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Impact of high-speed rail operation, ESG performance, and financial performance of listed tourism companies
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-01 DOI: 10.1016/j.frl.2025.107071
Xintong Yan , Daibo Xiao , Hokai Chan , Guoxiong Zeng , Renxing Wei
{"title":"Impact of high-speed rail operation, ESG performance, and financial performance of listed tourism companies","authors":"Xintong Yan ,&nbsp;Daibo Xiao ,&nbsp;Hokai Chan ,&nbsp;Guoxiong Zeng ,&nbsp;Renxing Wei","doi":"10.1016/j.frl.2025.107071","DOIUrl":"10.1016/j.frl.2025.107071","url":null,"abstract":"<div><div>This study examines the relationship between the opening of high-speed rail (HSR); environmental, social, and governance (ESG) performance, and the financial outcomes of publicly traded tourism companies using data from 2012 to 2022. Empirical analysis reveals that both the opening of HSR and high ESG performance positively impact the financial performance of these listed tourism entities. The efficacy of managerial processes acts as a moderating factor in the relationship between the opening of HSR services and the financial performance of listed tourism companies, with a differential impact on the financial success of state-controlled versus privately owned tourism enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107071"},"PeriodicalIF":7.4,"publicationDate":"2025-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518902","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 role of sustainability and high-tech sector affiliation in shaping equity crowdfunding success: An AI perspective
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-27 DOI: 10.1016/j.frl.2025.107098
Yassine Boutouar , Maurizio La Rocca , Tiziana La Rocca , Augusto D'Amico
{"title":"The role of sustainability and high-tech sector affiliation in shaping equity crowdfunding success: An AI perspective","authors":"Yassine Boutouar ,&nbsp;Maurizio La Rocca ,&nbsp;Tiziana La Rocca ,&nbsp;Augusto D'Amico","doi":"10.1016/j.frl.2025.107098","DOIUrl":"10.1016/j.frl.2025.107098","url":null,"abstract":"<div><div>Equity crowdfunding (ECF) has emerged as an essential funding tool for sustainability-oriented ventures (SOVs). This study examines the relationship between sustainability orientation, high-tech sector affiliation such as information technology, pharmaceuticals, electronics, and telecommunications, and ECF campaign success in the Italian market. We analyze 140 ECF projects from 2017 to 2023, employing artificial intelligence techniques to classify campaign sustainability orientation. We examine the impact of SOVs on various ECF success metrics, including total funds raised, success ratio, and normalized success. Moreover, we explore the potential moderating role of high-tech sectors on the effect of sustainability orientation on campaign performance. Results reveal that SOVs have a significant positive impact on ECF success across multiple metrics, with the positive contribution of high-tech sector affiliation amplifying this effect.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107098"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518914","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Enhancing investment efficiency through improved information disclosure
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-27 DOI: 10.1016/j.frl.2025.107103
Liang Pan, Yong Yang
{"title":"Enhancing investment efficiency through improved information disclosure","authors":"Liang Pan,&nbsp;Yong Yang","doi":"10.1016/j.frl.2025.107103","DOIUrl":"10.1016/j.frl.2025.107103","url":null,"abstract":"<div><div>This study investigates the effect of information disclosure on the investment efficiency of China's A-share listed companies over the period 2018–2022. Our results demonstrate that enhancing the quality of information disclosure leads to a substantial improvement in investment efficiency. By reducing information asymmetry and acting as a signaling mechanism, adequate information disclosure encourages greater investor propensity and investment scale, ultimately promoting investment efficiency. Additionally, we find that improving information disclosure quality mitigates the cost of financing constraints, thereby alleviating financial pressures associated with underinvestment.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107103"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518907","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 link between crowdfunding and sustainability: A literature review in the field of entrepreneurs and academic spinoffs 众筹与可持续性之间的联系：企业家和学术衍生品领域的文献综述
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-27 DOI: 10.1016/j.frl.2025.107097
Giovanni Baldissarro , Elisa Farinelli , Gianpaolo Iazzolino , Riccardo Maiolini , Donato Morea
{"title":"The link between crowdfunding and sustainability: A literature review in the field of entrepreneurs and academic spinoffs","authors":"Giovanni Baldissarro ,&nbsp;Elisa Farinelli ,&nbsp;Gianpaolo Iazzolino ,&nbsp;Riccardo Maiolini ,&nbsp;Donato Morea","doi":"10.1016/j.frl.2025.107097","DOIUrl":"10.1016/j.frl.2025.107097","url":null,"abstract":"<div><div>The aim of the paper is to analyze the literature that investigates the connection between fintech, crowdfunding, entrepreneurs, academic spinoffs, startups, SMEs, and sustainability to provide insights into how this relationship is influencing researchers. Crowdfunding serves as a crucial element of the fintech ecosystem, promoting financial inclusion and empowering businesses that use these technologies. The Latent Dirichlet Allocation (LDA) method was used to carefully analyze the literature in the field. The findings highlight how crowdfunding facilitates creative enterprises (academic spinoffs, startups, and SMEs) and corresponds with the increasing need for sustainable business practices, offering a foundation for future research in this multidisciplinary field.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107097"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518915","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Financial technology and regional carbon emission reduction: Mediating effect of green technology innovation 金融技术与地区碳减排：绿色技术创新的中介效应
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-27 DOI: 10.1016/j.frl.2025.107110
Yuan Jiang , Xiaomei Wang , Wenting Wang
{"title":"Financial technology and regional carbon emission reduction: Mediating effect of green technology innovation","authors":"Yuan Jiang ,&nbsp;Xiaomei Wang ,&nbsp;Wenting Wang","doi":"10.1016/j.frl.2025.107110","DOIUrl":"10.1016/j.frl.2025.107110","url":null,"abstract":"<div><div>Utilizing data spanning 2012–2022, this study investigated the impact of financial technology on regional carbon emissions, the role of its internal and external mechanisms, and the role of fintech in reducing carbon emission. The conclusions show that the higher the fintech index and the number of regional fintech companies, the lower the carbon emission. Green technological innovation plays a significant mediating role. Fintech achieves sustainable development through innovative financial tools and services and helps firms formulate personalized emission reduction strategies to respond to risks in better ways.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107110"},"PeriodicalIF":7.4,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518909","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
Supervisory board, internal control quality, and earnings management
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-26 DOI: 10.1016/j.frl.2025.107083
Yong Zheng , Yue Han
{"title":"Supervisory board, internal control quality, and earnings management","authors":"Yong Zheng ,&nbsp;Yue Han","doi":"10.1016/j.frl.2025.107083","DOIUrl":"10.1016/j.frl.2025.107083","url":null,"abstract":"<div><div>Based on data from Chinese A-share listed companies from 2003 to 2022, this study delves into how the supervisory board significantly reduces both accrual and real earnings management through the quality of internal control, revealing its core role in enhancing corporate governance. The findings indicate that the supervisory function of the board not only directly curtails earnings management practices but also indirectly strengthens this effect by enhancing management incentives and external audit quality. Furthermore, both management incentives and high-quality external audits have been proven to effectively modulate the supervisory effects, enhancing their restraining influence on accrual earnings management, while having a minimal impact on real earnings management. Through analyzing different profit motives and corporate governance structures, this study further confirms the environmental sensitivity of the supervisory board's role and the functional differences under various governance contexts, providing empirical support for optimizing corporate governance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107083"},"PeriodicalIF":7.4,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518905","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
Does demolition compensation stimulate household allocation of financial assets 拆迁补偿是否会刺激家庭金融资产配置
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-26 DOI: 10.1016/j.frl.2025.107069
Jiaohui Yu , Jinliang Luo , Jian Chen
{"title":"Does demolition compensation stimulate household allocation of financial assets","authors":"Jiaohui Yu ,&nbsp;Jinliang Luo ,&nbsp;Jian Chen","doi":"10.1016/j.frl.2025.107069","DOIUrl":"10.1016/j.frl.2025.107069","url":null,"abstract":"<div><div>As a unique wealth transfer approach, demolition compensation (Compen) directly modifies households’ wealth foundations and exerts an influence on their investment behaviors and risk appetites. This study establishes an empirical model that includes moderating effects and uses the CHFS data to examine the manner in which demolition compensation impacts household financial assets allocation decisions. The results show that demolition compensation promotes the allocation of household financial assets (Fin), especially a greater preference for risky financial assets such as stocks. Household financial knowledge plays a moderating role in this. This facilitating effect is more pronounced in the central region and among urban households. The contributions of this study are threefold. First, we theoretically define demolition compensation as a kind of economic rent, not only arguing that it has the nature of a Ricardian rent, but it also explains the mechanisms by which psychological accounts, wealth loss expectations, loss aversion, and other characteristics impact the effect of demolition compensation on households’ financial asset choices by applying the basic principles of behavioral finance. Second, this study tests the specific impacts of demolition compensation on household financial asset allocation. Third, we consider the impact of financial literacy, constructing a model to reveal the mechanism of demolition compensation on household financial asset choices.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107069"},"PeriodicalIF":7.4,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518898","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
Prediction of market value of firms with corporate sustainability performance data using machine learning models
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-26 DOI: 10.1016/j.frl.2025.107085
Murat Doğan , Özlem Sayılır , Muhammed Aslam Chelery Komath , Emre Çimen
{"title":"Prediction of market value of firms with corporate sustainability performance data using machine learning models","authors":"Murat Doğan ,&nbsp;Özlem Sayılır ,&nbsp;Muhammed Aslam Chelery Komath ,&nbsp;Emre Çimen","doi":"10.1016/j.frl.2025.107085","DOIUrl":"10.1016/j.frl.2025.107085","url":null,"abstract":"<div><div>This study attempts to build models for prediction of market value of firms with Corporate Sustainability Performance data using machine learning models. We analyze a comprehensive global dataset of 5,450 firms operating in 10 sectors. Machine learning models of Random Forest, XGBoost, SVM, and Nearest Neighbor models were constructed with E,S,G,C scores (Environmental, Social, Governance, and ESG Controversies) and financial ratios obtained from the Refinitiv (LSEG) Database. The most suitable model (Random Forest Model) built for Market Capitalization prediction shows that Environmental (E) and ESG Controversies (C) scores stand out as important predictors of market value. The findings of the study emphasize the importance of integrating ESGC factors into market value prediction models. Moreover, our findings suggest that the importance of corporate sustainability performance factors <em>(E, S, G, C)</em> is more pronounced in Europe and America compared to other regions. This study may provide insights for companies, investors, and analysts to achieve a more sophisticated assessment of market value.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107085"},"PeriodicalIF":7.4,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518903","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
Relationship among environmental regulation costs, corporate accounting policies, and green innovation efficiency
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-25 DOI: 10.1016/j.frl.2025.107056
Xueting Wang , Pinyue Qiu
{"title":"Relationship among environmental regulation costs, corporate accounting policies, and green innovation efficiency","authors":"Xueting Wang ,&nbsp;Pinyue Qiu","doi":"10.1016/j.frl.2025.107056","DOIUrl":"10.1016/j.frl.2025.107056","url":null,"abstract":"<div><div>Using data from A share–listed companies from 2013 to 2022 as a research sample, this paper investigates the relationship among the costs of environmental regulations, corporate accounting policies, and green innovation efficiency. Several findings were obtained from this study. (1) The cost of environmental regulations encourages corporations to improve the efficiency of their green innovation initiatives. (2) Aggressive accounting policies inhibit the efficiency of corporate green innovation. (3) R&amp;D investment plays an intermediary role in the relationship between the cost of environmental regulations and the efficiency of corporate green innovation. (4) The impact of the cost of environmental regulations on the efficiency of green innovation in state-owned enterprises and non-state-owned enterprises varies in terms of ownership types.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107056"},"PeriodicalIF":7.4,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518900","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
Tax incentives, market competition, and corporate innovation
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-25 DOI: 10.1016/j.frl.2025.107067
Siyang Hu , Xingyu Zhou , Ping Li
{"title":"Tax incentives, market competition, and corporate innovation","authors":"Siyang Hu ,&nbsp;Xingyu Zhou ,&nbsp;Ping Li","doi":"10.1016/j.frl.2025.107067","DOIUrl":"10.1016/j.frl.2025.107067","url":null,"abstract":"<div><div>Using data from A-share listed firms from 2013 to 2022, this study examines the relationship between tax incentives, market competition, and corporate innovation. Findings reveal that tax incentives significantly encourage corporate innovation. When market rivalry is included as an intermediary variable, tax incentives promote innovation by increasing market competitiveness. Furthermore, the effect of tax incentives on innovation shows significant variety, owing to changes in governance systems and industry features. Finally, based on the research findings, corresponding recommendations are put forward, aiming to provide references for the development of listed companies in China and for government decision-making.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107067"},"PeriodicalIF":7.4,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518906","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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