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Dynamic capabilities as an enabling mechanism: Top management team heterogeneity and M&A performance 动态能力作为激励机制：高层管理团队异质性与并购绩效
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-29 DOI: 10.1016/j.frl.2025.109446
Xinyi Yang , Haiqing Shao , Qiang Hao , Yue Li
{"title":"Dynamic capabilities as an enabling mechanism: Top management team heterogeneity and M&A performance","authors":"Xinyi Yang ,&nbsp;Haiqing Shao ,&nbsp;Qiang Hao ,&nbsp;Yue Li","doi":"10.1016/j.frl.2025.109446","DOIUrl":"10.1016/j.frl.2025.109446","url":null,"abstract":"<div><div>This study takes Chinese A-share listed companies as its research sample to empirically examine the impact of top management team (TMT) heterogeneity on corporate merger and acquisition (M&amp;A) performance. The findings reveal that TMT heterogeneity exerts a significant positive influence on M&amp;A performance. This enhancement effect is primarily realized through the strengthening of corporate dynamic capabilities. Further analysis of moderating effects indicates that internal pay disparity weakens the positive effect of TMT heterogeneity, whereas high financing efficiency provides crucial resource support, thereby strengthening this positive relationship. Heterogeneity analysis shows that the value-creating effect of TMT heterogeneity in M&amp;As is more pronounced in firms with higher cost of equity capital, abundant slack resources, and higher ownership concentration.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109446"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145922506","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
Impact of regional green finance development on green transformation of enterprises 区域绿色金融发展对企业绿色转型的影响
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-19 DOI: 10.1016/j.frl.2025.109412
Shuai Huang , Yiqing Wang , Siqi Li , Dongliang Pan
{"title":"Impact of regional green finance development on green transformation of enterprises","authors":"Shuai Huang ,&nbsp;Yiqing Wang ,&nbsp;Siqi Li ,&nbsp;Dongliang Pan","doi":"10.1016/j.frl.2025.109412","DOIUrl":"10.1016/j.frl.2025.109412","url":null,"abstract":"<div><div>In the context of pursuing sustainable development, promoting green transformation of enterprises has become a core issue. Taking Chinese A-share listed companies from (2010–2023), this study constructs a composite index of regional green financial development covering seven dimensions, including green credit, investment, insurance, and others. It adopts the green innovation quality and green total factor productivity of enterprises as the measure of corporate green transformation and constructs a two-way fixed effect model to conduct empirical tests. It is found that regional green financial development can significantly promote the green transformation of enterprises, and this conclusion holds after a series of robustness tests. Mechanism testing reveals that green finance (GF) primarily promotes corporate green transformation by enhancing innovation capabilities and alleviating financing constraints. Heterogeneity analysis indicates that regional GF exerts a more pronounced effect on the green transformation of heavily polluting enterprises and non-state-owned enterprises. This study not only provides solid evidence for understanding the policy effects of GF but also provides important policy insights for regions to guide the green upgrading of industries.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109412"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145786062","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
Blockchain technology, big data evidence, and financial crime 区块链技术、大数据证据和金融犯罪
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-05 DOI: 10.1016/j.frl.2025.109259
Yuchi Zhang , Fupeng Duan
{"title":"Blockchain technology, big data evidence, and financial crime","authors":"Yuchi Zhang ,&nbsp;Fupeng Duan","doi":"10.1016/j.frl.2025.109259","DOIUrl":"10.1016/j.frl.2025.109259","url":null,"abstract":"<div><div>Based on data from listed companies between 2013 and 2023, this paper explores the relationship between the application of blockchain technology, the capabilities of big data evidence, and corporate financial crime. The study finds that higher levels of blockchain technology application correlate with lower rates of corporate financial crime; stronger big data evidence capabilities are associated with decreased financial crime; and big data evidence capabilities mediate the relationship between blockchain technology application and financial crime. Furthermore, this mediating role exhibits heterogeneity across companies with varying levels of financial leverage. The research conclusions provide new empirical support for the role of digital technology in financial governance and risk management.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109259"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145704982","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
Can media supervision enhance corporate environmental compliance? The roles of information transparency and financing constraints 媒体监督能促进企业环境合规吗？信息透明度与融资约束的作用
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-16 DOI: 10.1016/j.frl.2026.109527
JiaLiang Guo , Chao Zhang
{"title":"Can media supervision enhance corporate environmental compliance? The roles of information transparency and financing constraints","authors":"JiaLiang Guo ,&nbsp;Chao Zhang","doi":"10.1016/j.frl.2026.109527","DOIUrl":"10.1016/j.frl.2026.109527","url":null,"abstract":"<div><div>Using panel data of Chinese A-share listed firms from 2011–2024, this study examines whether media supervision enhances corporate environmental compliance and explores its underlying mechanisms. Results show that media coverage significantly improves firms’ ESG performance by strengthening information transparency and public pressure. Moreover, media supervision promotes compliance indirectly by increasing information transparency and easing financing constraints. The effect is stronger for state-owned enterprises than for private firms, reflecting differences in social responsibility pressure and reputation incentives.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109527"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995980","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 of climate risks on stock markets: A sectoral analysis 气候风险对股票市场的溢出效应：一个行业分析
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-02-10 DOI: 10.1016/j.frl.2026.109633
Ali Kemal Çelik , Ömer Yalçınkaya , Yakup Söylemez , Hakan Cavlak
{"title":"Spillover effects of climate risks on stock markets: A sectoral analysis","authors":"Ali Kemal Çelik ,&nbsp;Ömer Yalçınkaya ,&nbsp;Yakup Söylemez ,&nbsp;Hakan Cavlak","doi":"10.1016/j.frl.2026.109633","DOIUrl":"10.1016/j.frl.2026.109633","url":null,"abstract":"<div><div>This study highlights the heterogeneity of climate risk across sectors by analyzing the spillover effects of global climate risks—distinguished as physical and transition risks—on sectoral stock markets in the US using quantile vector autoregression (QVAR) and spillover indices. The quantitative analysis, based on evidence from the S&amp;P 500 and its subsector indices, identifies strong contagion effects observed in both the lower and upper quantiles, revealing that climate risks have acquired systemic characteristics. The findings indicate that climate risks have become a key determinant of financial stability not only during crisis periods but also under all market conditions, and that the sensitivity across sectors varies considerably.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109633"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146152614","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
Intelligent revolution of educational resources: AI-driven reallocation effects and economic consequences 教育资源的智能革命：人工智能驱动的再配置效应与经济后果
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-26 DOI: 10.1016/j.frl.2025.109431
Bo Yang , Hao Hu , Yixuan Li
{"title":"Intelligent revolution of educational resources: AI-driven reallocation effects and economic consequences","authors":"Bo Yang ,&nbsp;Hao Hu ,&nbsp;Yixuan Li","doi":"10.1016/j.frl.2025.109431","DOIUrl":"10.1016/j.frl.2025.109431","url":null,"abstract":"<div><div>Because artificial intelligence (AI) is deeply integrated into urban governance systems, educational resource allocation is undergoing profound structural transformation. Using panel data from Chinese prefecture-level cities spanning 2000–2023, this study systematically and empirically explores the multidimensional impacts, inherent mechanisms, and economic consequences of AI development on educational resource allocation. Notably, AI development has a significant structural effect on educational resource allocation, substantially increasing the scale of urban fiscal expenditure on education and the number of full-time teachers and promoting rational reductions in the number of schools, which drives the education system toward centralization and digital platforming. This is primarily achieved by enhancing local fiscal coordination capacity and attracting highly educated populations. Furthermore, this AI-driven restructuring of educational resources increases urban per capita GDP. This study underscores the pivotal role of AI in reshaping public resource allocation. Our findings provide significant theoretical support and practical references for resource-constrained regions to develop accurate, AI-enabled education policies, address imbalanced educational development, and promote educational equity and coordinated, sustainable regional development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109431"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145844771","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
Patient capital and firm green low-carbon cycle innovation 耐心资本与企业绿色低碳循环创新
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-27 DOI: 10.1016/j.frl.2025.109439
Qihui Sun , Cheng Zhang , Yangyang Yao
{"title":"Patient capital and firm green low-carbon cycle innovation","authors":"Qihui Sun ,&nbsp;Cheng Zhang ,&nbsp;Yangyang Yao","doi":"10.1016/j.frl.2025.109439","DOIUrl":"10.1016/j.frl.2025.109439","url":null,"abstract":"<div><div>Facing the practical demand of building a green, low-carbon, and circular development economic system under the \"carbon peak and neutrality\" goals, guiding patient capital with long-term characteristics to support firm green innovation is crucial. Using Chinese A-share listed firms as a sample, this paper theoretically analyzes and empirically tests the impact of patient capital on firm green low-carbon cycle innovation. The study finds that patient capital significantly promotes firm green low-carbon cycle innovation, and this conclusion remains robust after a series of robust tests. Mechanism analysis indicates that patient capital primarily promotes firm green low-carbon cycle innovation by overcoming corporate short-termism, alleviating financing constraints, enhancing green innovation quality, and promoting the agglomeration of green star inventors. Heterogeneity analysis shows that the promoting effect of patient capital is more significant for non-state-owned enterprises, small and medium-sized enterprises, firms with high analyst coverage, non-dual-role firms, and in regions with strong environmental regulations or weak financial development. The conclusions of this paper offer valuable insights for understanding the governance and financial functions of patient capital, thereby guiding long-term capital to empower high-quality economic development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109439"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145844765","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 business model innovation, operational efficiency, and corporate financial performance 数字商业模式创新、运营效率和企业财务绩效
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-28 DOI: 10.1016/j.frl.2025.109445
Meifang Yao, Shuangyuan Yang
{"title":"Digital business model innovation, operational efficiency, and corporate financial performance","authors":"Meifang Yao,&nbsp;Shuangyuan Yang","doi":"10.1016/j.frl.2025.109445","DOIUrl":"10.1016/j.frl.2025.109445","url":null,"abstract":"<div><div>This paper focuses on A-share listed companies in China and systematically examines the relationship between digital business model innovation (DBMI), operational efficiency (OE), and corporate financial performance based on panel data from 2013 to 2023. The research findings indicate that DBMI significantly enhances corporate financial performance; OE plays a partial mediating role between DBMI and corporate financial performance; and there is significant heterogeneity in the mediating role of OE across companies with varying levels of digital infrastructure. The conclusion provides empirical evidence for enterprises to improve operational performance through digital transformation and offers references for policymakers to promote the deep integration of digital and real economies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109445"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145844763","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
Unintended consequences of tax enforcement reform: Evidence from corporate social responsibility report readability 税收执法改革的意外后果：来自企业社会责任报告可读性的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-27 DOI: 10.1016/j.frl.2025.109442
Li Meng , Jintao Zhang , Pai Pang
{"title":"Unintended consequences of tax enforcement reform: Evidence from corporate social responsibility report readability","authors":"Li Meng ,&nbsp;Jintao Zhang ,&nbsp;Pai Pang","doi":"10.1016/j.frl.2025.109442","DOIUrl":"10.1016/j.frl.2025.109442","url":null,"abstract":"<div><div>Corporate social responsibility (CSR) disclosures play an increasingly important role in shaping firms’ information environments and investor perceptions, particularly in emerging markets characterized by strong regulatory interventions. This study examines how tax enforcement reforms influence firms’ CSR disclosure strategies. Leveraging the merger of China’s State Tax and Local Tax Bureaus as a quasinatural experiment, we employ a difference-in-differences model to investigate its impact on CSR report readability. Notably, tax enforcement reform is correlated with significantly reduced CSR report readability, indicating that firms may strategically obscure weaker social responsibility performance through less transparent disclosure. Heterogeneity tests indicate that firms with stronger profitability and higher government subsidies face more pronounced shocks. The findings contribute to the literature on tax enforcement and CSR disclosure by demonstrating the unintended nonfinancial consequences of institutional reforms.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109442"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145844768","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
Investigation of the guiding effect of watershed compensation policy on green credit issuance: Evidence from environmental law enforcement 流域补偿政策对绿色信贷发放的引导作用研究：来自环境执法的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-22 DOI: 10.1016/j.frl.2026.109567
Xiuqin Zhang , Siyu Zhou
{"title":"Investigation of the guiding effect of watershed compensation policy on green credit issuance: Evidence from environmental law enforcement","authors":"Xiuqin Zhang ,&nbsp;Siyu Zhou","doi":"10.1016/j.frl.2026.109567","DOIUrl":"10.1016/j.frl.2026.109567","url":null,"abstract":"<div><div>With the continuous deepening of green finance and ecological protection concepts, researching the institutional driving mechanisms behind green credit issuance has become increasingly important. This paper explores the relationships and heterogeneity among watershed compensation policy, environmental law enforcement intensity, and green credit issuance. The study finds a positive correlation between watershed compensation policy and green credit issuance. Moderating effect analysis indicates that environmental law enforcement intensity plays a regulatory role in the relationship between watershed compensation policy and green credit issuance. Heterogeneity analysis reveals that the promotional effect of watershed compensation policy on green credit issuance varies between regions with high and low environmental regulatory intensity. Furthermore, the regulatory role of environmental law enforcement intensity in the relationship between watershed compensation policy and green credit issuance also exhibits heterogeneity between regions of high and low ecological environmental quality. This research provides theoretical basis and empirical support for improving green finance policy design and enhancing ecological environmental governance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109567"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032766","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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