaner Logistics and Supply Chain     Open Access   (Followers: 1)
Climate and Energy     Full-text available via subscription   (Followers: 6)
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  
Compensation & Benefits Review     Hybrid Journal   (Followers: 6)
Competition & Change     Hybrid Journal   (Followers: 12)
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: 12)
Computational Mathematics and Modeling     Hybrid Journal   (Followers: 8)
Computer Law & Security Review     Hybrid Journal   (Followers: 23)
Computers & Operations Research     Hybrid Journal   (Followers: 14)
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: 2)
Consumer Psychology Review     Hybrid Journal   (Followers: 3)
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)

        1 2 3 4 5 6 7 | Last

Similar Journals
Journal Cover
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  [360 journals]
  • Stock market reactions to COVID-19 shocks: do financial market
           interventions walk the talk'

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      Authors: Mutaju Isaack Marobhe , Jonathan Mukiza Peter Kansheba
      Abstract: Following the COVID-19 outbreak, various economies imposed different financial interventions as part of initiatives to cushion their stock markets from deteriorating performance. Our article examines the effectiveness of these interventions in protecting stock markets during the pandemic. The authors employ Panel Vector Autoregression to model the magnitude and timing of shocks from COVID-19 to stock markets. The fixed effects regression is then utilized to assess the role of financial interventions in protecting stock markets during COVID-19. The study uses daily stock index returns as well COVID-19 containment measures stringency index data from 39 countries ranging from 2nd January 2020 to 30th September 2021. Our findings firstly reveal a significant positive stock market reaction to country-level containment measures stringency but only during the first wave of COVID-19. We secondly show that stock market functioning interventions that include short selling bans and circuit breakers amplify the positive effects of COVID-19 containment measures stringency on stock market performance. The authors stress the need for policymakers and regulators to timely intervene in protecting economies and stock markets during crises such as COVID-19 in order to reduce panic among investors. Moreover, investors should adjust their portfolios by investing in stocks from countries that have proper financial market interventions in place. Despite growing body of literature on COVID-19 and stock market performance, there is limited evidence on the role of financial sector interventions to cushion stock markets during tumultuous conditions caused by the pandemic.
      Citation: China Finance Review International
      PubDate: 2022-05-23
      DOI: 10.1108/CFRI-01-2022-0011
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Trade price clustering in the corporate bond market

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      Authors: Brittany Cole , Michael A. Goldstein , Shane M. Moser , Robert A. Van Ness
      Abstract: In this paper, the authors document the existence of price clustering in the US corporate bond market. Using a sample of 8,422,593 corporate bond trades in 2014, the authors find that over 18% (1,522,284 trades) of all bond trades end in a clustered price, defined as a price ending in 00, 25, 50, or 75. Overall, the authors find that both bond rating category and risk, as measured by standard deviation of prices, play a role in price clustering; speculative grade bonds account for the majority of clustered prices. Clustered prices are more likely to have higher coupon rates, higher prices, and higher standard deviations of price than bonds with non-clustered prices. Regardless of size, both buy and sell dealer trades with customers (relative to interdealer trading) lead to an increase in price clustering. Dealers appear to use clustered prices when purchasing from and selling to institutions and, therefore, may use a clustered price to insulate themselves from the risk of asymmetric information. Additionally, the prevalence of clustered prices for retail-sized dealer sell trades suggests that dealers exercise dealer power over retail-sized traders. This paper contributes to the literature on price clustering by examining trade price clustering of corporate bonds. It is different from previous papers on price clustering in equities. Given that bonds tend to be priced off of yield, it is unusual that trade prices cluster. It also demonstrates what kind of bonds cluster and with which customers dealers trade at clustered prices. It parallels other research in demonstrating dealer power over retail-sized traders.
      Citation: China Finance Review International
      PubDate: 2022-05-13
      DOI: 10.1108/CFRI-02-2022-0013
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • “Work is easy or very tired”: the impact of the heterosexual
           leadership structure on enterprise innovation investment

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      Authors: Mengjun Huo , Chao Li
      Abstract: Innovation is the most important quality of enterprise management. It is an important and controversial issue whether the heterosexual leadership structure of the chairman and chief executive officer (CEO) makes the work “easy” or “very tired” in enterprise innovation. This study investigates the specific impact of the heterosexual leadership structure on enterprise innovation investment, and further explores influence mechanism between them from two perspectives. Specifically, from the perspective of enterprise leaders including the chairman and CEO, this paper analyzes the impact of surname sharing, intergenerational differences and top management team (TMT) external social network between the heterosexual leadership structure and enterprise innovation investment. And from the perspective of enterprise itself, this study explores the impact of ownership and organizational slack between the heterosexual leadership structure and enterprise innovation investment. By using ordinary least squares regression (OLS), this study mainly takes the unbalanced panel data of A-share listed companies from 2008 to 2019 in Shanghai and Shenzhen as the research sample to empirically analyze the relationship and influence mechanism between the heterosexual leadership structure and enterprise innovation investment. The results show that the heterosexual leadership structure of the chairman and CEO has a negative impact on enterprise innovation investment. Surname sharing and ownership positively moderate the negative impact of the heterosexual leadership structure of the chairman and CEO on enterprise innovation investment. Intergenerational differences and TMT external social network negatively moderate the relationship between the heterosexual leadership structure of the chairman and CEO and enterprise innovation investment. In addition, the moderating effects of intergenerational differences and TMT external social network on the relationship between the heterosexual leadership structure and enterprise innovation investment both depend on organizational slack. When organizational slack is lower and intergenerational differences are higher, the negative impact of the heterosexual leadership structure of the chairman and CEO on enterprise innovation investment will be the strongest. And when organizational slack is lower and TMT external social network is higher, the negative impact of the heterosexual leadership structure of the chairman and CEO on enterprise innovation investment will be the strongest. By exploring the influence and the boundary mechanism of the heterosexual leadership structure of the chairman and CEO on enterprise innovation investment, the “heterosexual difference effect” is verified in this paper, that is, when men and women work together, work is very tired. This not only enriches the existing research of enterprise innovation investment, but also provides practical guidance for effectively improving enterprise innovation investment from a new perspective. In addition, it broadens the moderating mechanism of the impact of the heterosexual leadership structure of the chairman and CEO on enterprise innovation investment, which is conducive to reasonable response to improve enterprise innovation investment.
      Citation: China Finance Review International
      PubDate: 2022-03-25
      DOI: 10.1108/CFRI-06-2021-0107
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Temporal changes in global stock markets during COVID-19: an analysis
           of dynamic networks

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      Authors: Kashif Zaheer , Faheem Aslam , Yasir Tariq Mohmand , Paulo Ferreira
      Abstract: COVID-19 evolved from a local health crisis to a pandemic and affected countries worldwide accordingly. Similarly, the impacts of the pandemic on the performance of global stock markets could be time-varying. This study applies a dynamic network analysis approaches to evaluate the evolution over time of the impact of COVID-19 on the stock markets' network. Daily closing prices of 55 global stock markets from August 1, 2019 to September 10, 2020 were retrieved. This sample period was further divided into nine subsample periods for dynamic analysis purpose. Distance matrix based on long-range correlations was calculated, using rolling window's length of 100 trading days, rolled forward at an interval of one month's working days. These distance matrices than used to construct nine minimum spanning trees (MSTs). Network characteristics were figured out, community detection and network rewiring techniques were also used for extracting meaningful from these MSTs. The findings are, with the evolution of COVID-19, a change in co-movements amongst stock markets' indices occurred. On the 100th day from the date of reporting of the first cluster of cases, the co-movement amongst the stock markets become 100% positively correlated. However, the international investor can still get better portfolio performance with such temporal correlation structure either avoiding risk or pursuing profits. A little change is observed in the importance of authoritative node; however, this central node changed multiple times with change of epicenters. During COVID-19 substantial clustering and less stable network structure is observed. It is confirmed that this work is original and has been neither published elsewhere, nor it is currently under consideration for publication elsewhere.
      Citation: China Finance Review International
      PubDate: 2022-02-07
      DOI: 10.1108/CFRI-07-2021-0137
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • Bank competition, interest rate pass-through and the impact of the global
           financial crisis: evidence from Hong Kong and Macao

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      Authors: Jingya Li , Zongyuan Li , Ming-Hua Liu
      Abstract: The authors examine the interest rate pass-through in Hong Kong (HK) and Macao both in the long term and short term. The authors use time series methodology, i.e. unit root, cointegration and error correction models. The results show that in the post-global financial crisis (GFC) period, both the long-run and short-run interest rate pass-through from policy rates to prime rates have disappeared in Macao and are weakened significantly in Hong Kong. The long-term relationship between deposit rates and policy rates no longer exists in either market while the short-term relationship has been reduced significantly. The results indicate that the effectiveness of monetary policy in HK and Macao has been seriously undermined in the post-GFC period. New tools are needed in both regions. Monetary policy transmission via bank interest rates in both HK and Macao are no longer effective after the outbreak of the GFC. Effort to stimulate the economy and/or control inflation will be hampered. To the best of the authors’ knowledge, this is the first study to examine the impact of the GFC on the effectiveness of monetary policy transmission in HK and Macao.
      Citation: China Finance Review International
      PubDate: 2022-02-03
      DOI: 10.1108/CFRI-08-2021-0172
      Issue No: Vol. ahead-of-print , No. ahead-of-print (2022)
       
  • 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)
       
  • 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)
       
  • Guest editorial: Green and energy efficiency finance

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      Authors: Farhad Taghizadeh-Hesary
      Abstract: Guest editorial: Green and energy efficiency finance
      Citation: China Finance Review International
      PubDate: 2022-04-07
      DOI: 10.1108/CFRI-05-2022-243
      Issue No: Vol. 12 , No. 2 (2022)
       
  • The green bond market and its use for energy
           efficiency finance in Africa

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      Authors: Farhad Taghizadeh-Hesary , Abdulrasheed Zakari , Rafael Alvarado , Vincent Tawiah
      Abstract: This study presents the state of green bond markets in Africa and green bond funds by some countries in the continent. The authors adopt a case study approach on four different kinds of countries, namely oil-rich economy, green bond innovator, renewable energy user and carbon vulnerability. The authors found that Africa's green bond is still at the early stages. However, countries are using innovative ways that are adaptable to their current economic conditions and investment attractiveness in issuing green bonds. While some countries focus on central and local government bonds, others use corporate bonds, few combine government and corporate green bonds. Interestingly, the first green bond globally certified by the Climate Bonds Standard was issued by an Africa country in Africa. In some selected countries such as Nigeria, South Africa, Morocco, Namibia and Kenya, green bond markets have seen massive growth and have contributed to numerous infrastructural energy efficiency projects. To expand this market further in these countries, the authors recommend fostering a public–private partnership backed by policies and political will. This study provides an original contribution to the green bond and its likelihood of driving energy efficiency in a continent that has attracted little to no attention in the literature.
      Citation: China Finance Review International
      PubDate: 2022-03-04
      DOI: 10.1108/CFRI-12-2021-0225
      Issue No: Vol. 12 , No. 2 (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. 12 , No. 2 (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)
       
  • 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)
       
  • 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)
       
  • 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)
       
  • 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)
       
  • 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)
       
  • 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. 12 , No. 2 (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. 12 , No. 2 (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. 12 , No. 2 (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. 12 , No. 2 (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. 12 , No. 2 (2021)
       
  • China Finance Review International

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