This paper examines the consequences of exits from political unions or the split of countries on dividend policy decision,taking the Ethiopian split as a practical case,considered as a major factor in the increase of ...This paper examines the consequences of exits from political unions or the split of countries on dividend policy decision,taking the Ethiopian split as a practical case,considered as a major factor in the increase of political tension with Eritrea especially after the secession,that led to the increase in successive political conflicts and dispute over the past years till now.This paper studies the impacts of political conflicts that have been companied with split to this day especially during the period between 2010 and 2019,using a database of six companies from different sectors,from Ethiopia.The results show that the political conflicts such as split have a direct impact on the dividend policy.展开更多
This paper examines the consequences of exits from political unions and the split of countries on capital structure decision especially the leverage,taking Sudan split(2011)as a practical case.Where the split between ...This paper examines the consequences of exits from political unions and the split of countries on capital structure decision especially the leverage,taking Sudan split(2011)as a practical case.Where the split between the two countries presents a challenge to companies in Sudan,especially they have not faced such a situation before in their businesses.This paper studies the impacts of the split on the capital structure during the period before and after the split,between 2008 and 2015,using a database of five different companies from different sectors,from Sudan.A regression model was adopted to study the impact of the split on the variables in order to analyze the variation in the ratios before and after the split.The results show that the political decisions such as split have a lot of consequences on the capital structure.展开更多
The fact that industrial and commercial taxation in the Song dynasty greatly exceeded agricultural taxation was unprecedented in previous dynasties.This is mainly explained by the Song government’s financial and econ...The fact that industrial and commercial taxation in the Song dynasty greatly exceeded agricultural taxation was unprecedented in previous dynasties.This is mainly explained by the Song government’s financial and economic policy which was dominated by industrial and commercial taxation,made good use of the laws and characteristics of market relations and the commodity economy in business operations,actively stimulated consumption and was clearly utilitarian.Under this policy,the rulers,in pursuit of huge profits,used state power and mobilized various resources to implement a monopolies system and a commercial tax system,which,in turn,helped develop the commodity money economy,expanded the scale of market exchange and promoted the high degree of development of the commodity economy of the time.The financial and economic policy of the Song dynasty showed the unique advantages of the imperial state’s intervention in the economy.It was this that distinguished the Song dynasty from other dynasties in terms of the prosperity of the commodity and monetary economy.展开更多
Climate financing is a key issue in current negotiations on climate protection. This study establishes a climate financing model based on a mechanism in which donor countries set up funds for climate financing and rec...Climate financing is a key issue in current negotiations on climate protection. This study establishes a climate financing model based on a mechanism in which donor countries set up funds for climate financing and recipient countries use the funds exclusively for carbon emission reduction. The burden-sharing principles are based on GDP, historical emissions, and consumption- based emissions. Using this model, we develop and analyze a series of scenario simulations, including a financing program negotiated at the Cancun Climate Change Conference (2010) and several subsequent programs. Results show that sustained climate financing can help to combat global climate change. However, the Cancun Agreements are projected to result in a reduction of only 0.0I^C in global warming by 2100 compared to the scenario without climate financing. Longer-term climate financing programs should be established to achieve more significant benefits. Our model and simulations also show that climate financing has economic benefits for develop- ing countries. Developed countries will suffer a slight GDP loss in the early stages of climate financing, but the long- term economic growth and the eventual benefits of climate mitigation will compensate for this slight loss. Different burden-sharing principles have very similar effects on global temperature change and economic growth of recipient countries, but they do result in differences in GDP changes for Japan and the FSU. The GDP-based principle results in a larger share of financial burden for Japan, while the historical emissions-based principle results in a larger share of financial burden for the FSU. A larger burden share leads to a greater GDP loss.展开更多
This study observes and explores a puzzle in Chinese firms whereby both cash holdings and short-term debt simultaneously account for more than 20% of total assets for at least two consecutive years over the sample per...This study observes and explores a puzzle in Chinese firms whereby both cash holdings and short-term debt simultaneously account for more than 20% of total assets for at least two consecutive years over the sample period. This phenomenon conflicts with the principle of corporate value maximization, and is not clearly explained by the classical theories in corporate finance. Based on the implications in the extant literature and discussions of institutional constraints of the transition economy in China, this paper develops four hypotheses that are involved with agency conflicts between the largest shareholders and creditors and the formation of this puzzling financial structure. The empirical analyses suggest that the largest shareholders with tunneling motives seek to hold more cash to serve their private interests and/or the consequent operational deficit of the listed corporations. To the ends, these corporations tend to manage the timing of short term debt financing to increase cash reserves temporarily at the end of year. Essentially, greater cash holdings on the balance sheet of these corporations related with the puzzle become a misleading signal for potential creditors, possibly contributing to the refinancing of short-term debt of these listed firms for the following year. Hence, the puzzling financial structure is connected with the timing of debt financing and adverse selection of creditors. This study enriches the stream of literature on cash holdings and debt maturity, and provides new evidence on the impact of agency problems of the largest shareholders on the association between cash holdings and debt maturity in the context of a transition economy.展开更多
文摘This paper examines the consequences of exits from political unions or the split of countries on dividend policy decision,taking the Ethiopian split as a practical case,considered as a major factor in the increase of political tension with Eritrea especially after the secession,that led to the increase in successive political conflicts and dispute over the past years till now.This paper studies the impacts of political conflicts that have been companied with split to this day especially during the period between 2010 and 2019,using a database of six companies from different sectors,from Ethiopia.The results show that the political conflicts such as split have a direct impact on the dividend policy.
文摘This paper examines the consequences of exits from political unions and the split of countries on capital structure decision especially the leverage,taking Sudan split(2011)as a practical case.Where the split between the two countries presents a challenge to companies in Sudan,especially they have not faced such a situation before in their businesses.This paper studies the impacts of the split on the capital structure during the period before and after the split,between 2008 and 2015,using a database of five different companies from different sectors,from Sudan.A regression model was adopted to study the impact of the split on the variables in order to analyze the variation in the ratios before and after the split.The results show that the political decisions such as split have a lot of consequences on the capital structure.
文摘The fact that industrial and commercial taxation in the Song dynasty greatly exceeded agricultural taxation was unprecedented in previous dynasties.This is mainly explained by the Song government’s financial and economic policy which was dominated by industrial and commercial taxation,made good use of the laws and characteristics of market relations and the commodity economy in business operations,actively stimulated consumption and was clearly utilitarian.Under this policy,the rulers,in pursuit of huge profits,used state power and mobilized various resources to implement a monopolies system and a commercial tax system,which,in turn,helped develop the commodity money economy,expanded the scale of market exchange and promoted the high degree of development of the commodity economy of the time.The financial and economic policy of the Song dynasty showed the unique advantages of the imperial state’s intervention in the economy.It was this that distinguished the Song dynasty from other dynasties in terms of the prosperity of the commodity and monetary economy.
基金This work was supported by the National Basic Research Program of China (No. 2012CB955800), the National Social Science Foundation of China (Grant No. 14CGJ025) and the CAS Strategic Priority Research Program (Grant No. XDA05150900).
文摘Climate financing is a key issue in current negotiations on climate protection. This study establishes a climate financing model based on a mechanism in which donor countries set up funds for climate financing and recipient countries use the funds exclusively for carbon emission reduction. The burden-sharing principles are based on GDP, historical emissions, and consumption- based emissions. Using this model, we develop and analyze a series of scenario simulations, including a financing program negotiated at the Cancun Climate Change Conference (2010) and several subsequent programs. Results show that sustained climate financing can help to combat global climate change. However, the Cancun Agreements are projected to result in a reduction of only 0.0I^C in global warming by 2100 compared to the scenario without climate financing. Longer-term climate financing programs should be established to achieve more significant benefits. Our model and simulations also show that climate financing has economic benefits for develop- ing countries. Developed countries will suffer a slight GDP loss in the early stages of climate financing, but the long- term economic growth and the eventual benefits of climate mitigation will compensate for this slight loss. Different burden-sharing principles have very similar effects on global temperature change and economic growth of recipient countries, but they do result in differences in GDP changes for Japan and the FSU. The GDP-based principle results in a larger share of financial burden for Japan, while the historical emissions-based principle results in a larger share of financial burden for the FSU. A larger burden share leads to a greater GDP loss.
基金The research is supported by the National Natural Science Foundation of China (Grant no. 71172181 and 71302155), and the Beijing Higher Education Young Elite Teacher Project.
文摘This study observes and explores a puzzle in Chinese firms whereby both cash holdings and short-term debt simultaneously account for more than 20% of total assets for at least two consecutive years over the sample period. This phenomenon conflicts with the principle of corporate value maximization, and is not clearly explained by the classical theories in corporate finance. Based on the implications in the extant literature and discussions of institutional constraints of the transition economy in China, this paper develops four hypotheses that are involved with agency conflicts between the largest shareholders and creditors and the formation of this puzzling financial structure. The empirical analyses suggest that the largest shareholders with tunneling motives seek to hold more cash to serve their private interests and/or the consequent operational deficit of the listed corporations. To the ends, these corporations tend to manage the timing of short term debt financing to increase cash reserves temporarily at the end of year. Essentially, greater cash holdings on the balance sheet of these corporations related with the puzzle become a misleading signal for potential creditors, possibly contributing to the refinancing of short-term debt of these listed firms for the following year. Hence, the puzzling financial structure is connected with the timing of debt financing and adverse selection of creditors. This study enriches the stream of literature on cash holdings and debt maturity, and provides new evidence on the impact of agency problems of the largest shareholders on the association between cash holdings and debt maturity in the context of a transition economy.