Does geopolitical risk uncertainty strengthen or depress cash holdings of oil enterprises? Evidence from China

Wang, Kai-Hua; Xiong, Deping; Mirza, Nawazish; Shao, Xue-Feng; Yue, Xiao‐Guang

doi:10.1016/j.pacfin.2021.101516

Cited by 66 publications

(21 citation statements)

References 59 publications

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“…China's economy has maintained a relatively stable and rapid growth especially before 2012 (70), but since then, a significant decline trend can be detected in GDP series. The slowdown in economic growth has led to the implementation of supply-side structural reforms in 2016 (71), which has strengthened the vitality of the whole society and promoted rapid economic development in 2017 (72). However, there is a slight rise in IDM; we can explain it from the perspective of the foreign infectious diseases.…”

Section: Datamentioning

confidence: 96%

How Do Economic Fluctuations Affect the Mortality of Infectious Diseases?

Sun

Tao

et al. 2021

Front. Public Health

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This paper uses the mixed frequency vector autoregression model to explore the impact of economic fluctuations on infectious diseases mortality (IDM) from China perspective. We find that quarterly gross domestic product (GDP) fluctuations have a negative impact on the annual IDM, indicating that the mortality of infectious diseases varies counter-cyclically with the business cycle in China. Specifically, IDM usually increases with deterioration in economic conditions, and vice versa. The empirical results are consistent with the hypothesis I derived from the theoretical analysis, which highlights that economic fluctuations can negatively affect the mortality of infectious diseases. The findings can offer revelations for the government to consider the role of economic conditions in controlling the epidemic of infectious diseases. Policymakers should adopt appropriate and effective strategies to mitigate the potential negative effects of macroeconomic downturns on the mortality of infectious diseases. In the context of the COVID-19 pandemic, these analyses further emphasize the importance of promoting economic growth, increasing public health expenditure, and preventing and controlling foreign infectious diseases.

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Section: Datamentioning

confidence: 96%

How Do Economic Fluctuations Affect the Mortality of Infectious Diseases?

Sun

Tao

et al. 2021

Front. Public Health

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“…The social context and institutional environment of China could be a productive environment in which to proceed with an empirical exploration of fear of failure. China has a long history of economic isolation before Chairman Deng Xiaoping implemented the “China’s policy of opening up to foreign business” (also called “open-door” policy) in 1978 ( Wei, 1995 ), geopolitical risk uncertainty in China ( Wang et al, 2021 ) and it lacks an export culture ( Alon et al, 2013 ). Although China currently is a major player internationally, its success is attributed to state-owned enterprises’ FDI ( Tang, 2019 ) while indigenous firms seem to lag behind due to poor decisions and “rushing in” to internationalise ( Naudé, 2009 ).…”

Section: Implication For Future Researchmentioning

confidence: 99%

Emotion and International Business: Theorising Fear of Failure in the Internationalisation

Dong

2022

Front. Psychol.

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The road to internationalisation is paved with risk, uncertainty, the possibility of failure, and the Coronavirus Disease-19 (COVID-19) phenomenon. However, the process of internationalisation (IP) theory treats an individual decision-maker as a “black box.” Emotions are largely ignored by international business (IB) researchers. This study offers conceptual thoughts on the role of fear of failure in the process of internationalisation. It argues that managers experience this emotion in making internationalisation decisions for a firm, which is an area of study that requires further understanding. Following the content analysis method in the literature review and a theory-based adaptation approach to complete the conceptualisation, this manuscript joins the scholarly conversations on “connecting the IP model to people” and “emotion and internationalisation.” Focussing on fear of failure as a new perspective, this manuscript contributes to IB literature by suggesting new avenues in understanding decision-making about international activities by embracing psychological insights. It also contributes to IB practitioners by offering implications for understanding one’s emotional state and its effect on decision-making about internationalising ventures.

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“…The analyses of cash holdings of firms, more specifically the factors determining the cash holdings, have garnered sound focus in the empirical financial literature. At the global level, prior works concerning determinants of cash holdings have emphasized many facets like firms' financial constraints (Gautam et al, 2014;Denis and Sibilkov, 2009;Almeida et al, 2004),corporate governance (Chauhan et al, 2018), financial crisis (Bliss et al, 2015;Al-Najjar, 2013;Song and Lee, 2012;Campello et al, 2011;Atif et al, 2019;Cambrea et al, 2021), ownership structure (Gupta and Bedi, 2020;Moin et al, 2020;Locorotondo et al, 2014;Matta et al, 2022;Anand et al, 2012;Paskelian and Nguyen, 2010;Bhat and Bachhawat, 2005;Deloof, 2001), firm diversification (Subramaniam et al, 2011;Duchin, 2010;Tong, 2011), stock liquidity (Nyborg & Wang, 2021), capital structure (Guney et al, 2007), macro-level factors (Wang et al, 2014: Stone et al, 2018Chang and Tang, 2021), geopolitical risk (Wang et al, 2021;Kotcharin and Maneenop, 2020;Demir et al, 2019), etc from the viewpoint of the firm in general. In the Indian context, very few studies such as Maheshwari and Rao (2017), Chauhan et al (2018), Paskelian and Nguyen (2010), Anand et al (2012), Bhat and Bachhawat (2005), Saluja and Drolia (2015),…”

Section: Review Of Literaturementioning

confidence: 99%

Influence of Firm Characteristics on Cash Holdings: Evidence from Indian Iron & Steel Industry

Sethi¹,

Swain²,

Dash³

2022

OJC

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Cash holding is an important area of recent debate in corporate finance due to its growing significance in the changing corporate settings. Further, the varying significance of cash holdings across industries is also adding another dynamic to corporate finance literature. Under these backdrops, this paper investigates the influence of firm characteristics on cash holdings in Indian Iron & Steel industry over 2007 -2019. To mitigate the potential endogeneity problem in the data, the study uses dynamic panel regression i.e., Generalized Method of Moments (GMM). The regression result documents that firm characteristics viz cash flow, dividend, assets tangibility, and profitability positively influence the cash holdings while firm size, leverage, net working capital, and R&D expenditure negatively influence cash holdings. However, the influence of growth opportunities is insignificant. Further, the study reveals that leverage, cash flow, and R&D expenditure are the prominent firm characteristics influencing cash holdings in the Iron & Steel industry. This paper adds to the present literature concerning cash holdings by tracing out the firm-level factors affecting cash holdings in the Iron & Steel industry.

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Does geopolitical risk uncertainty strengthen or depress cash holdings of oil enterprises? Evidence from China

Cited by 66 publications

References 59 publications

How Do Economic Fluctuations Affect the Mortality of Infectious Diseases?

How Do Economic Fluctuations Affect the Mortality of Infectious Diseases?

Emotion and International Business: Theorising Fear of Failure in the Internationalisation

Influence of Firm Characteristics on Cash Holdings: Evidence from Indian Iron & Steel Industry

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