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Sustainable crowdfunding and cultural contexts: Evidence from a longitudinal multi-country analysis 可持续众筹与文化背景：多国纵向分析的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-24 DOI: 10.1016/j.frl.2024.106345
Luca Farè , Michele Meoli , Silvio Vismara
{"title":"Sustainable crowdfunding and cultural contexts: Evidence from a longitudinal multi-country analysis","authors":"Luca Farè ,&nbsp;Michele Meoli ,&nbsp;Silvio Vismara","doi":"10.1016/j.frl.2024.106345","DOIUrl":"10.1016/j.frl.2024.106345","url":null,"abstract":"<div><div>Crowdfunding platforms are increasingly sensitive to sustainable practices. However, the connections between these platforms and sustainability remain under-researched. This study examines how the sustainability orientation of equity crowdfunding platforms influences their performance. Conducting a longitudinal analysis based on 573 platforms in 37 OECD countries over the 2008–2023 period, we document that social-oriented platforms outperform their counterparts. Platforms operating in countries with a more individualist and masculine culture gain less from their social orientation. We contribute to research and inform practitioners by showing that crowdfunding platforms benefit from engaging with sustainability issues and that cultural contexts matter for promoting sustainable crowdfunding.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106345"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530234","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
Are measures of corporate financial constraints universal? Evidence from Brazil 企业财务限制措施具有普遍性吗？巴西的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-24 DOI: 10.1016/j.frl.2024.106353
Philipe Balan , Lars Norden
{"title":"Are measures of corporate financial constraints universal? Evidence from Brazil","authors":"Philipe Balan ,&nbsp;Lars Norden","doi":"10.1016/j.frl.2024.106353","DOIUrl":"10.1016/j.frl.2024.106353","url":null,"abstract":"<div><div>Financial constraints are a major impediment to economic growth. However, virtually all measures are calibrated with U.S. data and it is therefore not clear whether they work in other jurisdictions. Using data from Brazil during 1996–2022, we test how informative the KZ and SA indices are. We estimate panel regression models of corporate asset growth, market-to-book ratio, payout ratio and ROA on these indices. We find both indices exhibit the expected signs and are significantly related to these corporate outcomes. Finally, our models exhibit a better fit when we use data from the post-IFRS adoption period of Brazilian firms.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106353"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554933","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
Incremental marketization reforms and venture capital strategy adjustments: Based on industrial chain innovation development 增量市场化改革与风险投资战略调整：基于产业链创新发展
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-24 DOI: 10.1016/j.frl.2024.106346
Yu Ren, Xiongfei Liu, Yi Zhu
{"title":"Incremental marketization reforms and venture capital strategy adjustments: Based on industrial chain innovation development","authors":"Yu Ren,&nbsp;Xiongfei Liu,&nbsp;Yi Zhu","doi":"10.1016/j.frl.2024.106346","DOIUrl":"10.1016/j.frl.2024.106346","url":null,"abstract":"<div><div>Marketization reforms are essential for ensuring long-term development. This paper examines the effect and mechanisms of marketization reforms on venture capital strategy adjustments using panel data from 31 provinces in China from 2010 to 2022. The study finds that marketization reforms have increased the level of venture capital primarily by enhancing industrial chain innovation and reducing tax burdens. Based on the findings, recommendations are proposed to deepen marketization reforms and advance venture capital strategy adjustments in China.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106346"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142572612","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
ChatGPT: A canary in the coal mine or a parrot in the echo chamber? Detecting fraud with LLM: The case of FTX ChatGPT：煤矿中的金丝雀还是回声室中的鹦鹉？利用 LLM 检测欺诈：FTX 案例
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-24 DOI: 10.1016/j.frl.2024.106349
Gadzinski Gregory, Liuzzi Vito
{"title":"ChatGPT: A canary in the coal mine or a parrot in the echo chamber? Detecting fraud with LLM: The case of FTX","authors":"Gadzinski Gregory,&nbsp;Liuzzi Vito","doi":"10.1016/j.frl.2024.106349","DOIUrl":"10.1016/j.frl.2024.106349","url":null,"abstract":"<div><div>Does the paradigm shift brought by Large Language Models (LLMs) hold the promise of revolutionizing financial analysis? Our article tackles this question by exploring fraud detection in cryptocurrency exchanges, with a focus on FTX. We study the abilities of generative artificial intelligence tools like ChatGPT to serve as early-warning systems of fraud and identify red flags in the particular and difficult case where no financial information is available. We recognize several challenges to provide insights beyond human knowledge. To achieve a higher degree of scrutiny, we highlight the role of sequential interactions between the AI Chatbot and the researcher as well as the inclusion of external contents, a technique known as Retrieval Augmented Generation (RAG). Therefore, this article serves as a cautionary tale on the necessary conditions to achieve augmented intelligence.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106349"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530236","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 government data accessibility on cross-regional venture capital investments 政府数据可获取性对跨地区风险投资的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-24 DOI: 10.1016/j.frl.2024.106350
Qi Lin , Xiaoyang Zhao , Weihang Hong
{"title":"The impact of government data accessibility on cross-regional venture capital investments","authors":"Qi Lin ,&nbsp;Xiaoyang Zhao ,&nbsp;Weihang Hong","doi":"10.1016/j.frl.2024.106350","DOIUrl":"10.1016/j.frl.2024.106350","url":null,"abstract":"<div><div>This study examines the association between government data accessibility and venture capital (VC)'s cross-regional investments. Exploiting the staggered establishment of government data open platforms (GDOPs) across different cities in China as a positive shock to government data accessibility, we find that this policy significantly increases cross-regional VC investments in treatment cities relative to others. Furthermore, the positive impact is achieved through the reduction of information asymmetry, as the establishment of GDOPs attracts VC investments from greater geographical distances. Additionally, we find a more pronounced positive effect of GDOPs on promoting cross-regional VC investments in regions with higher terrain ruggedness and lower fiscal transparency. Overall, this study demonstrates that the government's informatization and transparency initiatives can positively influence financial markets by enhancing the cross-regional flow of financial capital.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106350"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660562","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
Roots and rewards: Exploring the symbiotic relationship between familism and Chinese family business philanthropy 根源与回报：探索家族主义与中国家族企业慈善事业之间的共生关系
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-24 DOI: 10.1016/j.frl.2024.106348
Kun Wang , Yunfan Yang , Jingfei Ren , Yingkai Tang
{"title":"Roots and rewards: Exploring the symbiotic relationship between familism and Chinese family business philanthropy","authors":"Kun Wang ,&nbsp;Yunfan Yang ,&nbsp;Jingfei Ren ,&nbsp;Yingkai Tang","doi":"10.1016/j.frl.2024.106348","DOIUrl":"10.1016/j.frl.2024.106348","url":null,"abstract":"<div><div>This study examines the profound influence of familism on the philanthropic behaviours of family businesses (FBs) in China, utilising data from A-share listed FBs from 2012 to 2020. Familism, a core cultural ethos in China, not only shapes family dynamics but significantly impacts broader socio-economic activities, including corporate philanthropy. Our findings reveal that the intensity of familism within FBs correlates positively with their philanthropic donations. This relationship suggests that FBs embed familial values deeply within their corporate strategies, thus enhancing their social reputation and contributing to societal welfare. Importantly, this study enriches the literature in the field of culture and corporate finance by illustrating how familism transcends internal business practices to influence community-oriented activities, broadening the understanding of how cultural values shape corporate philanthropy globally.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106348"},"PeriodicalIF":7.4,"publicationDate":"2024-10-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554929","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 does government R&D subsidies affect enterprises’ viability? An investigation on inverted U-shaped relationship 政府研发补贴如何影响企业生存能力？对倒 U 型关系的研究
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-23 DOI: 10.1016/j.frl.2024.106235
Yajie Han , Liyan Han , Chengkun Liu , Qisong Wang
{"title":"How does government R&D subsidies affect enterprises’ viability? An investigation on inverted U-shaped relationship","authors":"Yajie Han ,&nbsp;Liyan Han ,&nbsp;Chengkun Liu ,&nbsp;Qisong Wang","doi":"10.1016/j.frl.2024.106235","DOIUrl":"10.1016/j.frl.2024.106235","url":null,"abstract":"<div><div>Based on the theory of New Structural Economics, this study investigates the non-linear relationship between government R&amp;D subsidies (RDS) and enterprises’ viability (VIA) in China, utilizing data from A-share listed advanced manufacturing enterprises. The findings reveal an inverted U-shaped relationship, where VIA initially increases and subsequently decreases as RDS intensifies. Furthermore, we examine the impact of technological convergence between the digital and real economy industries (TCG) on this relationship and find that TCG strengthens the curvilinear relationship. This study provides valuable insights for formulating advanced manufacturing policies that address structural needs, thereby fostering high-quality development of the real economy.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106235"},"PeriodicalIF":7.4,"publicationDate":"2024-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530232","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 connectedness features of German electricity futures over short and long maturities 德国短期和长期电力期货的关联性特征
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-23 DOI: 10.1016/j.frl.2024.106315
Angelica Gianfreda , Giacomo Scandolo , Derek Bunn
{"title":"The connectedness features of German electricity futures over short and long maturities","authors":"Angelica Gianfreda ,&nbsp;Giacomo Scandolo ,&nbsp;Derek Bunn","doi":"10.1016/j.frl.2024.106315","DOIUrl":"10.1016/j.frl.2024.106315","url":null,"abstract":"<div><div>This research provides an extensive characterization of the contagion between electricity, energy commodities, financial assets and economic indicators across several maturities. Despite the widespread importance of electricity futures, this has been an under-researched topic. The evolution of connectedness is investigated between 2006 and 2023. With a special focus on electricity forward base and peak contracts, results show that the contagion effects are moderate but evolve through time, with greater impacts observed during the crisis years. We confirm that electricity forward prices are more sensitive to operators’ future expectations on fundamental market conditions than to financial and economic shocks.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106315"},"PeriodicalIF":7.4,"publicationDate":"2024-10-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530227","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
Exploring the mechanism of regional ecological legal governance's impact on corporate bond credit spreads 区域生态法律治理对企业债券信用利差的影响机制探究
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-22 DOI: 10.1016/j.frl.2024.106338
Zheyu Dai , Jian Liu
{"title":"Exploring the mechanism of regional ecological legal governance's impact on corporate bond credit spreads","authors":"Zheyu Dai ,&nbsp;Jian Liu","doi":"10.1016/j.frl.2024.106338","DOIUrl":"10.1016/j.frl.2024.106338","url":null,"abstract":"<div><div>This study selects corporate bonds publicly issued in China's exchange market from 2012 to 2022 as the core analysis objects, aiming to deeply dissect the mechanism of how the regional ecological legal system affects corporate bond credit spreads. The research findings indicate that the establishment of intermediate environmental courts has effectively reduced investors' risk premiums for enterprises. Meanwhile, in the context of the establishment of these courts, environmental regulations have become a key factor in lowering corporate risk premiums, exerting a significant mediating effect.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106338"},"PeriodicalIF":7.4,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142530229","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
Effect of low carbon policy on residents’ health: Evidence from China 低碳政策对居民健康的影响：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-10-22 DOI: 10.1016/j.frl.2024.106301
Cheng Zhang , Xiaohong Ling , Xiyan Weng
{"title":"Effect of low carbon policy on residents’ health: Evidence from China","authors":"Cheng Zhang ,&nbsp;Xiaohong Ling ,&nbsp;Xiyan Weng","doi":"10.1016/j.frl.2024.106301","DOIUrl":"10.1016/j.frl.2024.106301","url":null,"abstract":"<div><div>A good ecological environment is foundational to the survival and health of society. This study utilized data from the China Family Panel Studies to empirically examine the impact of implementing low-carbon cities on residents’ health. The results revealed that low-carbon cities enhanced residents’ health. Mechanism analysis revealed that the construction of low-carbon cities fosters residents’ health by improving air quality, expanding urban green spaces, encouraging residents to engage in physical exercise, and enhancing residents’ mental well-being. This research offers policy insights to guide governments in pursuing a sustainable development path that prioritizes both natural environments and residents’ health.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"70 ","pages":"Article 106301"},"PeriodicalIF":7.4,"publicationDate":"2024-10-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142554930","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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