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Risk contagion between commodity and China's stock markets under the impact of major events
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-16 DOI: 10.1016/j.frl.2025.107212
Shichao Hu , Jiaying Luo , Ganlin Pu , Shengxi Xue , Xueping Wang
{"title":"Risk contagion between commodity and China's stock markets under the impact of major events","authors":"Shichao Hu ,&nbsp;Jiaying Luo ,&nbsp;Ganlin Pu ,&nbsp;Shengxi Xue ,&nbsp;Xueping Wang","doi":"10.1016/j.frl.2025.107212","DOIUrl":"10.1016/j.frl.2025.107212","url":null,"abstract":"<div><div>We explore the risk contagion between commodity and stock markets under the influence of different major events by constructing the R-Vine-Copula model combined with topology methods. The results indicate that cross-market risk contagion is significantly amplified during major events, with international crude oil and US stock markets primarily driving the risk spillover. Meanwhile, China's stock market acts as a net risk recipient. Besides, both total and directional risk spillover indices increase significantly in extreme states, with an asymmetric effect at the upper and lower tails.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107212"},"PeriodicalIF":7.4,"publicationDate":"2025-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143684669","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
Financial development and growth volatility revisited
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-16 DOI: 10.1016/j.frl.2025.107175
Philipp Struthmann
{"title":"Financial development and growth volatility revisited","authors":"Philipp Struthmann","doi":"10.1016/j.frl.2025.107175","DOIUrl":"10.1016/j.frl.2025.107175","url":null,"abstract":"<div><div>This paper examines the relationship between financial development and macroeconomic growth volatility. Using data from 104 countries over the period 1980–2023 and employing endogeneity-robust estimation techniques, we find that financial intermediation, along with access, depth, and efficiency of financial institutions and markets, generally reduces growth volatility in the long run. However, this effect is non-monotonic, implying that too much finance might actually exacerbate growth volatility. Furthermore, we show that the relationship between financial development and growth volatility has weakened over time and that there is no significant association between finance and growth volatility in the short run.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107175"},"PeriodicalIF":7.4,"publicationDate":"2025-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143637691","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
Fintech and low-carbon urban development
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-16 DOI: 10.1016/j.frl.2025.107229
Ting Zeng , Yuan Jiang
{"title":"Fintech and low-carbon urban development","authors":"Ting Zeng ,&nbsp;Yuan Jiang","doi":"10.1016/j.frl.2025.107229","DOIUrl":"10.1016/j.frl.2025.107229","url":null,"abstract":"<div><div>This study examines financial technology's (FinTech) influence on urban low-carbon development among 276 Chinese cities (2008–2023). Using a dual fixed-effects model, FinTech's positive influence on green total factor energy efficiency is established. Green innovation mediates this relationship while transforming financial capabilities into environmental upgrading. Government environmental consideration strengthens FinTech's effectiveness, establishing background contingency. Heterogeneity analysis shows differential impacts across geographical locales, administrative prestige, and economic forms, with resource-based cities benefiting considerably. The findings improve the theoretical understanding of technology–sustainability relationships, providing practical guidance for incorporating FinTech into distinguished urban sustainability strategies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107229"},"PeriodicalIF":7.4,"publicationDate":"2025-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143705947","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
Crowdfunding and sustainable development: A systematic review
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-15 DOI: 10.1016/j.frl.2025.107220
Rosella Carè , Rabia Fatima , Paolo Agnese
{"title":"Crowdfunding and sustainable development: A systematic review","authors":"Rosella Carè ,&nbsp;Rabia Fatima ,&nbsp;Paolo Agnese","doi":"10.1016/j.frl.2025.107220","DOIUrl":"10.1016/j.frl.2025.107220","url":null,"abstract":"<div><div>This study employs bibliometric analysis to explore the evolving role of crowdfunding in financing sustainable development goals (SDGs). Analyzing 148 peer-reviewed articles (2014–2024), it identifies key trends, influential contributors, and thematic clusters in academic discourse. Findings reveal a surge in research post-2020, with a focus on entrepreneurial finance, environmental sustainability, and financial innovation. Equity crowdfunding and FinTech emerge as pivotal in bridging sustainability-related funding gaps. Cluster analysis highlights four major research areas: financial innovation's role in sustainability, crowdfunding's contribution to SDGs (especially post-COVID-19), microfinancing and financial inclusion for SMEs, and ESG integration in entrepreneurial finance. Despite these advances, significant research gaps remain, particularly the need for longitudinal studies to assess the long-term impacts of crowdfunding on sustainability, as well as a deeper understanding of the ethical implications surrounding governance and backer protection on crowdfunding platforms. This study contributes to the growing body of literature on sustainability-oriented crowdfunding by offering a detailed roadmap for future research and practical implications for scholars and practitioners alike.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107220"},"PeriodicalIF":7.4,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666325","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
Economic policy uncertainty and carbon emissions: Do CSR committee and CSR reporting matter?
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-15 DOI: 10.1016/j.frl.2025.107223
Rim Ben Abdesslem , Imed Chkir , Lamia Chourou , Hatem Rjiba
{"title":"Economic policy uncertainty and carbon emissions: Do CSR committee and CSR reporting matter?","authors":"Rim Ben Abdesslem ,&nbsp;Imed Chkir ,&nbsp;Lamia Chourou ,&nbsp;Hatem Rjiba","doi":"10.1016/j.frl.2025.107223","DOIUrl":"10.1016/j.frl.2025.107223","url":null,"abstract":"<div><div>This study explores the relationship between Economic Policy Uncertainty (EPU) and corporate carbon emissions around the world. We find a significant negative association, where a 1 % increase in EPU is associated with a reduction in carbon emissions ranging from 0.14 % to 0.30 %. The results suggest that firms reduce emissions during uncertain periods, potentially to enhance their reputational capital, anticipate regulatory changes, and improve efficiency. Compared to firms without CSR committees or CSR reporting, those with such governance structures exhibit a smaller reduction in emissions during periods of uncertainty, underscoring the moderating role of corporate governance mechanisms in shaping environmental behavior.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107223"},"PeriodicalIF":7.4,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666322","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
Market competition, environmental governance subsidies, and environmental penalty risks
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-15 DOI: 10.1016/j.frl.2025.107224
Yang Jiao , Hairong Tang , Da Tu , Hongli Liu
{"title":"Market competition, environmental governance subsidies, and environmental penalty risks","authors":"Yang Jiao ,&nbsp;Hairong Tang ,&nbsp;Da Tu ,&nbsp;Hongli Liu","doi":"10.1016/j.frl.2025.107224","DOIUrl":"10.1016/j.frl.2025.107224","url":null,"abstract":"<div><div>This study analyzes data from listed companies (2010–2022) to examine how market competition, environmental governance subsidies, and environmental penalty risk are interrelated. The empirical results show that market competition increases penalty risk, while subsidies mitigates them. Environmental governance subsidies moderate the relationship between market competition and corporate environmental penalty risk, showing heterogeneity in their effect on heavily polluting and nonheavily polluting enterprises. Furthermore, the impact of competition has a size threshold effect.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107224"},"PeriodicalIF":7.4,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143739173","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
Board internationalization, supervisory board structure, and corporate legal risks
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-15 DOI: 10.1016/j.frl.2025.107226
Rui Gu , Junmei Liu , Yitian Tang
{"title":"Board internationalization, supervisory board structure, and corporate legal risks","authors":"Rui Gu ,&nbsp;Junmei Liu ,&nbsp;Yitian Tang","doi":"10.1016/j.frl.2025.107226","DOIUrl":"10.1016/j.frl.2025.107226","url":null,"abstract":"<div><div>This study focuses on the relationship between board internationalization (BI) and corporate legal risk and finds that introducing foreign directors strengthens the legal risk prevention and control by optimizing the supervisory board structure. For firms with different property rights, non-state-owned enterprises have higher sensitivity to BI relative to state-owned enterprises, reducing corporate legal risks. Findings offer crucial theoretical underpinnings and practical insights for improving corporate governance and formulating effective policies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107226"},"PeriodicalIF":7.4,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666320","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
Development of corporate artificial intelligence and the quality of export products
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-15 DOI: 10.1016/j.frl.2025.107217
Jiaqi Liu , Chuan Qin , Xiaojing Chu
{"title":"Development of corporate artificial intelligence and the quality of export products","authors":"Jiaqi Liu ,&nbsp;Chuan Qin ,&nbsp;Xiaojing Chu","doi":"10.1016/j.frl.2025.107217","DOIUrl":"10.1016/j.frl.2025.107217","url":null,"abstract":"<div><div>This study examines the impact of artificial intelligence (AI) on the quality of export products. Using data from 5,274 Chinese firms from 2003 to 2015, we demonstrate that corporate AI development significantly enhances export product quality by facilitating quality certification, as confirmed by several robustness tests. Moreover, the impact of AI demonstrates significant heterogeneity across different firm types. State-owned enterprises, manufacturing firms, and exporters aiming for developed markets and high-tech industries benefit more from AI development in terms of product quality improvement. These findings provide strong empirical evidence that firms must develop AI-driven strategies. Furthermore, they offer valuable insights for policymakers seeking to boost China's export competitiveness.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107217"},"PeriodicalIF":7.4,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143684668","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
Business structure, competition, and financial stability: Evidence from China's property-liability insurance market
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-15 DOI: 10.1016/j.frl.2025.107227
Shuang Wu , Yanan Chen
{"title":"Business structure, competition, and financial stability: Evidence from China's property-liability insurance market","authors":"Shuang Wu ,&nbsp;Yanan Chen","doi":"10.1016/j.frl.2025.107227","DOIUrl":"10.1016/j.frl.2025.107227","url":null,"abstract":"<div><div>Using non-balanced panel data from China's property-liability insurance market between 2008 and 2016, this study examines the impact of business structures on corporate financial stability. Results show that an increase in non-auto insurance significantly improves an enterprise's financial stability, particularly for foreign-funded and small Chinese-funded companies. An analysis of the moderating effect shows that only small Chinese-funded insurance companies will benefit from the positive effect of the business structure on financial stability. These findings have important policy implications for the government and insurers.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107227"},"PeriodicalIF":7.4,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683240","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 economic policy uncertainty on household portfolios effectiveness: Evidence from China
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-14 DOI: 10.1016/j.frl.2025.107215
Zhongyu Sun , Jun Li
{"title":"The impact of economic policy uncertainty on household portfolios effectiveness: Evidence from China","authors":"Zhongyu Sun ,&nbsp;Jun Li","doi":"10.1016/j.frl.2025.107215","DOIUrl":"10.1016/j.frl.2025.107215","url":null,"abstract":"<div><div>This paper uses the text analysis method to construct the provincial level economic policy uncertainty index in China, and matches the index with China's micro household data to empirically test the impact and mechanism of economic policy uncertainty on the effectiveness of household portfolios. We find that economic policy uncertainty significantly reduces the effectiveness of household portfolios, and reducing risk preference and increasing income risk are important mechanisms. Finally, we also conduct moderating effect analysis and find that marketization, financial development and financial literacy can effectively moderate the impact of economic policy uncertainty on household portfolios.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107215"},"PeriodicalIF":7.4,"publicationDate":"2025-03-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143644884","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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