Browsing by Author "Alam, Md Samsul"

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    Cash-rich Firms and Carbon Emissions
    (Elsevier, 2022-03-09) Alam, Md Samsul
    We investigate whether corporate cash holdings affect carbon dioxide emissions. Using a sample of 5,402 firm-years observations from 943 U.S firms during 2007–2017, we find that carbon emissions are lower in firms with higher corporate cash holdings. The effect of cash holdings on carbon emissions is more pronounced in firms with low leverage and less financial constraints. Our channel analysis further unveils that renewable energy consumption and carbon abatement investment are higher in cash-rich firms, which transmit lower carbon emissions. Our findings are robust to different identification strategies and alternative measures of cash holdings and carbon emissions. Overall, our paper provides novel evidence on the role of corporate cash holdings in mitigating carbon emissions.
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    Do partisan politics influence domestic credit?
    (Cambridge University Press, 2022-08-18) Tawiah, Vincent; Nadarajah, Sivathaasan; Alam, Md Samsul; Allen, Thomas
    Left-leaning and right-leaning governments hold opposing views on economic policy, resulting in disparities in economic behaviours and outcomes. Given this context, we explore the effect of political ideology on domestic credit using an unbalanced panel data of 29 countries from 1960 to 2014. Our empirical analysis shows that left-leaning governments reduce total domestic credit allocations. Also, we find that right-leaning governments provide more credit to the private sector, while left-leaning governments prefer to boost domestic credit to the public sector. In a further analysis, we show that political parties and their domestic credit strategies remain unchanged even during electoral periods. Our novel insights, that are robust to alternative measures, samples, and a set of econometric identifications, contribute to the literature on partisan politics and lending behaviour.
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    Does board gender diversity affect renewable energy consumption?
    (Elsevier, 2020-06-06) Atif, Muhammad; Hossain, Mohammed; Alam, Md Samsul; Goergen, Marc
    This paper examines the effect of board gender diversity on renewable energy consumption. Using a panel of 11,677 firm-year observations from the USA for 2008–2016, we find a positive relationship between board gender diversity and renewable energy consumption. Moreover, boards require two or more women for women to have a significant impact on renewable energy consumption, consistent with the critical mass theory. Further, we document that the positive impact of female directors on renewable energy consumption stems from female independent rather than female executive directors. Finally, we find a positive effect of the interaction between renewable energy consumption and board gender diversity on firm financial performance. Our findings are robust to different identification strategies and estimation techniques.
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    Does Economic Policy Uncertainty Affect Renewable Energy Consumption?
    (Elsevier, 2021-07-31) Alam, Md Samsul; Shafiullah, M.; Miah, M. D.; Atif, M.
    In this paper, we present the first attempt at modelling the impact of economic policy uncertainty on renewable energy consumption in the USA using monthly data from 1986 to 2019. By implementing recent nonparametric (nonlinear) econometric approaches, we find that our models suffer from nonlinearity and smooth, as well as abrupt structural changes. The nonparametric unit root tests indicate non-stationarity of the model variables while the cointegration suggests the presence of nonlinear cointegration. The Granger causality analyses establish robust nonlinear causation in both directions between the policy uncertainty and renewable energy variables, with one exception: from geothermal energy to the three-component index of uncertainty. The nonparametric regressions exhibit a negative long-run association between policy uncertainty and renewable energy consumption, i.e., higher economic policy uncertainty lowers renewable energy consumptions and vice-versa. These findings have robust policy implications as they underscore the importance of governments, policymakers and concerned agents to maintain uniformity in economic policy to encourage renewable energy consumption in the USA.
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    Does firm-level political risk affect cash holdings?
    (Springer, 2022-01-19) Alam, Md Samsul
    We investigate whether firm-level political risk affects corporate cash holdings. Taking a sample of 5,424 US firms with 129,750 firm-quarter observations from 2002Q1 to 2021Q3, we find that cash holdings is higher for firms with greater exposure to firm-level political risk. The positive relationship between firm political risk and cash holdings is consistent for financial constraint and non-constraint firms, high and low growth firms, pro-cyclical and counter-cyclical and competitive industries. Further, our findings are consistent to alternative measures of firm-level political risk and cash holdings. In addition, our findings remain robust with different endogeneity tests: a natural experiment, an instrumental variable approach, and a propensity score matching. Overall, we present novel evidence on the determinants of corporate cash holdings.