A growing body of literature recognizes the critical impact of political connections on enterprises’ green innovation. This study enriches the literature by arguing that a corporate entrepreneurship strategy could plausibly have an unexamined mediating role between political connection and green innovation. By regressing the data of Chinese pollution-intensive companies from 2011 to 2019, the empirical results support this argument but only for state-owned enterprises. Politically connected SOEs promoted green patent authorizations through corporate entrepreneurship strategies. Furthermore, the results remained robust after a battery of checks. Notably, the higher the political connection level is, the more significant is the role. Political connections increased entrepreneurship investments in research and development and organizational capital, promoting green innovation in SOEs; therefore, policymakers could leverage the entrepreneurship investment effects of political connections to encourage SOEs’ green innovation. 

Political connections and green innovation: The role of a corporate entrepreneurship strategy in state-owned enterprises

Overheating in Credit Markets: Origins, Measurement, and Policy Responses

The purpose of the study is to scientifically substantiate the place and role of regulatory support in the formation of financial security, study the factors influencing its level and identify ways to improve it. The study used general scientific and special research methods: analysis, synthesis, methods of systematization and logical generalization − when disclosing the theoretical provisions of the financial security of the state and its legal regulation; correlation and regression analysis, econometric methods and models − to determine and study the influence of factor values on the volume of gold and foreign exchange reserves of the NBU; method of expert assessments − when developing recommendations for the formation of an effective mechanism for ensuring the financial security of the state, a graphical method. The nature and significance of the legal support of financial security are outlined, which is aimed at creating an improved legal framework and a system for controlling financial business entities in order to detect and prevent financial crimes. The factors influencing the level of the state’s financial security are considered. Their influence on the volume of gold and exchange reserves of the National Bank of Ukraine which in the conditions of financial stability should be balanced is determined. The mechanism to ensure the state’s financial security is offered, which further contributes to the implementation of a set of legal, structural and organizational, procedural, personnel, technological and resource tasks. In the future special attention should be paid to improving the current legal framework that would protect the interests of entities of a financial system from illegal encroachment and help recover offense damages. All these measures will contribute to raising the level of the state’s financial security and will help integrate the state into the international financial and economic space.

/pdf/regulatory-and-legal-component-in-ensuring-state-s-financial-mdcv71yxu5.pdf

Regulatory and legal component in ensuring state’s financial security

The current empirical study attempts to analyze the impact of COVID-19 on the performance of the Indian stock market concerning two composite indices (BSE 500 and BSE Sensex) and eight sectoral indices of Bombay Stock Exchange (BSE) (Auto, Bankex, Consumer Durables, Capital Goods, Fast Moving Consumer Goods, Health Care, Information Technology, and Realty) of India, and compare the composite indices of India with three global indexes S&P 500, Nikkei 225, and FTSE 100 The daily data from January 2019 to May 2020 have been considered in this study GLS regression has been applied to assess the impact of COVID-19 on the multiple measures of volatility, namely standard deviation, skewness, and kurtosis of all indices All indices’ key findings show lower mean daily return than specific, negative returns in the crisis period compared to the pre-crisis period The standard deviation of all the indices has gone up, the skewness has become negative, and the kurtosis values are exceptionally large The relation between indices has increased during the crisis period The Indian stock market depicts roughly the same standard deviation as the global markets but has higher negative skewness and higher positive kurtosis of returns, making the market seem more volatile © Rashmi Chaudhary, Priti Bakhshi, Hemendra Gupta, 2020

The performance of the Indian stock market during COVID-19

Do asymmetric information and leverage affect investment decisions

Macroprudential policies for financial institutions have received increasing prominence since the global financial crisis. These policies are often aimed at the commercial banking sector, while a host of other non-bank financial institutions, or shadow banks, may not fall under their jurisdiction. We study the effects of tightening commercial bank regulation on the shadow banking sector. For this purpose, we develop a DSGE model that differentiates between regulated, monopolistically competitive commercial banks and a shadow banking system that relies on funding in a perfectly competitive market for investments. After estimating the model using euro area data from 1999-2014 including information on shadow banks, we find that tighter capital requirements on commercial banks increase shadow bank lending, which may have adverse financial stability effects. Coordinating the macroprudential tightening with monetary easing can limit this leakage mechanism, while still bringing about the desired reduction in aggregate lending. We discuss how regulators that either do or do not consider credit leakage to shadow banks set policy in response to macroeconomic shocks. Lastly, in a counterfactual analysis, we then compare how a macroprudential policy implemented before the crisis on all financial institutions, or just on commercial banks, would have dampened the leverage cycle.

/pdf/macroprudential-regulation-and-leakage-to-the-shadow-banking-ej9fsl7d9b.pdf

Macroprudential Regulation and Leakage to the Shadow Banking Sector

This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005-2014, we postulate a non-linear corporate leverage-investment relationship and derive thresholds beyond which leverage has a negative and significant impact on investment. The investment sensitivity of debt increased after 2008 when financial distress intensified and firms had a lower capacity to finance investment from internal sources of funds. Our results also suggest that even moderate levels of debt can exert a negative influence on investment for smaller firms or when profitability is low.

Corporate Debt and Investment: A Firm Level Analysis for Stressed Euro Area Countries

https://www.econstor.eu/bitstream/10419/219357/1/1694458172.pdf

Corona-Pandemie schockiert die Weltwirtschaft

Öffentliche Investitionen als Triebkraft privatwirtschaftlicher Investitionstätigkeit: Endbericht; Forschungsgutachten für das Bundesﬁnanzministerium (fe 3/19)

Im Zuge der Corona-Ausbreitung haben sowohl die Europaische Zentralbank als auch die nationalen Regierungen im Euroraum zahlreiche wirtschaftspolitische Masnahmen ergriffen oder angekundigt, um die drastischen wirtschaftlichen Folgen des Lockdowns abzufedern. In einer Panelstudie werden deren unmittelbaren Wirkungen auf Staatsanleihe- und Aktienmarkte geschatzt. Die Ergebnisse zeigen, dass von den geldpolitischen Ankundigungen der EZB kurzfristig kaum stabilisierende Wirkung auf die Finanzmarkte ausging. Mit Ausnahme der Ankundigung des Wirtschaftsstabilisierungsfonds in Deutschland haben die finanzpolitischen Hilfspakete der nationalen Regierungen und der EU die Staatsanleiherenditen nicht gesenkt. Dagegen haben die Aussetzung der Fiskalregeln und die gelockerte Bankenregulierung vor allen an den Markten fur Staatsanleihen beruhigend gewirkt. In Verbindung mit insbesondere EU-weiten finanzpolitischen Masnahmen konnten sie auch die Aktienmarkte stabilisieren. Insgesamt zeigt sich, dass Einzelmasnahmen nicht ausreichend effektiv sind, im Zusammenspiel aber durchaus wirken konnen. Ein gemeinsamer Krisenmechanismus wie der jungst von der EU-Kommission angekundigte Wiederaufbaufonds konnte sehr effizient sein.

https://www.econstor.eu/bitstream/10419/222506/1/170201617X.pdf

Wirtschaftspolitische Maßnahmen gegen die Corona-Krise in Europa wirken vor allem im Zusammenspiel

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