卷 16, 编号 3 (2022)
- 年: 2022
- 文章: 8
- URL: https://bakhtiniada.ru/2073-0438/issue/view/19993
- DOI: https://doi.org/10.17323/j.jcfr.2073-0438.16.3.2022
完整期次
New Research
The Impact of ESG Controversies on Bank Value and Risk-Taking
摘要
ESG performance is one of the most important non-financial factors investors pay attention to when valuing a bank. Previous studies, devoted to bank ESG performance, rely solely on ESG ratings. The contribution of this paper to the existing literature is investigation of a new measure of ESG performance – ESG controversies. ESG controversies are covered in the media negative news that reflect a bank failure in ESG performance. The goal of this paper is to investigate the influence of negative ESG news on market value and stability of companies in a banking sector.
A cross-country sample of 134 banks and data on 1,200 controversies from 2016 to 2020 are used in this study. Our results provide evidence that ESG controversies negatively affect bank value and have no impact on its stability. However, the effect on share prices is not unified: it is stronger for banks that are in the scope of investor attention, and this relation is observed for developed markets with high freedom of press exclusively. Moreover, investors take into consideration the reason of ESG controversy occurrence. They react strongly to negative ESG news, related to community and workforce.
5-29
The Impact of the EU Carbon Border Adjustment Mechanism on Russian Exporters
摘要
The European Union’s commitment to achieve carbon neutrality by 2050 led EU states to develop a new legal stimulus mechanism allowing to reduce greenhouse gas emissions: the ‘Carbon Border Adjustment Mechanism’ (‘CBAM’). First introduced in July 2021, the CBAM anticipates an imposition of a special carbon import duty on companies that import certain goods and materials into the EU, with the amount of such duty calculated based on the amount of GHG emissions emitted into the atmosphere in relation to such products.
CBAM constitutes a part of today’s environmental agenda of the EU, but it obviously places additional financial burden on the shoulders of exporters, including those from Russia, for many of whom the EU has been a strategic market for a long period of time.
This article provides a summary of findings made as a result of research of available publications that addresses a potential impact of CBAM on the value and financial metrics of those Russian exporters. The authors aim to demonstrate the results of calculations of the additional burden placed on the exporters which arise from CBAM through an analysis of the structure of the export, identification of the economic sectors most affected by CBAM, calculation of a carbon export duty to be potentially paid at the border of the Eurasian Economic Union, as well as calculation of required government support for the exporters.
This article further evaluates the impact of CBAM while factoring in amendments that were still not covered in comprehensive research papers at the time of publication of the particular research analysed herein. Additionally, a detailed analysis of goods exported to the EU and impacted by CBAM is conducted for the first time, including a list of significant commodity nomenclature codes which are stipulated in the relevant legislation. Finally, recommendations on potential reactions to the impositions of CBAM and their effects on the future growth of the Russian economy are also provided.
In December 2021, the European Commission proposed a set of stringent amendments to the CBAM draft legislation, expanding the list of goods affected, broadening the emissions scope and accelerating the timeline for implementation of the CBAM. In June 2022 the European Commission agreed to compromise on less-stringent wording which goes outside the scope of this article. The details of proposed amendments assessed in this article thus represent the stricter version of language considered during the review process of the European Commission.
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How News Reports and ESG Publication Financially Affect Firms
摘要
ESG has become a growing and integral part of company activities. Not only is it something investors now take into consideration when choosing stocks, but the question of a firm’s Environmental, Social and Governance awareness and actions has integrated itself into something as critical as some banks’ decisions to provide loans to a firm. While ESG used to be
just a “nice-to-have,” there is no denying that it is now a must-have for any company that wants to be a global market leader.
Many prior studies have focused on ESG ratings, the types of ESG information disclosed in annual reports and the effect of financial news on firms. The aim of this research is to take a deeper look at the effect of ESG on firms and find out whether different news feed and news publications concerning a company’s ESG activities and circumstances affect its value? Our research shows that there is a weakly significant effect of negative ESG-related news on firms in the window (–1, +1) and no significant reaction to positive news. This means that investors do not statistically significantly react to positive ESG news about firms. We examined 65 publicly traded companies from 7 different markets worldwide over the course of 13 years (from 2009 to 2021). We collected a total of 458 separate news articles from the S&P Global Market Intelligence platform –and classified them into positive and negative depending on the news. We ran OLS regressions of the data points together with financial control variables on a company’s CAR in a 5-, 3- and 2-day interval to check for the effect. No significant effect was reported.
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Corporate Financial Analytics
The Efficiency of Environmental Project Financing with Green Bonds in the Energy Sector: Evidence from EU Countries
摘要
This paper investigates whether the issue of green bonds by energy companies allows lowering the cost of funding for their environmental projects. We use empirical data on green bond placement in the energy sector and comparable conventional bond yield curves to prove the existence of the green bond yield discount. The sample includes 37 plain vanilla green bond issues and comparable yield curves of EU energy companies for 2017–2020 with total volume EUR 25 bn. We demonstrate that green bonds have a 4.7 bps lower average yield compared to conventional bonds. This green bond discount is statistically significant at a 5% level and does not depend on issue size or debut status of the issue. We draw three main conclusions: (1) energy companies may lower cost of funding by issuing green bonds, making environmental projects more economically attractive, (2) the green bond discount is present for both inaugural and subsequent green bond issues, which makes it reasonable to finance all environmental projects with green bonds, (3) the green bond discount does not depend on the issue size, which makes green bonds an appropriate choice for financing capital-intensive projects.
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Prospects of Ecosystems Development in the Russian Consumer Market
摘要
The present paper studies the extent of infiltration of companies considered to be ecosystems into consumer spending pattern of the Russian population. For this purpose we offered a method of ecosystem market share evaluation on the basis of publicly available data of companies and official statistics. We proposed a criterion for dividing ecosystems into advanced
and emerging ones. To that end we calculated the index assessing the share infiltration of ecosystems into the consumer market in 2018–2021. Dynamics of implementation of ecosystems in the consumer sector of the Russian Federation is positive but rather low which is indicative of prospects of development.
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The Impact of Ownership Structure on Dividend Pay-out: Evidence from Listed Companies in the Property Sector in Malaysia
摘要
This study investigates the relationship between the ownership structure and the dividend payout for listed firms in the property sector in Malaysia. By examining the correlations between different forms of ownership and the proportions of shareholdings held by a variety of ownership categories, this will help to provide a better picture about how the ownership structure of the companies actually affects the dividend decisions of companies.
46 listed companies from the Malaysian property sector are selected as the sample for this study, between the years 2011 and 2016. This study uses the random effect regression model to express the relationship between the ownership structure and the level of dividend payout for the relevant sample. The dependent variable is the dividend payout amount, and the independent variables include ownership concentration, institutional ownership, managerial ownership, and foreign ownership. Meanwhile, the control variables are firm size and firm leverage. Agency theory, signaling theory, Bird-in-the-Hand theory, and clientele effect theory, are used in this study. Our results show that ownership concentration and institutional ownership have a positive and significant relationship with dividend payout in Malaysia. By contrast, managerial ownership and foreign ownership revealed an insignificant
relationship with the dividend payout. This study may be useful to both academics and professionals in the property and investment segments of developed and developing economies, and concludes with recommendations on potential for future legal and regulatory implications of the findings.
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Determinants of Successful Crowdfunding Campaigns: Evidence from Russian Crowdfunding Platform Boomstarter
摘要
According to practice, about half of the projects on crowdfunding sites (based on rewards) do not collect the declared amount of funding. This is largely due to the lack of experience in running crowdfunding campaigns and ignoring important factors that are important to take into account when managing crowdfunding campaigns. Many foreign publications have studied the nature of the influence of various determinants on the success of fundraising on crowdfunding platforms, in particular, on Kickstarter, Indiegogo, Ulule, Eppela and others. As for research on Russian crowdfunding platforms, there is an extremely small number of such studies. Based on the construction of OLS regressions for 300 projects from July 2020 to May 2022 by the end date of the project from the Russian crowdfunding platform Boomstarter, we firstly obtained that such determinants as choosing a reasonable financial goal of the project, the number of sponsors, the number
of project comments and the availability of video materials about the project have a positive impact on the success of the crowd campaign. In addition, we have developed a model based on logit regression testing, which has a high predictive power. This model can be used to predict the results of a crowd campaign with given parameters.
In further research in this area, it is possible to increase the number of observations, change the set of factors that potentially affect the success of a project’s fundraising on crowdfunding platforms, and also consider the influence of factors depending on the category of the project. A promising area of research is the analysis of social interactions between investors in the framework of crowdfunding campaigns and the identification of the nature of the dependence of the volume of collected financial resources throughout the entire project financing cycle in the Russian market.
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Reviews
Performance of Green Bonds in Emerging Capital Markets: An Analysis of Academic Contributions
摘要
The ongoing experience of the global transition from fossil fuel-based economies to renewable-fuel-based economies shows that sustainable finance is an important step that enables this transformation in developed and emerging capital markets. As such, understanding the performance drivers of green bonds becomes important for development of new corporate models based on sustainability goals.
Our research presents a systematic literature review on financial and non-financial drivers of performance of green bonds in the emerging capital markets. Using a unique hybrid technique for textual analysis of articles published between 2010 and 2022, we propose to identify the main research clusters (renewable energies, investments, climate change and sustainable development, green bonds, and green finance) and the most representative emerging capital markets to consider in terms of assessing new trends.
Future research directions may be devised based on the trends of the keywords which are created herein using information extracted from the ‘Scopus’ application, processed with ‘VOSviewer’, and structured using ‘Online Analytical Processing’ (OLAP) principles with the help of ‘Visual Basic for Applications’ (VBA) programming through spreadsheets.
Our results demonstrate that non-financial performance factors are more influential in emerging capital markets because of the early stage of development of green bonds issuance, and because of the reduced regulatory framework regarding green financing.
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