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CLIMATE CHANGE EXPOSURE AND FIRM VALUE: EVIDENCE FROM LOW AND MIDDLE INCOME ECONOMIES 气候变化风险与企业价值：来自中低收入经济体的证据
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-13 DOI: 10.1016/j.frl.2025.107977
Ömer Tuğsal Doruk
{"title":"CLIMATE CHANGE EXPOSURE AND FIRM VALUE: EVIDENCE FROM LOW AND MIDDLE INCOME ECONOMIES","authors":"Ömer Tuğsal Doruk","doi":"10.1016/j.frl.2025.107977","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107977","url":null,"abstract":"This study examines the impact of climate change exposure on firm value for low- and middle-income economies by utilizing cross-country firm-level dataset. This study employs two novel firm-level climate change exposure variables to explore the impact of climate change exposure on firm value in both financial and physical dimensions of it. The results show that climate change exposure significantly affects firm value through both transition and physical risk channels. At the same time, ESG performance of the firms does mitigate the effect of climate change exposure on the firm value, while corporate social responsibility performance based executive compensation does not mitigate the impact of climate change exposure on firm value. The findings are robust to different modeling and variable alternatives. This study is expected to sheds new light on the climate change exposure-firm value relationship, especially on the low and middle income economies.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"14 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613114","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
Green credit and environmental protection investment for the high-quality development of the tourism industry 绿色信贷和环保投资促进旅游业高质量发展
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-13 DOI: 10.1016/j.frl.2025.107972
Peigen Wang, Xiaoxu Wu
{"title":"Green credit and environmental protection investment for the high-quality development of the tourism industry","authors":"Peigen Wang,&nbsp;Xiaoxu Wu","doi":"10.1016/j.frl.2025.107972","DOIUrl":"10.1016/j.frl.2025.107972","url":null,"abstract":"<div><div>This article, relying on panel data from 31 provincial-level administrative regions in China from 2010 to 2023, systematically examines the driving effects of green credit and environmental protection investment on the high-quality development of the tourism industry. Empirical results indicate that both green credit and environmental protection investment significantly promote the high-quality development of the tourism sector, with environmental protection investment playing a key mediating role in the influence of green credit on the tourism industry's high-quality development. Further analysis reveals that the facilitative effects of green finance and environmental protection investment on high-quality development in tourism exhibit significant regional heterogeneity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107972"},"PeriodicalIF":7.4,"publicationDate":"2025-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633024","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 transformation, customer stability and innovation 数字化转型，客户稳定性和创新
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-13 DOI: 10.1016/j.frl.2025.107981
Xuqian Wen , Lin Xiao
{"title":"Digital transformation, customer stability and innovation","authors":"Xuqian Wen ,&nbsp;Lin Xiao","doi":"10.1016/j.frl.2025.107981","DOIUrl":"10.1016/j.frl.2025.107981","url":null,"abstract":"<div><div>In the context of the increasingly refined and specialized division of labor in the manufacturing industry, firms’ competitive intensity has shifted toward providing customized products and differentiated services through innovation. Digital transformation potentially fosters innovation in a firm as it reshapes its existing management model, ushering in a new growth engine. Therefore, this study explores whether digital transformation can enhance firms’ innovativeness and the inherent mechanisms underlying this process. Chinese listed manufacturing firms from 2013 to 2021 are taken as the research sample. The empirical results show that digital transformation not only increases innovation investment but also improves innovation efficiency. Notably, customer stability plays a crucial mediating role between digital transformation and innovation. Further analysis reveals that the impact of digital transformation on firm innovation is more pronounced in firms with weaker market competition, and the mediating effect of customer stability is significant only in these firms. Our findings highlight the critical role of digital transformation in driving corporate innovation and provide new insights for analyzing the governance mechanisms of supply chain management.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107981"},"PeriodicalIF":7.4,"publicationDate":"2025-07-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633025","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
Legal factors driving ESG investment growth: Evidence from cross-border regulatory reforms 推动ESG投资增长的法律因素：来自跨境监管改革的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-12 DOI: 10.1016/j.frl.2025.107973
Conghao Huang , Ran Mo
{"title":"Legal factors driving ESG investment growth: Evidence from cross-border regulatory reforms","authors":"Conghao Huang ,&nbsp;Ran Mo","doi":"10.1016/j.frl.2025.107973","DOIUrl":"10.1016/j.frl.2025.107973","url":null,"abstract":"<div><div>Based on panel data from EU countries from 2001 to 2023, this paper evaluates the impact of cross-border regulatory reform on ESG investment growth, focusing on the implementation of the 2014 Non-Financial Reporting Directive (NFRD). By constructing an ESG investment growth indicator system and employing a difference-in-differences model, the study finds that regulatory reform has significantly enhanced ESG investment levels. Robustness checks and the use of instrumental variables confirm the stability and causality of the results. Heterogeneity analysis indicates that the impact of cross-border regulatory reform on ESG investment growth varies significantly among countries with different levels of population aging.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107973"},"PeriodicalIF":7.4,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613111","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
Social credit environment, financing levels, and criminal crime rates 社会信用环境、融资水平和刑事犯罪率
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-12 DOI: 10.1016/j.frl.2025.107974
Xuwei Huang
{"title":"Social credit environment, financing levels, and criminal crime rates","authors":"Xuwei Huang","doi":"10.1016/j.frl.2025.107974","DOIUrl":"10.1016/j.frl.2025.107974","url":null,"abstract":"<div><div>Utilizing statistical data from 31 provincial-level administrative regions in China from 2013 to 2023, this study empirically analyzes the mechanisms by which the social credit environment and financing levels influence criminal crime rates. The research finds that both the social credit environment and financing levels significantly contribute to reducing regional crime rates; financing levels serve as a mediating bridge between the social credit environment and criminal crime rates. Notably, the extent of the impact of the social credit environment on criminal crime rates varies significantly between regions with large and small urban-rural income disparities. These findings provide new policy perspectives for optimizing social governance and the allocation of financial resources.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107974"},"PeriodicalIF":7.4,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633121","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
Analyzing rational speculative bubbles in S&P 500 index sectors through fractional integration and generalized link-based additive survival models 基于分数积分和广义关联的可加性生存模型分析标准普尔500指数板块的理性投机泡沫
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-12 DOI: 10.1016/j.frl.2025.107759
Robinson Dettoni, Luis A. Gil-Alana, Cliff Bahamondes
{"title":"Analyzing rational speculative bubbles in S&P 500 index sectors through fractional integration and generalized link-based additive survival models","authors":"Robinson Dettoni, Luis A. Gil-Alana, Cliff Bahamondes","doi":"10.1016/j.frl.2025.107759","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107759","url":null,"abstract":"This study aims to detect rational speculative bubbles in the sub-sectors of the S&amp;P 500 index by integrating a non-parametric duration dependence test with fractional integration models. A flexible P-splines hazard function, robust to censoring, ensures precise estimation and Bayesian confidence intervals. Analyzing weekly and monthly data from October 1989 to June 2023, the findings provide empirical evidence of rational speculative bubbles in specific sub-sectors and the index as a whole. This is the first application of fractional integration with a non-parametric hazard function for this purpose.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"13 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613115","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, labor productivity and manufacturing structural upgrading 数字金融、劳动生产率与制造业结构升级
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-12 DOI: 10.1016/j.frl.2025.107975
Fenghui Xu , Hao Hu
{"title":"Digital finance, labor productivity and manufacturing structural upgrading","authors":"Fenghui Xu ,&nbsp;Hao Hu","doi":"10.1016/j.frl.2025.107975","DOIUrl":"10.1016/j.frl.2025.107975","url":null,"abstract":"<div><div>Based on the global value chain's \"Smiling Curve\" theory, this paper delves into the impact mechanism of digital finance on the upgrading of the manufacturing structure using provincial panel data in China from 2014 to 2023. The results indicate that digital finance significantly promotes the extension of the manufacturing industry towards the R&amp;D and design end as well as the servitization end, driving the process of industrial structure sophistication and rationalization. Further analysis reveals that the enabling effect of digital finance exhibits regional heterogeneity. The eastern region has already formed an innovation-driven upgrading path, while the central and western regions need to improve digital infrastructure and refine the industrial chain collaboration mechanism to unleash the multiplier effect of digital finance on the transformation of the manufacturing industry.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107975"},"PeriodicalIF":7.4,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633123","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
Asymmetric return-volatility relationship of uranium investments 铀投资的非对称收益-波动关系
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-12 DOI: 10.1016/j.frl.2025.107886
Neda Todorova
{"title":"Asymmetric return-volatility relationship of uranium investments","authors":"Neda Todorova","doi":"10.1016/j.frl.2025.107886","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107886","url":null,"abstract":"This study investigates the return-volatility relationship of the largest physical uranium investment trust, Sprott Physical Uranium Trust (SPUT), addressing a largely underexplored asset class. Analyses based on daily data yield mixed results. However, when accounting for the persistence of volatility using intraday data, a classical equity-like asymmetrical relationship emerges, consistent with SPUT’s nature as an investment vehicle. Notably, during periods of extreme volatility, positive shocks appear to have a more pronounced impact. These findings suggest that the return–volatility relationship is not uniform across the return distribution.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613121","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
Policy coordination mechanism: Rural financial inclusion and public governance in developing countries 政策协调机制：发展中国家农村普惠金融与公共治理
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-12 DOI: 10.1016/j.frl.2025.107971
Yiming Wu , Yuxuan Li , Lichun Xiong
{"title":"Policy coordination mechanism: Rural financial inclusion and public governance in developing countries","authors":"Yiming Wu ,&nbsp;Yuxuan Li ,&nbsp;Lichun Xiong","doi":"10.1016/j.frl.2025.107971","DOIUrl":"10.1016/j.frl.2025.107971","url":null,"abstract":"<div><div>Based on cross-country panel data from developing countries, this paper examines the impact of financial inclusion on rural public governance, introducing the level of fiscal policy implementation as a proxy variable for policy coordination to further explore its moderating effect. Additionally, the sample is divided according to per capita GDP to conduct heterogeneity analysis. The study finds: first, financial inclusion has a positive effect on public governance; second, the policy coordination mechanism significantly and positively moderates the relationship between financial inclusion and public governance; and third, in countries (or regions) with weaker socioeconomic foundations, the impact of financial inclusion on public governance is more pronounced, demonstrating significant structural heterogeneity. This research provides empirical evidence and policy references for promoting the integrated development of rural finance and public service systems.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107971"},"PeriodicalIF":7.4,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633122","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
Value of organization capital: Does market competition and group affiliation matter? 组织资本价值：市场竞争与集团关系重要吗？
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-12 DOI: 10.1016/j.frl.2025.107964
Akanksha Saxena, Smita Mazumdar, Himanshu Seth
{"title":"Value of organization capital: Does market competition and group affiliation matter?","authors":"Akanksha Saxena, Smita Mazumdar, Himanshu Seth","doi":"10.1016/j.frl.2025.107964","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107964","url":null,"abstract":"This study examines the role of organization capital in enhancing firm value among Indian listed firms from 2002 to 2023. We investigate this relationship in the context of market competition and business group affiliation. Results indicate a significant positive impact of organization capital on firm value, particularly for firms facing high market competition and affiliated with business groups. We address potential endogeneity and selection bias issues by conducting various robustness tests. Our findings offer novel insights into leveraging organization capital to attain higher firm value and provide empirical evidence to policymakers and managers to strengthen the role of organization capital.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"23 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-07-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613113","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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