Hasil untuk "Finance"

Tim Loughran, B. Mcdonald

Francisco Gomes, M. Haliassos, T. Ramadorai

Chongyu Dang, Z. Li, Chen Yang

In empirical corporate finance, firm size is commonly used as an important, fundamental firm characteristic. However, no research comprehensively assesses the sensitivity of empirical results in corporate finance to different measures of firm size. This paper fills this hole by providing empirical evidence for a “measurement effect” in the “size effect”. In particular, we examine the influences of employing different proxies (total assets, total sales, and market capitalization) of firm size in 20 prominent areas in empirical corporate finance research. We highlight several empirical implications. First, in most areas of corporate finance the coefficients of firm size measures are robust in sign and statistical significance. Second, the coefficients on regressors other than firm size often change sign and significance when different size measures are used. Unfortunately, this suggests that some previous studies are not robust to different firm size proxies. Third, the goodness of fit measured by R-squared also varies with different size measures, suggesting that some measures are more relevant than others in different situations. Fourth, different proxies capture different aspects of “firm size”, and thus have different implications. Therefore, the choice of size measures needs both theoretical and empirical justification. Finally, our empirical assessment provides guidance to empirical corporate finance researchers who must use firm size measures in their work.

Xin Xu, Xiangfeng Chen, F. Jia et al.

Abstract Supply Chain Finance (SCF) is an effective method to lower financing costs and improve financing efficiency and effectiveness, and it has gained research momentum in recent years. This paper adopts a systematic literature review methodology combined with bibliometric, network and content analysis based on 348 papers identified from mainstream academic databases. This review provides insights not previously fully captured or evaluated by other reviews on this topic, including key authors, key journals and the prestige of the reviewed papers. Using rigorous bibliometric and visualisation tools, we identified four research clusters, including deteriorating inventory models under trade credit policy based on the EOQ/EPQ model; inventory decisions with trade credit policy under more complex situations; interaction between replenishment decisions and delay payment strategies in the supply chain and roles of financing service in the supply chain. Based on the clusters identified, we carried out a further content analysis of 112 papers, identifying research gaps and proposing seven actionable directions for future research. The findings provide a robust roadmap for further investigation in this field.

Farhad Taghizadeh‐Hesary, Naoyuki Yoshino

Establishment of green credit guarantee schemes (GCGSs) and returning a portion of the tax revenue originally generated from spillover effect of green energy supply to investors. It can reduce the risk of green finance and increase the rate of return of green energy projects, respectively. In addition, technical developments in the sphere of distributed ledger technologies provide the opportunity to increase the transparency in green finance and investments. This paper contributes to literature by proposing two applied frameworks, backed by theoretical models on green finance and investment based on projects size. The objective is to induce the private participation in green finance and investment.

Xiaoguang Zhou, Xinmeng Tang, Rui Zhang

T. Beck, A. Demirguc-Kunt

H. Föllmer, Alexander Schied

A. Demirguc-Kunt, V. Maksimovic

Dayong Zhang, Zhiwei Zhang, Shunsuke Managi

With growing global actions toward climate changes, green finance receives large attention in recent literature. It is though conceptually unclear, with no consensus achieved on its definition among researchers. This paper provides a brief review of the recent advances in green finance research. It uses a bibliometric analysis approach to summarize the status quo and development trends of green finance. We assist establishing a solid conceptual base and guidance to future research directions.

Joern H. Block, M. Colombo, Douglas J. Cumming et al.

Xuedi Ren, Qinglong Shao, Ruoyu Zhong

Abstract Previous studies have considered the effect of financial development on carbon emissions; however, few studies have explored the role of green finance in carbon mitigation. To bridge this gap, the current study constructs a green finance development index based on four indicators: green credit, green securities, green insurance, and green investment. A vector error correction model is used to analyze relationships between the development level of green finance, non-fossil energy consumption, and carbon intensity using data from 2000 to 2018. We find that China’s green finance industry developed rapidly, and improvements in the green finance development index, as well as the increasing use of non-fossil energy, contributed to a reduction in carbon intensity. Simultaneously, an increase in carbon intensity inhibited the expansion of non-fossil energy use, impeded the investment flow to green projects, and ultimately led to a deterioration of green finance development. In addition, non-fossil energy consumption in China was primarily influenced by green finance and carbon intensity, with clear policy-driven effects. However, the impacts of green finance policies continually fell short and lacked continuity. This study proposes ways in which to improve the effect of green finance policy implementation, expand the consumption of non-fossil energy, and develop a carbon trading market.

Helen Bollaert, Florencio López de Silanes, Armin Schwienbacher

Abstract This article surveys research on the effects of digitalization on access to finance. We focus the review on access through fintech. We review the growth of three main fintech technologies, fintech lending (incl. Peer-to-peer lending), crowdfunding and initial coin offerings. We discuss existing evidence on how fintech affects access to finance for firms and investors and consider the regulatory challenges it poses. We incorporate the papers in this special issue, underlining their significant contributions to our understanding of the digitalization of finance and its effects. Finally, we discuss the challenges of research in the digital finance area and propose some new avenues for future research.

Thomas A. Banker

Credit Summary The ‘A–’ rating reflects Meriden’s continued improvement in liquidity and financial reserves, a moderately low debt profile with rapid amortization of principal, and some success in economic development initiatives, which somewhat mitigates the historically weak economic base. The city has demonstrated a willingness to raise recurring revenues, and efforts to formalize financial and debt policies and improve the capital planning process should provide for enhanced fiscal monitoring. Sound budgeting practices and financial management are expected to continue producing stable operating results and improved fund balance levels.

Haichao Fan, Yuchao Peng, Huanhuan Wang et al.

Abstract This paper investigates how green credit regulation affects firms' loan conditions and their economic and environmental performance. In a simple theoretical model, with strengthened green credit regulations, banks raise loan interest rates to nonabatement firms. Firms that were formerly indifferent to pollution abatement must redetermine their abatement and production strategies. Using disaggregated firm-level data, we find that, after the reinforcement of green credit regulation, noncompliant firms saw a larger increase in interest rates, decrease in loan amounts, and more difficulty in access to loans. We further find different impacts on large and small firms in terms of their loans and their financial and economic responses. Regarding the impact on firms’ environmental performance, although all of these firms reduced their total emissions, the reductions are realized in dissimilar ways; large firms reduced their emission intensity by investing more in adopting abatement facilities, while small firms simply choose to produce less.

T. Kong, Renji Sun, Guangli Sun et al.

ABSTRACT Large capital investment, extended R&D cycle, and high uncertainties characterize green innovations. Consequently, financial risks easily emerge during firms’ green innovation process. This study utilizes data from Chinese A-share listed companies from 2011 to 2019 to examine the effects of digital finance on firms’ green innovation. The findings reveal that digital finance exerts significant and positive influence on green innovation. Digital finance institutions alleviate information asymmetry in the green innovation market through digital technologies such as big data analysis of firm behavior to directly promote firms’ innovation behavior. The internal mechanism analysis reveals that digital finance indirectly promotes green innovation by improving the quality of firms’ environmental information disclosure and reducing financial constraints. The heterogeneity analysis indicates that the promotional effect of digital finance on green innovation is more prominent in larger and state-owned enterprises.

Franley Mngumi, Shaorong Sun, F. Shair et al.

Few researches have inspected the task of green finance in reducing CO2 emissions, while earlier studies have inspected the influence of economic development on carbon emissions. A green finance development index is built using four indicators to fill in this knowledge gap: green credit, green insurance, green securities, and green investing. Using data spanning the years 2005–2019, a panel quantile regression is applied to investigate the links between green finance, renewable energy, and CO2 emissions. Increases in renewable energy use and advances in the green finance development index have contributed to a reduction in CO2 emissions from BRICS countries. CO2 emissions on the other hand slowed the growth of renewable energy use, slowed the flow of investment to green projects, and ultimately hampered the development of green finance. There was also a clear policy-driven influence on renewable energy spending in the countries of the BRICS region. Green finance policies, on the other hand, have consistently failed to have a long-term impact. Therefore, rising the consumption of renewable energy and creating a carbon trading market are all part of this study’s recommendations for green finance policy improvement.

Jiamin Liu, Yalin Jiang, S. Gan et al.

Raphael A. Auer, Bernhard Haslhofer, Stefan Kitzler et al.

Yu He, Ruizhi Liu