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The spillover effect of enterprise integration of real industry and technology: a supply chain perspective 实体产业与技术企业整合的溢出效应：一个供应链视角
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-10 DOI: 10.1016/j.frl.2026.109513
Bingkun Su , Jin Wang , Banglu He
{"title":"The spillover effect of enterprise integration of real industry and technology: a supply chain perspective","authors":"Bingkun Su ,&nbsp;Jin Wang ,&nbsp;Banglu He","doi":"10.1016/j.frl.2026.109513","DOIUrl":"10.1016/j.frl.2026.109513","url":null,"abstract":"<div><div>Promoting the integration of the real economy and the digital economy is a key measure for facilitating the digital transformation and upgrading of supply chains, as well as enhancing their resilience. However, the potential spillover effects of real industry technology integration among supply chain stakeholders have not been sufficiently explored. This article uses panel data from A-share listed companies in China's Shanghai and Shenzhen stock markets from 2008 to 2022, matching patent citation data between suppliers and customers, and employs fixed-effects models to evaluate the spillover effects and mechanisms of enterprise real industry technology integration (ITInt). The results show that: (1) ITInt in focal firms generates significant positive spillovers on both upstream suppliers and downstream customers, and these findings remain robust after addressing endogeneity using instrumental variables and conducting extensive robustness tests; (2) The spillover effects operate through two key mechanisms: information element coordination and labor element coordination, whereby higher ITInt levels enhance the alignment of digital information systems and human capital configurations between target firms and their supply chain partners; (3) Spillovers are more pronounced when partners are small-to-medium enterprises (SMEs), non-high-tech firms, or non-state-owned enterprises. This research employs empirical methods to investigate spillover effects of real industry technology integration through a supply chain lens, offering fresh perspectives on the convergence between real and digital economies, supply chain network stability, and factor coordination enhancement. These findings have significant implications for firms seeking to leverage supply chain digitalization and for policymakers promoting high-quality economic development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109513"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146036596","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
Examining the effects of judicial protection of intellectual property rights on innovation efficiency of technology-based small and medium-sized enterprises in the context of digital finance 数字金融背景下知识产权司法保护对科技型中小企业创新效率的影响研究
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-10 DOI: 10.1016/j.frl.2026.109514
Dana Han , Hui Liu , Hui Du
{"title":"Examining the effects of judicial protection of intellectual property rights on innovation efficiency of technology-based small and medium-sized enterprises in the context of digital finance","authors":"Dana Han ,&nbsp;Hui Liu ,&nbsp;Hui Du","doi":"10.1016/j.frl.2026.109514","DOIUrl":"10.1016/j.frl.2026.109514","url":null,"abstract":"<div><div>Based on firm-level data for Chinese technology-based small and medium-sized enterprises (SMEs) from 2011 to 2023, this study examines the impact of judicial protection of intellectual property rights (IPJPS) on the innovation efficiency (IE) of technology-based SMEs in the context of digital finance (Digfin). The main findings are as follows: First, the strength of IPJPS has a positive effect on the IE of technology-based SMEs. Second, Digfin plays a moderating role in the relationship between IPJPS and IE. Third, the positive impact of IPJPS strength on IE exhibits heterogeneity across firms with different levels of financing constraints. Finally, the moderating effect of Digfin on the relationship between IPJPS and IE also shows heterogeneity across firms with differing financing constraints. The study reveals the complex roles of IPJPS and Digfin in enhancing IE among technology-based SMEs and provides valuable empirical evidence for policymakers.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109514"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146075704","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
Advanced human capital, credit resource misallocation, and corporate sustainable development performance 高级人力资本、信贷资源错配与企业可持续发展绩效
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-07 DOI: 10.1016/j.frl.2025.109342
Peiqi Xu , Shu Fang
{"title":"Advanced human capital, credit resource misallocation, and corporate sustainable development performance","authors":"Peiqi Xu ,&nbsp;Shu Fang","doi":"10.1016/j.frl.2025.109342","DOIUrl":"10.1016/j.frl.2025.109342","url":null,"abstract":"<div><div>Based on empirical analysis using data from non-financial A-share listed companies in China from 2012 to 2023, this paper examines the impact of advanced human capital and credit resource misallocation on corporate sustainable development performance. The study finds that advanced human capital significantly enhances corporate sustainable development performance; credit resource misallocation inhibits corporate sustainable development performance; green innovation (GI) plays a mediating role in the relationship between advanced human capital and corporate sustainable development performance; and credit resource misallocation plays a moderating role in this relationship.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109342"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689447","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 media information and household stock market participation: Evidence from China 数字媒体信息与家庭股票市场参与：来自中国的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-02-04 DOI: 10.1016/j.frl.2026.109604
Jing Hao , Ran Sun , Ziqiao Wang
{"title":"Digital media information and household stock market participation: Evidence from China","authors":"Jing Hao ,&nbsp;Ran Sun ,&nbsp;Ziqiao Wang","doi":"10.1016/j.frl.2026.109604","DOIUrl":"10.1016/j.frl.2026.109604","url":null,"abstract":"<div><div>This study examines the effect of digital media information on household stock market participation. Using data from the China Household Finance Survey (CHFS) project, we find that households exposed to more digital media information of local listed firms are more likely to participate in the stock market. Further analysis reveals that this effect is primarily driven by positive digital media information. Moreover, the effect is more pronounced among households with greater risk tolerance, higher education levels, stronger social security protections, and more developed local legal institutions. These findings enrich the existing literature on the role of digital information in household asset allocation decisions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109604"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146187311","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 collaborative effects of digital financial development and multi-dimensional proximity on regional tech innovation efficiency 数字金融发展与多维邻近对区域技术创新效率的协同效应
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-06 DOI: 10.1016/j.frl.2025.109257
Zhihua Zhao , Jiawei Ren , Chuang Heng , Wei Wei
{"title":"The collaborative effects of digital financial development and multi-dimensional proximity on regional tech innovation efficiency","authors":"Zhihua Zhao ,&nbsp;Jiawei Ren ,&nbsp;Chuang Heng ,&nbsp;Wei Wei","doi":"10.1016/j.frl.2025.109257","DOIUrl":"10.1016/j.frl.2025.109257","url":null,"abstract":"<div><div>Amid growing scientific collaboration, interactions among China's regional innovation actors have intensified. Despite notable improvements in innovation capacity, technology integration and restructuring remain ongoing processes. Persistent issues like inefficient resource utilization continue to hinder regional innovation efficiency. This study examines how digital finance and multi-dimensional proximity jointly influence regional innovation efficiency, using panel data from 30 Chinese provinces (2006–2023) through a two-stage SBM model and Tobit regression analysis. Results indicate that digital finance significantly boosts innovation efficiency. It shows strong synergistic effects with technological, informational, and geographical proximity. These findings provide new theoretical insights into the synergistic mechanisms between digital finance and proximity in the digital era, and offer empirical support for crafting differentiated regional innovation policies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109257"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145696596","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 the intensity of environmental regulation enhance corporate risk-taking? 环境监管力度是否能提高企业的风险承担能力？金融资源可及性的实证机制
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-07 DOI: 10.1016/j.frl.2025.109256
Xinying Li , Huiyu Chen , Yongqian Tu
{"title":"Can the intensity of environmental regulation enhance corporate risk-taking?","authors":"Xinying Li ,&nbsp;Huiyu Chen ,&nbsp;Yongqian Tu","doi":"10.1016/j.frl.2025.109256","DOIUrl":"10.1016/j.frl.2025.109256","url":null,"abstract":"<div><div>This paper selects Chinese listed companies from 2010 to 2023 as the research subject and systematically analyzes the impact of environmental regulation intensity on corporate risk-taking levels, further examining the mediating effect of access to financial resources. The results show: First, there is a significant negative correlation between environmental regulation intensity and corporate risk-taking levels. Second, the restraining effect of environmental regulation intensity on corporate risk-taking is more pronounced in industries with low competition as well as in companies with high ownership concentration. Third, access to financial resources plays a partial mediating role in the process by which environmental regulation affects corporate risk-taking, revealing the internal mechanism by which environmental policy influences corporate risk decisions through improving financial resource allocation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109256"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145696594","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
Improving Marginal Expected Shortfall estimates using credibility methods 使用可信度方法改进边际预期缺口估计
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-13 DOI: 10.1016/j.frl.2026.109490
Limin Wen
{"title":"Improving Marginal Expected Shortfall estimates using credibility methods","authors":"Limin Wen","doi":"10.1016/j.frl.2026.109490","DOIUrl":"10.1016/j.frl.2026.109490","url":null,"abstract":"<div><div>Marginal Expected Shortfall (MES) is widely regarded as a key indicator for systemic risk measurement, as it reflects the vulnerability of individual institutions under market stress. Yet conventional MES estimators may become unstable and highly variable when tail observations are limited or confidence levels are high. To mitigate this issue, a credibility-based estimator is introduced, where empirical tail information is combined with prior knowledge through an optimally determined weighting scheme. The resulting closed-form expression improves numerical stability and reduces variance while avoiding posterior simulation. Monte Carlo experiments with lower-tail-dependent copulas confirm its convergence and show lower sampling variability, particularly in small-sample and high-confidence settings. An empirical application to the CSI 300 index and five A-share stocks further demonstrates its ability to capture cross-sectoral heterogeneity in systemic risk, with a data-driven calibration of prior information enhancing practical relevance for regulators and risk managers.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109490"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145961874","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 declining explanatory power of interest rates for stock market and business cycle dynamics 利率对股市和商业周期动态的解释力下降
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-15 DOI: 10.1016/j.frl.2026.109524
S. Geissel, D. Klein
{"title":"The declining explanatory power of interest rates for stock market and business cycle dynamics","authors":"S. Geissel,&nbsp;D. Klein","doi":"10.1016/j.frl.2026.109524","DOIUrl":"10.1016/j.frl.2026.109524","url":null,"abstract":"<div><div>This study applies a multivariate wavelet framework to examine the time-varying relationship between stock market cycles and business cycles in Germany, Japan, the UK, and the USA from 2000 to 2025. Prior to 2020, stock market cycles generally led business cycles at medium- to longterm frequencies. Around 2020, this pattern reversed, indicating a structural shift. Controlling for key interest rates reduces regions of significant coherence during the Global Financial Crisis, but not around 2020, suggesting a diminished role of interest rates in explaining the joint dynamics of stock markets and business cycles in recent years.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109524"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145973754","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
International spillover effects of geopolitical risks on economic growth 地缘政治风险对经济增长的国际溢出效应
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.frl.2026.109529
Hakan Yilmazkuday
{"title":"International spillover effects of geopolitical risks on economic growth","authors":"Hakan Yilmazkuday","doi":"10.1016/j.frl.2026.109529","DOIUrl":"10.1016/j.frl.2026.109529","url":null,"abstract":"<div><div>This paper investigates the spillover effects of country-specific geopolitical risks on the economic growth of other countries. Our primary empirical contribution is the identification and quantification of these international risk transmission pathways, distinguishing between advanced and emerging economies as both sources and destinations of shocks. We employ the local projections method at the country-pair level to estimate the cumulative impulse responses of GDP growth to geopolitical risk shocks. Using quarterly data for 23 advanced and 25 emerging economies from 1985 to 2023, our findings reveal a striking asymmetry in global risk transmission. While advanced economies consistently experience significant and persistent economic contractions following geopolitical shocks, emerging markets display a degree of short-term resilience, often registering positive growth responses likely driven by substitution effects. Robustness checks indicate that these transmission channels have intensified in the post-pandemic era. The results underscore the necessity for differentiated policy responses, emphasizing supply chain diversification for advanced economies and the maintenance of robust financial buffers for emerging markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109529"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032763","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
Exploring the financial mechanisms of digital inclusion in promoting farmers’ income 探索数字普惠促进农民增收的金融机制
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-25 DOI: 10.1016/j.frl.2026.109578
Qinyue Song , Mingyi Yan , Zhengxin Shi , Zhenfu Han
{"title":"Exploring the financial mechanisms of digital inclusion in promoting farmers’ income","authors":"Qinyue Song ,&nbsp;Mingyi Yan ,&nbsp;Zhengxin Shi ,&nbsp;Zhenfu Han","doi":"10.1016/j.frl.2026.109578","DOIUrl":"10.1016/j.frl.2026.109578","url":null,"abstract":"<div><div>This study examines how digital financial inclusion (DFI) influences farmers’ income by facilitating industrial structure upgrading using panel data from 279 Chinese cities spanning 2011–2022. Employing fixed effects, instrumental variable, and threshold models, DFI significantly boosts rural income. Industrial upgrading is a crucial mechanism, and heterogeneity and threshold analyses reveal stronger effects in central and western regions, among lower-income populations, and at early and advanced DFI development stages. These findings emphasize the relevance of digital finance in promoting inclusive, sustainable, and finance-enabled rural development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109578"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146185490","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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