Interconnectedness and systemic risk of China's financial institutions

We investigate the interconnectedness and systemic risk of China's financial institutions by constructing dynamic tail-event driven networks (TENETs) at 1% risk level based on weekly returns of 24 publicly-listed financial institutions from 2008 to 2016. Total connectedness reaches a peak when the system exhibits stress, especially during the recent period from mid-2014 to end-2016. Large commercial banks and insurers usually exhibit systemic importance, but some small firms are systemically important due to their high level of incoming (outgoing) connectedness. Our results provide useful information to regulators when they assess systemic risk of financial institutions and formulate macroprudential supervision policy.     

Globalisation,Institutional Reforms and Financial Development in East Asian Economies

This study investigates the dynamic effects of globalisation on institutions and financial development in East Asian economies using panel data tests. Our empirical results demonstrate that globalisation has a significant influence on institutional quality, and that institutional reforms in turn facilitate and support financial development, in particular the development of the banking sector in East Asia. Globalisation is also found to have a favourable direct impact on stock market development without passing through an institutional quality channel.     

After the global financial crash: Individual factors differentiating young adult consumers’ trust in banks and financial institutions

Our exploratory study aims to examine individual factors that may differentiate young adults’ trust in banks and financial institutions. We use a longitudinal data set compiled during two, timed surveys, before and after the collapse of the nation’s financial system. Participants (N=748) were classified into three groups distinguished according to their differing levels of trust. Findings based on ANOVA and three-group discriminant analyses indicate that several individual factors – self-reported well-being (overall well-being, financial well-being, subjective financial knowledge) and financial status (determined by parents’ socioeconomic status and total debt level) – significantly influence young adult consumers’ level of trust in banks and financial institutions.     

The impact of proximity within elite corporate networks on the Shariah governance-firm performance nexus: Evidence from the global Shariah elite

Research shows the importance of social networks in the generation of valuable firm resources through informational flows. We extend this conceptualization to Shariah governance and the global Shariah elite as embodied by the Shariah supervisory board. Utilizing a unique dataset of 140 Islamic financial institutions over 2011–2015, across 16 nations, we find that interlocking behavior amongst Shariah supervisory boards is time-invariant and network proximity has an inverted U-shaped curvilinear impact on the performance of Islamic financial institutions. Our findings extend the academic literature on SSB interlocking behavior by disentangling the impact of network proximity on the Shariah governance-firm performance nexus.     

Systemic risk network of Chinese financial institutions

The Chinese stock market crash in June 2015 has demonstrated necessary to improve understanding of systemic risk from the perspective of financial network. This study constructs a tail risk network to present overall systemic risk of Chinese financial institutions, given the macroeconomic and market externalities. Employing the Least Absolute Shrinkage and Selection Operator (LASSO) method of high-dimensional models, our results show that firm's idiosyncratic risk can be affected by its connectedness with other institutions. The risk spillover effect from other companies is the main driving factor of firm-specific risk, comparing with macroeconomic state, firm characteristics and historical price movement. The number of connections between institutions significantly increases during June 2014 to June 2016. Moreover, we utilize the Kolmogorov-Smirnov statistic to test significance of systemic risk beta based on tail risk and further rank the systemic risk contribution. Finally, we test the determinants of systemic risk contribution in a forward-looking way. Regulators could detect those firms that are most threatening to the stability of system.     

Building loyalty with online financial services customers: Is there a gender difference?

This study proposes a research model of the determinants of customer loyalty in an online financial services context. The study examines the online service quality dimensions that influence e-trust and e-satisfaction, which in turn influence e-loyalty. The research assesses also the moderator role of gender in e-loyalty development. Using data collected from 376 users of a click-and-brick financial institution in Canada, the study finds that: (1) e-loyalty is positively related to e-satisfaction and e-trust; (2) e-satisfaction and e-trust are positively associated to perceived website efficiency and information quality; (3) gender does not moderate relationships between online service quality, e-satisfaction, e-trust, and e-loyalty; (4) women report higher levels of online service quality, e-satisfaction, e-trust, and e-loyalty than men. The study emphasises the role of website efficiency and information quality in developing loyalty for online financial services providers. Indeed, it suggests that online financial institutions do not need to segment their online market based on gender.     

基于面板数据的长三角金融业集聚动态研究

打破传统二维的静态评价思路,从时间、空间和指标三个维度对金融集聚的影响因素和发展趋势进行分析,将动态分析与静态分析相结合,对长三角地区15个城市的金融集聚度作了综合评价,系统考察了金融服务业集聚的动态演进过程及其特点,由此指出长三角地区金融聚集存在的问题,并提出相应的政策建议。     

财务杠杆原理及效应分析

财务杠杆原理是由于企业存在固定营业成本而产生的 ,财务杠杆会产生财务风险 ,即由于举债筹资而产生的应由普通股股东承担的风险。通过对财务杠杆原理的分析及其对企业产生的影响 ,并建立了财务杠杆的数学模型 ,即静态分析和动态分析 ,帮助企业找到适当负债比率 ,避免财务风险的产生。     

Friend or foe: The divergent effects of FinTech on financial stability

Whether FinTech causes the fragility of financial institutions is a controversial issue. Using a panel sample of listed banks from 84 countries, we exploit the introduction of FinTech regulatory sandboxes as an exogenous shock and examine the heterogeneous effect of FinTech on the fragility of financial institutions. We find that (i) a shock to FinTech innovations has no net effect on the fragility of financial institutions when we ignore market characteristics, (ii) promoting FinTech decreases (increases) the fragility of financial institutions in emerging (developed) financial markets, and (iii) FinTech affects the fragility of financial institutions through the channel of profitability.     

Adoption of Online Social Networks to Communicate with Financial Institutions

Spain's financial sector is not in a healthy state, and the problems that some financial institutions currently face perpetuate the widespread perception of risk across the entire sector. Moreover, the online social networks (OSN) that emerged a decade ago are suddenly at the very heart of digital society. In this study we develop a predictive model to determine that the motivational factors that influence Spanish users' intention to use OSN to communicate with financial institutions are quality management, availability of information, external conditions, trust, perceived compatibility, perceived usefulness, attitude, and intention. Data were collected from 335 Spanish OSN users through an online survey. The results suggest that quality management has a highly significant and positive effect on perceived usefulness and that perceived usefulness has a positive and significant effect on the intention to use social networks to communicate with financial institutions.     

金融机构的内在脆弱性分析

本文认为,信息不对称所导致的储户信心以及金融机构资产选择中的内在问题使得金融中介机构具有内在脆弱性或不稳定性,从而使得金融风险不断产生和积累,并最终可能引发金融危机。增强金融机构的稳定性是金融监管的核心,而通过监管增强金融机构的稳定性,可从五个方面入手,即建立金融机构经营的安全网,尽量减少道德困境,加强金融监管以限制银行承担过度的风险,强化信息披露标准以增强金融机构经营的透明性以及开展金融监管的国际性合作。     

Trade openness and financial development in sub-Saharan Africa: The role of institutional structures

This article examines the role of institutional structures in the relationship between trade openness and financial development in sub-Saharan economies. The study is based on empirical data from sampled sub-Saharan African countries for a period of 1996–2017. The system generalized method of moment was employed to estimate the models. The findings suggest that, even though trade openness has a positive significant influence on the level of financial development in sub-Saharan African economies, this relationship is enhanced through the presence of good institutions in these economies. Thus, for these economies to realize the full benefit of the effect of trade openness on financial development, they need to strengthen their institutions.     

论我国金融监管机构自体问责制度的完善

金融监管机构的自体问责是问责制度的重要组成部分,与外部的异体问责成互补关系。金融监管机构的自体问责若采用最高监管权力层内部各部门间互为问责的形式,可以克服“问责人与责任人合为一体”的缺陷,而这必须以良好的内部治理结构为基础。本文分析了十多个国家的金融监管机构的治理结构与自体问责制度,并据此对我国金融监管机构自体问责的完善提出建议。     

Interactive Effects of Network Capability,ICT Capability,and Financial Slack on Technology‐Based Small Firm Innovation Performance

This study examines the influence of network capability (the ability to use external relationships), information and communications technology (ICT) capability (the ability to strategically use ICT for business purposes), and financial slack (unused and uncommitted financial resources) on the innovation performance of small firms. This extends the current resource‐based view and small firm innovation management literatures by proposing the direct and interactive effects of organizational capabilities and financial slack. The results of regression analysis based on survey data from technology‐based Swedish small firms show that the three‐way interaction involving network capability, ICT capability, and financial slack influences innovation performance.     

基于人力资本投资效应的劳动力市场制度安排

劳动力市场的发展与完善具有促进人力资本投资的功能,由于人力资本投资供求主体的复杂性,导致多方利益谈判的结果即相关劳动力市场制度安排易于混乱。本文通过对教育投资、一般培训与特殊培训的实证分析,探讨影响我国人力资本投资的因素,归纳基于因素的劳动力市场制度安排,从人力资本投资的单一效应出发衡量相关的劳动力市场制度安排,提出相应的改进对策,对在金融危机与知识失业背景下提升人力资本投资效率有一定的意义。     

Organizational Isomorphism and Corruption in Financial Institutions: Empirical Research in Emerging Countries

The globalizations of capital markets in the last 20 years has led to a historic degree of financial integration in the world. It is clear, however, that globalization is not conducive to a complete homogeneity of financial markets and institutions. Among others, one element of diversity is the importance of the impact of corruption in emerging countries. Corruption decreases the credibility of financial institutions and markets. Scandals and unethical behavior in financial institutions erode confidence in such firms. Relying on neoinstitutional literature, this article focuses on the link between corruption and organizational isomorphism in financial institutions in emerging countries. Therefore, our aim is to examine the institutional reasons for corruption in financial institutions in emerging countries. Our structural equation model is based on empirical research in financial institutions in emerging countries. A questionnaire was administrated to 70 top executives of financial institutions in 18 different emerging countries.     

Makroprudenzielle Politik

The aim of macroprudential policy is to oversee financial stability and to safeguard the stability of the financial system. Systemic risk arises if distressed financial institutions put the stability of the entire financial system at risk, thus impairing its functioning and the provisioning of services to the real economy, with negative implications for economic growth. Macroprudential policy aims at increasing the overall resilience of the financial system by monitoring the allocation of risk in the financial system and by preventing the build-up of excessive risks. In the aftermath of the crisis, new institutions were established and macroprudential instruments were created. Responsibility for macroprudential policy is located mostly at the national level. Due to its international dimension it is embedded into a network of international institutions     

Enabling inclusion through alternative discursive formations: the regional development of community development loan funds in the United Kingdom

This article explores the growth and geography of Community Development Loan Funds (CDLFs) in the UK. CDLFs usually operate locally to overcome financial exclusion by providing a mechanism that enables wider social inclusion in disadvantaged areas. The article uses two cases studies of CDLFs to show how these alternative financial institutions balance the tension between profitability versus social objectives. CDLFs are ‘alternative’ financial institutions as their business model is based on alternative discursive formations of profitability related to value. Combining these variables produces a complex uneven regional geography of access; complex as local CDLF availability may still imply that organizations experience financial exclusion.     

Contextual effects on the objectives that financial institutions pursue through range pruning: Evidence from the UK

The paper set out to explore (a) the extent to which alternative objectives (identified previously through qualitative research) guide financial institutions’ decisions to prune their range and (b) if the above extent varies in relation to a set of company and environmental factors. Data were collected by means of a mail survey to a stratified random sample of 112 UK financial institutions. The findings are summarized under two headings. First, the objective namely to improve financial indicators achieved the highest rating, followed by the objectives namely to keep the range to an up-to-date condition and to concentrate resources on corporate effectiveness. Second, the extent to which the different objectives guide financial institutions’ range pruning decisions is contingent on organizational idiosyncrasies and on conditions of the external environment. The paper discusses practical and research implications and highlights fruitful directions for future inquiry.     

The British corporate network, 1904–1976: Revisiting the finance–industry relationship

The relationship between finance and industry in Britain has received substantial attention, largely focusing on the role played by clearing banks as lenders to industry. This article, through the use of a unique dataset detailing the composition of the British corporate network, aims to investigate the corporate connectivity of industry to banks but also, importantly, highlight the increasing presence of financial institutions other than banks in British business. Additionally, the position of these financial institutions within the network reflects the changes in patterns of ownership of British business through this period as institutional investors’ share of British companies increased. This changing position is further articulated by an analysis of network density over the period, providing critical insights into wider patterns in British business between 1904 and 1976.