Michal Wojewodzki

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• Doctor of Philosophy
• Professor (Associate) at Lingnan University

Recent studies examining the effects of a credit rating on firms’ capital structure and adjustment of capital structure to target have focused predominantly on non-financial firms, with virtually no attention given to financial institutions. Using an international sample of 391 rated banks from 76 countries, this study examines the effects of credi...

http://www.tandfonline.com/eprint/i8HbByc8ZtD9Ss2ixZmn/full Using an international dataset, we examine the role of issuers’ credit ratings in explaining corporate leverage and the speed with which firms adjust toward their optimal level of leverage. We find that, in countries with a more market-oriented financial system, the impact of credit rati...

This paper applies the distribution dynamics analysis (DDA) technique in business ethics research using proprietary data measuring the general public’s perception of business ethics levels in 206 major companies operating in Hong Kong. The data is comprehensive and longitudinal, consisting of 10,773 interviews collected between 2012 and 2016, trans...

This paper applies an advanced machine learning algorithm, the Artificial Neural Network (ANN), to examine both linear and nonlinear effects between firm-level characteristics and ESG performance of all firms listed on the Hong Kong Stock Exchange (HKEX) with ESG scores during 2019-2021. To mitigate the problem of data-specific findings due to rati...

The ongoing escalation in geopolitical and climate uncertainties, coupled with the urgent issue of climate change, has profoundly affected the economic and political landscape, significantly increasing volatility in the energy and financial markets. This study investigates the dynamic interactions and spillover effects between geopolitical risks (G...

China has witnessed unprecedented economic growth and urbanisation while soaring housing prices and crime rates have become a burning issue. However, the research on the effect of Chinese housing prices on crime remains limited and ignores the endogeneity problem. This study covers all Chinese provinces from 2000 to 2015. By employing the two-step...

This study investigated how macro variables (MV) influence electricity price volatility co-movement in Australian deregulated electricity markets between 1 January 2010 and 1 October 2022. We divided realised volatility (RV) into ‘good’ (GV) and ‘bad’ (BV) volatility. Next, we used the DCC-MIDAS-X model to observe the impact of 17 MVs and their six...

This study examines how R&D investments influence U.S. firms' abilities to align environmental initiatives with financial outcomes. It employs a sample of 229 firms listed on the S&P 500 between 2003 and 2021 and multivariate panel regression models with fixed effects to explore how R&D moderates the relationship between corporate carbon performanc...

Our study employs the distribution dynamics approach to uncover transition probabilities and the long-term evolution of relative per capita carbon emissions (REPC) and relative carbon intensity (REPGDP) across 204 countries. We split the period of analysis into pre-crisis (2000-2007), and post-crisis (2007-2016) and divided countries into four inco...

We examined distribution dynamics and the long-run evolution of cross-country relative per capita carbon emissions (REPC) and intensity (RCI) vis-à-vis countries' two factors: industrial and services sectors' output. Unlike other researchers, we employed two visual tools of the distribution dynamics approach and used a panel of 217 countries. We ra...

This study evaluates the efficiency of China’s seven emission trading schemes (ETS) piloted in 2013. We evaluate seven pilots’ overall technical and scale efficiencies and temporal dynamics during 2014–2023. We use a bootstrap correction data envelopment analysis (bootstrap-DEA), which guarantees a more accurate efficiency estimation than the tradi...

China’s new-type urbanization has been instrumental in fostering high-quality economic and social progress. This research explores the impact and underlying mechanisms of the new-type urbanization policy on urban green total factor productivity (GTFP) by analyzing a sample of 165 Chinese prefecture-level cities from 2009 to 2020. Utilizing the diff...

Purpose This study aims to address gaps and limitations in the literature on corporate governance and stock liquidity. It explores the potential benefits of increasing female representation in corporate leadership, which has been a subject of debate and policy intervention in recent years. Design/methodology/approach Based on prior empirical studi...

The uneven distribution of FDI contributes to inequality in economic development. Most studies on FDI in China use provincial data and parametric tools of analysis while delivering mixed findings regarding FDI's distribution and free trade zones (FTZs) attractiveness. We investigate the convergence and transitional dynamics of relative FDI (RFDI) i...

Information and communication technology (ICT) has great potential to propel economic development toward a low-carbon direction. This study aims to investigate the effect of ICT development on total-factor carbon emission efficiency (TFCEE), as well as its public health co-benefits. We use dynamic (threshold) models and a panel of 30 Chinese provin...

Converging corporate carbon performance (CCP) to a higher level is necessary to achieve the global goal of controlling temperature rise. However, it remains uncertain whether all international firms endeavour to improve CCP. Using a panel of 19,913 public companies from 76 countries during the 2010–2019 period and two visual tools of the distributi...

Using the generalized impulse response analysis, this study examines the nexus between the prices of crude oil, natural gas, and carbon emissions allowances in the EU carbon emissions trading system (CETS) and climate policy uncertainty (CPU) and global economic policy uncertainty (EPU). Additionally, we employ bootstrap rolling-window Granger caus...

In this study, we examine corporate carbon performance globally from the perspective of country-level dispersion. The average carbon performance of listed companies in the non-OECD countries increases more after the Paris Agreement than that of listed companies in the OECD countries. However, under an increasing trend of average country-level carbo...

Urbanisation and agriculture have been commonly used in the studies of carbon emissions. However, the issue of convergence of carbon emissions and intensity across countries with different urbanisation and agrarian structures has been under-researched. Unlike previous studies, we examine whether the urbanisation level and the agrarian orientation d...

The last quarter of the 20th century was a period of sustained economic growth across many countries. Countries’ institutional arrangements have been commonly employed as factors in the convergence studies of economic growth and income levels. However, the issue of whether institutions themselves converge has been under-researched. Using the nonpar...

This paper examines the future dynamics of the relative housing price-to-income ratio (RHPIR) in China. We find that the convergence in RHPIR will be more congregated in the non-center cities of city clusters, the cities from the eastern region, with a net outflow of population, and low economic policy uncertainty (EPU). The convergence clubs will...

Employing distribution dynamics analysis, we examine the future spatial dynamics and convergence of the relative house-price-to-income ratio (RHPIR) across 171 major Chinese cities during the 2002-2016 period. We find that the convergence occurs at a slow pace and is heterogeneous across cities and periods. From the policymakers' perspective, our f...

Empirical studies suggest that globalization (FDI and international trade) has been greatly affected by the COVID-19 and related anti-pandemic measures imposed by governments worldwide. This paper investigates the impact of globalization on intra-provincial income inequality in China and the data is based on the county level. The findings reveal th...

Empirical studies suggest that globalization (FDI and international trade) has been greatly affected by the COVID-19 and related anti-pandemic measures imposed by governments worldwide. This paper investigates the impact of globalization on intra-provincial income inequality in China and the data is based on the county level. The findings reveal th...

In this study, we compare the adjustments of credit ratings by an investor-paid credit rating agency (CRA), represented by Egan-Jones Ratings Company, and an issuer-paid CRA, represented by Moody’s Investors Service, vis-à-vis conflict of interest and reputation. A novel distribution dynamics approach is employed to compute the probability distribu...

In this study we examine the role of external corporate credit ratings in explaining leverage and the speed of adjustment using an international dataset. We find that the impact of credit ratings (CRs) on firms’ capital structures is more significant and negative in countries with more market-based (MB) oriented financial systems when quantified by...

This study investigates both the direct and indirect roles of credit ratings (CR) on the capital structures of 1,513 firms operating in 19 countries with different financial orientations and levels of economic development over the 20-year period (1991-2010). Until recently, it has been commonplace to classify countries into capital market-based ori...

In this paper the author will examine the short and long-run causality between the growth rate of households‟ savings in the consolidated banking system in Poland, and the Polish economic growth rate (using the industrial production index as its proxy). This research paper will cover Poland‟s economic development over the periods 1997 to 2010 (in a...