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Dialect diversity and enterprise digital transformation 方言多样性与企业数字化转型
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-31 DOI: 10.1016/j.frl.2025.107653
Jin Yan , Zuowen Li , Yanru Li
{"title":"Dialect diversity and enterprise digital transformation","authors":"Jin Yan ,&nbsp;Zuowen Li ,&nbsp;Yanru Li","doi":"10.1016/j.frl.2025.107653","DOIUrl":"10.1016/j.frl.2025.107653","url":null,"abstract":"<div><div>This paper employs panel data from Chinese listed enterprises to empirically examine the impact of dialect diversity on enterprise digital transformation. The results reveal that dialect diversity exerts a substantial negative effect on enterprise digital transformation. The underlying mechanisms highlight the critical rules of financing constraints and human capital accumulation in this process. Specifically, dialect diversity is shown to hinder enterprise digital transformation by intensifying financing constraints and impeding human capital accumulation. Heterogeneity further indicates that dialect diversity has a greater inhibiting effect on the digital transformation of small and non-state enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107653"},"PeriodicalIF":7.4,"publicationDate":"2025-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144184311","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How CEO donations drive stock prices: Evidence from the Trump 2024 election CEO捐款如何推动股价：来自特朗普2024年大选的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-31 DOI: 10.1016/j.frl.2025.107621
Dennis Koch , Dirk Schiereck
{"title":"How CEO donations drive stock prices: Evidence from the Trump 2024 election","authors":"Dennis Koch ,&nbsp;Dirk Schiereck","doi":"10.1016/j.frl.2025.107621","DOIUrl":"10.1016/j.frl.2025.107621","url":null,"abstract":"<div><div>This study examines the impact of CEO political support on the market valuation of Russell 3000 firms following the 2024 U.S. presidential election. Using event study methodology and federal donations data, we find that both the relative share and absolute amount of CEO donations to the Republican Party positively relate to abnormal stock returns post-election, while Democratic support results in significant penalties. Specifically, firms with Republican-leaning CEO experience 3.5 percentage points higher cumulative abnormal returns than firms with Democratic-leaning CEO five days after the election. Our findings suggest that investors anticipate economic benefits and risks for firms based on their CEOs’ political alignment with the Trump administration. By focusing on CEO donations and continuous measures of political support, this study provides novel insights into the financial implications of corporate political behavior, highlighting the importance of personal loyalty in a polarized environment.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107621"},"PeriodicalIF":7.4,"publicationDate":"2025-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144184312","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Digital finance, consumer convenience, and rural residents’ consumption 数字金融、消费便利、农村居民消费
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-27 DOI: 10.1016/j.frl.2025.107649
Wei Chen , Jiawei Li
{"title":"Digital finance, consumer convenience, and rural residents’ consumption","authors":"Wei Chen ,&nbsp;Jiawei Li","doi":"10.1016/j.frl.2025.107649","DOIUrl":"10.1016/j.frl.2025.107649","url":null,"abstract":"<div><div>Using data from the China Household Finance Survey and a two-way–fixed-effects model, this study explores the impact of digital finance on farmers’ average propensity to consume and analyzes the potential risks related to excessive consumption. Results indicate that digital finance significantly enhances farmers’ average propensity to consume, facilitating and increasing rural consumption demand. However, digital finance may lead to excessive debt, increasing the potential risks of excessive consumption among farmers. Further analysis reveals that financial literacy plays a moderating role in the influence of digital finance on farmers’ consumption propensity. Farmers with lower financial literacy are more susceptible to the promotional effects of digital finance, which may increase the risk of excessive consumption and disproportionate debt. Furthermore, this study offers some policy recommendations for the promotion of digital finance in rural areas.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107649"},"PeriodicalIF":7.4,"publicationDate":"2025-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The impact of digital economy on regional resource allocation efficiency: an analysis based on resource flow speed and direction 数字经济对区域资源配置效率的影响——基于资源流动速度和方向的分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-27 DOI: 10.1016/j.frl.2025.107644
Limuge Qi , Lan Yang , Mier Ta
{"title":"The impact of digital economy on regional resource allocation efficiency: an analysis based on resource flow speed and direction","authors":"Limuge Qi ,&nbsp;Lan Yang ,&nbsp;Mier Ta","doi":"10.1016/j.frl.2025.107644","DOIUrl":"10.1016/j.frl.2025.107644","url":null,"abstract":"<div><div>Using provincial panel data from 2013 to 2022, this paper empirically investigates the impact of the digital economy on regional resource allocation efficiency and its underlying mechanism. Results show that the digital economy can break the barriers of time and space, thus enhancing regional resource allocation efficiency. Mediation effect tests reveal that with the enhancement of internet technology and services, the digital economy can enhance transaction efficiency and accelerate resource flows, thereby ultimately improving regional resource allocation efficiency. The development of the digital economy also increases the level of competition among regional firms and promotes the flow of resources toward more efficient sectors to improve resource allocation efficiency. Heterogeneity tests indicate that in comparison to regions having lower levels of financial development, those having lower levels of marketization, and China’s central and western regions, the digital economy has a more significant promoting effect on resource allocation efficiency in regions with higher levels of financial development, those with higher levels of marketization, and in China’s eastern region.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107644"},"PeriodicalIF":7.4,"publicationDate":"2025-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144177646","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Unpacking the black box: Board co-option and equity pledging by controlling shareholders 打开黑箱：董事会增选和控股股东的股权质押
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-27 DOI: 10.1016/j.frl.2025.107598
Ziqi Li , Zhihao Cai , Ho-Chuan Huang
{"title":"Unpacking the black box: Board co-option and equity pledging by controlling shareholders","authors":"Ziqi Li ,&nbsp;Zhihao Cai ,&nbsp;Ho-Chuan Huang","doi":"10.1016/j.frl.2025.107598","DOIUrl":"10.1016/j.frl.2025.107598","url":null,"abstract":"<div><div>This study examines the impact of board co-option on controlling shareholders’ equity pledging using data from Chinese A-share listed firms (2003–2023). Results show that board co-option significantly reduces equity pledging, with male directors having a stronger inhibitory effect. Mechanism tests confirm that this effect operates through reduced financing constraints, while heterogeneity analyses reveal stronger impacts in non-state firms, high-investment firms, and large-scale firms. These findings contribute to corporate governance literature and offer regulatory insights for mitigating equity pledging risks in emerging markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107598"},"PeriodicalIF":7.4,"publicationDate":"2025-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167345","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Spillover effects between climate policy uncertainty, energy markets, and food markets: A time–frequency analysis 气候政策不确定性、能源市场和粮食市场之间的溢出效应：时频分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-26 DOI: 10.1016/j.frl.2025.107553
Ting Zhang , Peng-Fei Li , Wei-Xing Zhou
{"title":"Spillover effects between climate policy uncertainty, energy markets, and food markets: A time–frequency analysis","authors":"Ting Zhang ,&nbsp;Peng-Fei Li ,&nbsp;Wei-Xing Zhou","doi":"10.1016/j.frl.2025.107553","DOIUrl":"10.1016/j.frl.2025.107553","url":null,"abstract":"<div><div>The study examines the return connectedness between climate policy uncertainty (CPU), clean energy, fossil energy, and food markets. Using the time-domain method of Diebold and Yilmaz, (2012) and frequency-domain methods of Baruník and Křhlík (2018), we find substantial spillover effects between these markets. Furthermore, high frequency domain is the primary driver of overall connectedness. In addition, CPU is a net contributor of return shocks in the short term, whereas it turns to be a net recipient in the medium and long terms. Across all frequencies, clean energy and oils are consistent net recipients, while meat is a dominant net contributor.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107553"},"PeriodicalIF":7.4,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167341","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
From alignment to crash: How CFO co-option affects stock prices 从一致到崩溃：首席财务官的共同选择权如何影响股价
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-26 DOI: 10.1016/j.frl.2025.107586
Wenqiong Liu , Chih-Chuan Yeh , Lingyu Zhang , Ho-Chuan Huang
{"title":"From alignment to crash: How CFO co-option affects stock prices","authors":"Wenqiong Liu ,&nbsp;Chih-Chuan Yeh ,&nbsp;Lingyu Zhang ,&nbsp;Ho-Chuan Huang","doi":"10.1016/j.frl.2025.107586","DOIUrl":"10.1016/j.frl.2025.107586","url":null,"abstract":"<div><div>This study examines how CFO co-option affects stock price crash risk in Chinese listed companies. Using data from 2000 to 2022, we find that co-opted CFOs significantly increase the likelihood of stock price crashes. This effect is more pronounced in firms with higher financial constraints and weaker in firms operating in more competitive markets. Excessive or high-risk investments by co-opted CFOs drive this risk. The findings underscore the importance of CFO independence in corporate governance to reduce financial instability and protect shareholder value. This research highlights the critical role of CFO co-option in firm risk and calls for stronger oversight mechanisms.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107586"},"PeriodicalIF":7.4,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167340","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Generative AI usage among investor types: The role of personality and perceptions 投资者类型中的生成式人工智能使用：个性和观念的作用
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-26 DOI: 10.1016/j.frl.2025.107604
Ji Luo , Qingning Cao , Shuguang Zhang , Dongxiao Gu
{"title":"Generative AI usage among investor types: The role of personality and perceptions","authors":"Ji Luo ,&nbsp;Qingning Cao ,&nbsp;Shuguang Zhang ,&nbsp;Dongxiao Gu","doi":"10.1016/j.frl.2025.107604","DOIUrl":"10.1016/j.frl.2025.107604","url":null,"abstract":"<div><div>This study investigates the factors influencing the frequency of generative AI usage among 315 investors, categorized into three groups: stock-only, crypto-only, and diversified. Through surveys and regression analyses, we explore how investment type, personality traits, and perceptions of AI affect adoption. The results reveal that diversified investors use AI most frequently. Narcissism and perceived performance significantly predict AI usage, whereas perceived ease of use does not play a notable role. These findings emphasize the interplay of investor diversity and personality in AI engagement, suggesting the need for tailored AI tools for investors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107604"},"PeriodicalIF":7.4,"publicationDate":"2025-05-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144137820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Research on the impact of digital transformation on executive compensation 数字化转型对高管薪酬的影响研究
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-25 DOI: 10.1016/j.frl.2025.107629
Zhen Chen , Jie Gao , Fang Li , Thithuha Nguyen
{"title":"Research on the impact of digital transformation on executive compensation","authors":"Zhen Chen ,&nbsp;Jie Gao ,&nbsp;Fang Li ,&nbsp;Thithuha Nguyen","doi":"10.1016/j.frl.2025.107629","DOIUrl":"10.1016/j.frl.2025.107629","url":null,"abstract":"<div><div>This study investigates how digital transformation influences executive compensation using panel data from Chinese A-share listed firms (2008–-2020). The results demonstrate that digital transformation significantly increases executive compensation through two primary channels: enhancing executives’ human capital and improving firm performance. The effects are particularly pronounced in manufacturing firms and those with low marketization level. This finding supplements the new evidence on the motivations of digital transformation from the perspective of executive compensation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107629"},"PeriodicalIF":7.4,"publicationDate":"2025-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144177641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
How entrepreneurship drives ESG performance: The roles of data assetization and financing constraints 企业家精神如何推动ESG绩效：数据资产化和融资约束的作用
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-25 DOI: 10.1016/j.frl.2025.107630
AnChao Wang , Abdul Saqib
{"title":"How entrepreneurship drives ESG performance: The roles of data assetization and financing constraints","authors":"AnChao Wang ,&nbsp;Abdul Saqib","doi":"10.1016/j.frl.2025.107630","DOIUrl":"10.1016/j.frl.2025.107630","url":null,"abstract":"<div><div>This study investigates the impact of entrepreneurship on corporate ESG performance, emphasizing the roles of financing constraints and data assetization. Using panel data from Chinese listed firms (2010–2022) and addressing endogeneity using multiple estimation techniques, we find that entrepreneurship enhances ESG performance by alleviating financing constraints, enabling sustainable investments. Data assetization further strengthens this relationship by optimizing resource utilization and fostering innovation. This paper highlights the pivotal role of entrepreneurship and, based on the resource-based view, provides a novel analysis to inform the future advancement of corporate ESG initiatives.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107630"},"PeriodicalIF":7.4,"publicationDate":"2025-05-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167346","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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