This paper aims to instigate the implementation of Article 68 of the Islamic Banking Act, which obliges Islamic divisions to be separated from their parent banks. This study attempted to reveal a ...legal solution so that the obligations can be turned into a corporate action. The argument presented by a critical review approach based on a literature review using secondary data. The solution still considers spin-offs a necessity, not a mandate. It is supposed to be considered a corporate action that its implemented based on readiness so the article needs to be amended. This paper proposes changes to the article on spin-offs for the development of Islamic Banking in Indonesia with practical benefits. Alternative changes can be completed in three ways: first, by issuing Financial Services Authority Regulation (FSAR), which makes the spin-off a corporate action. This method is unconstitutional because FSAR is structurally under the Constitution. The second alternative is done by submitting a judicial review of Article 68 to the Constitutional Court. Finally, the third is by enacting the omnibus law of Islamic economics. Those three options have both advantages and disadvantages. Thus, it is necessary to further find out which solution is most prospective for advancing Islamic banking.Artikel ini bertujuan untuk mendorong penerapan Pasal 68 Undang-Undang Perbankan Syariah yang mewajibkan divisi syariah dipisahkan dari bank induknya. Kajian ini mencoba mengungkap solusi hukum agar kewajiban tersebut dapat berubah menjadi aksi korporasi. Argumen yang disajikan menggunakan pendekatan Solusinya tetap menganggap spin off sebagai kebutuhan, bukan sebagai mandat. Hal ini seharusnya dianggap sebagai corporate action yang pelaksanaannya berdasarkan kesiapan sehingga pasal tersebut perlu diubah. Makalah ini mengusulkan perubahan pasal spin-off untuk perkembangan perbankan syariah di Indonesia dengan manfaat praktis. Alternatif perubahan bisa dilakukan dengan tiga cara, pertama dengan menerbitkan Peraturan Otoritas Jasa Keuangan (POJK) yang menjadikan spin off sebagai corporate action. Cara ini inkonstitusional karena POJK secara struktural berada di bawah konstitusi. Alternatif kedua dilakukan dengan mengajukan uji materi pasal 68 ke Mahkamah Konstitusi. Terakhir, yang ketiga adalah dengan pengundangan omnibus law ekonomi syariah. Ketiga pilihan tersebut memiliki kelebihan dan kekurangan. Untuk itu perlu dikaji lebih lanjut solusi mana yang paling prospektif untuk memajukan perbankan syariah.
Fiscal Volatility Shocks and Economic Activity Fernández-Villaverde, Jesús; Guerrón-Quintana, Pablo; Kuester, Keith ...
The American economic review,
11/2015, Volume:
105, Issue:
11
Journal Article
Peer reviewed
Open access
We study how unexpected changes in uncertainty about fiscal policy affect economic activity. First, we estimate tax and spending processes for the United States with time-varying volatility to ...uncover evidence of time-varying volatility. Second, we estimate a VAR for the US economy using the time-varying volatility found in the previous step. Third, we feed the tax and spending processes into an otherwise standard New Keynesian model. Both in the VAR and in the model, we find that unexpected changes in fiscal volatility shocks can have a sizable adverse effect on economic activity. An endogenous increase in markups is a key mechanism.
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This paper provides a modern overview of corporate governance in China and in doing so highlights many corporate governance features and issues that are, for the most part, unique to China. We also ...describe how papers in this special issue advance our understanding of corporate governance in China and in general.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK
44.
Who is financing corporate green innovation? Xiang, Xiaojian; Liu, Chuanjiang; Yang, Mian
International review of economics & finance,
March 2022, 2022-03-00, Volume:
78
Journal Article
Peer reviewed
Green innovation is a major engine of economic growth in the new era. However, due to its high risk, long cycle and double externalities, green innovation often requires long-lasting financial ...support during its development. In the process of green innovation, do Chinese public listed companies show clear preferences in financing sources? What role does the "invisible hand" of the government play in the green-innovation-related financing activities of public listed companies? Drawing upon the data of green patent application and citation of A-share listed companies in Shanghai and Shenzhen between 2007 and 2014, this paper employed the Poisson model for panel data to perform an empirical study to confirm the aforementioned questions. The research indicates that public listed companies can acquire the funds needed for green innovation both through internal financing and external financing. The effect of the three external financing channels, namely government subsidies, equity financing and debt financing on green innovation are gradually weakened and this result is consistent with a variety of robustness checks. Meanwhile, government subsidy can encourage public listed companies to enhance their level of green innovation through debt financing and equity financing.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NLZOH, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UILJ, UL, UM, UPCLJ, UPUK, ZAGLJ, ZRSKP
An extremely user-friendly overview of the inner workings of the US stock market. Things have changed a great deal since the heady days of the 1980s and we are now entering an era of profound ...uncertainty, with most analysts predicting trouble ahead. Indeed, the alarming decline of the NASDAQ shows no sign of abating and the fear is that traditional industries will be the next to bite the dust. September 11th has only added to the gloomy mood. This book examines the current conditions before looking back to the events of the past century - The Great Depression, the 1970s oil crisis, the party-for- the-rich atmosphere of the 1980s and the emergence of the new economy.
We analyze how institutional investors entering commodity futures markets, referred to as the financialization of commodities, affect commodity prices. Institutional investors care about their ...performance relative to a commodity index. We find that all commodity futures prices, volatilities, and correlations go up with financialization, but more so for index futures than for nonindex futures. The equity-commodity correlations also increase. We demonstrate how financial markets transmit shocks not only to futures prices but also to commodity spot prices and inventories. Spot prices go up with financialization, and shocks to any index commodity spill over to all storable commodity prices.
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The Review of Financial Economics (RFE) has published empirical research covering all areas of financial economics since 1994. It celebrated its silver jubilee year of publishing in 2018. Using ...bibliometric techniques, we analyze the journal's impact, its prominent topics and most prolific authors including their affiliated institutions and countries. We also identify the bibliographic couplings of authors and their affiliated institutions and countries, co‐citations of journals, and co‐occurrences of the authors’ specified keywords. Our results show that about 83% of the published works receiving at least one citation between 1994 and 2018 and about 68% are co‐authored. Among the important themes discussed in RFE, the words “stock”, “market,” and “risk” occupy central positions in RFE publications. Bibliographic coupling analysis identifies six clusters: (a) macroeconomic indicators, (b) investments, (c) financial institutions, (d) stock market, (e) corporate governance, and (f) corporate financial decisions.
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FZAB, GIS, IJS, KILJ, NLZOH, NUK, OILJ, SBCE, SBMB, UL, UM, UPUK
We examine whether and how CEO foreign experience affects firm’s green innovation. Using a sample of Chinese public companies and hand-collected CEO foreign experience data, we document a positive ...association between CEO foreign experience and corporate green innovation. Furthermore, consistent with the view that CEOs with foreign experience would play a more significant role when provided with more resources, we find that the positive relationship is more pronounced in less financially constrained firms, in state-owned enterprises, and in less competitive industries. Additional analyses indicate that enhanced environmental ethics and general competency are two potential mechanisms through which CEO foreign experience affects corporate green innovation. Finally, we find that CEO foreign experience is positively related to green innovation quality and internationalization. Collectively, these findings suggest that CEO foreign experience is a significant factor for corporate green innovation in emerging markets.
Scale and skill in active management Pástor, Ľuboš; Stambaugh, Robert F.; Taylor, Lucian A.
Journal of financial economics,
04/2015, Volume:
116, Issue:
1
Journal Article
Peer reviewed
We empirically analyze the nature of returns to scale in active mutual fund management. We find strong evidence of decreasing returns at the industry level. As the size of the active mutual fund ...industry increases, a fund׳s ability to outperform passive benchmarks declines. At the fund level, all methods considered indicate decreasing returns, though estimates that avoid econometric biases are insignificant. We also find that the active management industry has become more skilled over time. This upward trend in skill coincides with industry growth, which precludes the skill improvement from boosting fund performance. Finally, we find that performance deteriorates over a typical fund׳s lifetime. This result can also be explained by industry-level decreasing returns to scale.
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GEOZS, IJS, IMTLJ, KILJ, KISLJ, NUK, OILJ, PNG, SAZU, SBCE, SBJE, UL, UM, UPCLJ, UPUK
Corporate philanthropy is expected to positively affect firm financial performance because it helps firms gain sociopolitical legitimacy, which enables them to elicit positive stakeholder responses ...and to gain political access. The positive philanthropyperformance relationship is stronger for firms with greater public visibility and for those with better past performance, as philanthropy by these firms gains more positive stakeholder responses. Firms that are not government-owned or politically well connected were shown to benefit more from philanthropy, as gaining political resources is more critical for such firms. Empirical analyses using data on Chinese firms listed on stock exchanges from 2001 to 2006 support these arguments.
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