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Showing papers in "Emerging Markets Review in 2020"


Journal ArticleDOI
TL;DR: In this paper, the authors investigate the innovative efficiency of SOEs in China and find that minority SOEs are substantially more innovatively efficient than non-SOEs and majority SOEs.

48 citations


Journal ArticleDOI
TL;DR: In this article, the impact of institutional quality on post-GFC bank risk-taking behavior has been investigated using 730 banks from 19 emerging countries covering the period 2011-2016, using six indicators of good governance as a proxy for institutional quality.

42 citations


Journal ArticleDOI
TL;DR: In this article, the authors exploit the introduction of FinTech regulatory sandboxes as an exogenous shock and examine the heterogeneous effect of financial innovation on the fragility of financial institutions.

39 citations


Journal ArticleDOI
TL;DR: In this article, the authors examined the relationship of IFRS, FDI, human development and economic growth in Anglophone and Francophone African countries between 1997 and 2017 and found that FDI has a positive impact on economic growth, and that this positive impact is enhanced by IFRS.

36 citations


Journal ArticleDOI
TL;DR: In this article, the authors investigate the role of market and government in CSR disclosure in Chinese listed firms and find that the disclosure saves Central Government Controlled State-Owned Enterprises (CGSEs) from negative news report and litigation risks.

33 citations


Journal ArticleDOI
TL;DR: This paper performed a comprehensive examination of the role of stock-level liquidity in the cross-section of frontier market stock returns and found no evidence of illiquidity premium in frontier equities.

31 citations


Journal ArticleDOI
Yunqi Fan1, Hui Fu1
TL;DR: Li et al. as discussed by the authors show that institutional ownership amplifies the selling pressure in response to firm's bad news, which in turn leads to higher stock price crash risk, and that competition of institutional investors strengthens institutional selling pressure and hence exacerbates the effect of institutional ownership on crash risk.

29 citations


Journal ArticleDOI
TL;DR: In this paper, the authors investigated the relationship between bank competition and stability in Sub-Saharan Africa using financial statements on 221 banks from 33 countries over the period 2000-15, and provided evidence for a U-shaped relationship between competition and credit risk.

26 citations


Journal ArticleDOI
TL;DR: Wang et al. as discussed by the authors examined how share pledging behavior of controlling shareholders affects the corporate payout policy using the unique setting of Chinese market from 2008 to 2015, and found that cash dividend payments for firms with shares pledged by controlling shareholders are significantly decreased relative to those without shares pledged, and the effect is stronger for non-state-owned enterprises (nonSOEs), firms with more related party transactions, and pledged shares with more magnitude, frequencies and maturity.

26 citations


Journal ArticleDOI
TL;DR: In this paper, the influence of political connections on corporate investments is examined and it is found that politically connected firms are associated with higher levels of corporate investments, and that corporate investments by politically-connected firms are twice the size of non-politically connected firms.

25 citations


Journal ArticleDOI
TL;DR: In this article, the authors investigate the impact of traditional quality signals (e.g., the founders' years of experience, prior industry experience, and networking signals) for digital startups seeking access to external finance.

Journal ArticleDOI
TL;DR: In this paper, the authors examined the impact of business diversification of banks on their risk, with efficiency taken into consideration as a conduit, using bank-level data from more than 1000 commercial banks in 39 emerging economies during the period of 2000-2016.

Journal ArticleDOI
TL;DR: The authors found that higher growth in SME lending is associated with greater banking system stability, as measured by greater distance to default, but only in emerging market economies (EMEs), where financial development tends to be lower and information asymmetries higher so that profitable projects may remain unfinanced.

Journal ArticleDOI
TL;DR: In this article, the authors examined the relationship between corporate cash holdings and promoter ownership for a sample of Indian non-financial firms and found that promoter ownership is negatively associated with cash holdings, thereby highlighting the role of large owners in preventing cash accretion.

Journal ArticleDOI
TL;DR: In this paper, the effects of societal trust on firm default risk in relation to two primary aspects are investigated. And they find that negative associations are weaker when firms exhibit greater transparency and in economies with stronger formal institutions.

Journal ArticleDOI
TL;DR: Li et al. as mentioned in this paper examined the effect of managerial professional connections and social attention on corporate social responsibility disclosure and found that firms with professional connections tend to be more conservative when choosing accounting policies to maintain their professional reputations.

Journal ArticleDOI
TL;DR: Wang et al. as discussed by the authors observed that firms more visited by analysts or institutional investors exhibit lower future stock price crash risk, which is more pronounced for firms facing more incentives for or fewer constraints on hiding bad news.

Journal ArticleDOI
TL;DR: In this paper, Fama and French (2015) recently proposed a five-factor model which adds investment and profitability terms to their seminal three factor model, and they test of variants of the models in Indonesia -a country previous researchers have characterized by an idiosyncratic financial reporting environment and low earnings quality.

Journal ArticleDOI
TL;DR: This article applied a recently developed time series predictability test that allows them to model data features including heteroskedasticity in forward premium and discover return predictability for 75% (12/16) of currencies in their sample.

Journal ArticleDOI
TL;DR: In this paper, the authors investigate the relation between the origins of private firms and their financing patterns and find that relative to ab initio (from the beginning) private firms, privatized former state-owned enterprises (SOEs) finance a higher proportion of their fixed assets from bank finance and supplier credit.

Journal ArticleDOI
TL;DR: In this paper, the authors apply copulas to investigate the dependence between benchmarks based on intraday prices and proxies based on daily data, and find the highest tail dependence coefficients for CQS and either the Percent Effective Spread or the Percent Quoted Spread.

Journal ArticleDOI
TL;DR: In this article, a measure of China's monetary policy uncertainty based on a Bayesian MCMC estimation procedure, investigates the economic impact of MPU, and outlines the impact channels Empirical findings suggest that MPU depresses China's economy via higher credit risk and lower economic growth.

Journal ArticleDOI
TL;DR: In this article, the authors compared and analyzed the differences in household asset allocation around the world based on the data of 23 developing and developed countries, such as China, the United States, 20 EU countries, and Australia, at the micro-level.

Journal ArticleDOI
TL;DR: This article found that ASEAN5 markets became more connected with G5 markets during global financial crisis, with stronger conditional correlations, a higher level of risk spillover-connectedness and intensive causal risk dependence.

Journal ArticleDOI
TL;DR: In this paper, the authors provided evidence of a nonlinear relationship between the number of shareholders and liquidity in the Malaysian stock market, and called for corporate managers to actively manage and expand their shareholder bases.

Journal ArticleDOI
TL;DR: The authors examined the effects of China's aid and its overseas direct investment (ODI) on economic growth in 47 African countries from 2003 to 2013 and found that China's ODI plays no major role in African countries' economic growth, and the relationship between aid and growth varies according to the different categories of aid, and its marginal contribution is nonlinear.

Journal ArticleDOI
TL;DR: In this article, the authors test the view that insider trading deters informativeness and, thereby, provide empirical evidence on the ramifications of insider trading legislation, particularly in an emerging market, that has hitherto received no research attention.

Journal ArticleDOI
TL;DR: In this article, the effect of family control on firm value and corporate decision during Thailand's constitutional change arising from the 2014 coup d'etat was examined and found that Thai family firms perform poorly when compared to non-family firms during the period of political uncertainty.

Journal ArticleDOI
TL;DR: In this article, the authors proposed a new methodology to evaluate the importance of fiscal risk to financial stability and developed a method to estimate the probability of non-compliance of public entities, which takes into account the strict legal framework that is mandatory for governments.

Journal ArticleDOI
TL;DR: Based on the cross-country data for 346 firms issuing dollar-denominated global sukuk and bonds, Wang et al. as mentioned in this paper found that firms that prefer Islamic debt over conventional debt are financially more unstable, and thus exposing to higher insolvency risk as compared to bond issuing firms.