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Public data openness and digital finance development 公共数据开放与数字金融发展
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-22 DOI: 10.1016/j.frl.2025.108525
Yanning Yang , Siqian Peng , Jing Xie
{"title":"Public data openness and digital finance development","authors":"Yanning Yang ,&nbsp;Siqian Peng ,&nbsp;Jing Xie","doi":"10.1016/j.frl.2025.108525","DOIUrl":"10.1016/j.frl.2025.108525","url":null,"abstract":"<div><div>This study investigates the impact of public data openness on digital finance development using panel data from 285 Chinese cities spanning 2011 to 2022. Exploiting the staggered launch of open data portals across these cities as a quasi-natural experiment, we employ a difference-in-differences methodology. Our results show that public data openness significantly promotes the development of digital finance. The effect size corresponds to 3.95 % of the sample standard deviation. The positive effect of public data openness on digital finance development is particularly pronounced in regions with higher public data quality, limited alternative information sources, and a more developed traditional financial sector. Our study advances the understanding of the drivers of digital finance and the economic consequences of public data openness. It also offers policy insights on fostering digital finance through open public data initiatives.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108525"},"PeriodicalIF":6.9,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155798","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 informal institutions influence entrepreneurs' cross-border location and industry choices: Empirical evidence from Macao's associations 非正式制度如何影响企业家的跨境区位和行业选择：来自澳门协会的实证证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-22 DOI: 10.1016/j.frl.2025.108527
Qisong Wang , Xiongling Tu , Chengkun Liu , Yajie Han
{"title":"How informal institutions influence entrepreneurs' cross-border location and industry choices: Empirical evidence from Macao's associations","authors":"Qisong Wang ,&nbsp;Xiongling Tu ,&nbsp;Chengkun Liu ,&nbsp;Yajie Han","doi":"10.1016/j.frl.2025.108527","DOIUrl":"10.1016/j.frl.2025.108527","url":null,"abstract":"<div><div>Cross-border informal institutional bonds rooted in ancestral culture constitute a quintessential social-capital network that enables entrepreneurs to overcome resource and information barriers. Leveraging data from Macao’s associations, this paper builds a new index of the territory’s embeddedness in these networks. Panel estimates show that more prosperous ancestry-based informal institutions in the home region boost inbound investment from places of shared ancestral culture and steer entrants into industries that align with local comparative advantage. To address endogeneity, we combine Qing-dynasty prefectural genealogy counts with Macao’s GDP to create a novel instrumental variable.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108527"},"PeriodicalIF":6.9,"publicationDate":"2025-09-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155800","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
Unmasking green camouflage: The governance effect of common institutional ownership on firm greenwashing 揭露绿色伪装：共同所有制对企业“漂绿”的治理效应
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-21 DOI: 10.1016/j.frl.2025.108522
Qing Zhao , Xiaojuan Feng , Chunhong Zhang , Xinyu Chen
{"title":"Unmasking green camouflage: The governance effect of common institutional ownership on firm greenwashing","authors":"Qing Zhao ,&nbsp;Xiaojuan Feng ,&nbsp;Chunhong Zhang ,&nbsp;Xinyu Chen","doi":"10.1016/j.frl.2025.108522","DOIUrl":"10.1016/j.frl.2025.108522","url":null,"abstract":"<div><div>Amid growing global concerns over corporate greenwashing and the role of institutional investors in environmental governance, this study investigates whether and how common institutional ownership (CIO) acts as a market-based force to curb greenwashing among Chinese A-share firms. Using panel data from 2009 to 2023 and applying firm- and year-fixed effects, Heckman two-stage estimation, and multiple robustness tests, we find consistent evidence that CIO significantly reduces both the likelihood and severity of greenwashing. On average, CIO presence lowers the greenwashing index by 13.5 % relative to the sample mean. Mechanism analysis highlights two governance channels: (1) stronger reputational discipline, which heightens firms’ sensitivity to reputational risks, and (2) increased monitoring by financial analysts, which enhances external oversight. Together, these mechanisms explain much of CIO’s governance effect. Policy implications include promoting long-term institutional holdings, optimizing investor structures, and reinforcing monitoring frameworks to strengthen disclosure credibility and deter greenwashing.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108522"},"PeriodicalIF":6.9,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217306","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
Green development through finance: Discussion on the dual benefits of environment and economy 金融助力绿色发展：论环境与经济的双重效益
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-21 DOI: 10.1016/j.frl.2025.108521
Yujun Liu , Jian Song , Yongmin Wu
{"title":"Green development through finance: Discussion on the dual benefits of environment and economy","authors":"Yujun Liu ,&nbsp;Jian Song ,&nbsp;Yongmin Wu","doi":"10.1016/j.frl.2025.108521","DOIUrl":"10.1016/j.frl.2025.108521","url":null,"abstract":"<div><div>This study evaluates the multifaceted impacts of green finance (GF) development. Using a comprehensive provincial panel dataset spanning from 2010 to 2021 from China, the study employs a two-way fixed-effects panel model to empirically examine the role of GF in advancing energy conservation, carbon reduction, and economic growth. Moreover, a slacks-based measure of efficiency in data envelopment analysis model is applied to investigate the synergistic effects of GF across these dimensions. Findings show that GF development significantly reduces energy consumption and carbon emissions while promoting economic growth. Furthermore, GF enhances synergy among energy efficiency, emissions reduction, and economic growth. These findings remained robust across multiple validation checks. Hence, this study highlights the dual advances in GF in terms of environmental and economic growth dimensions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108521"},"PeriodicalIF":6.9,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145119096","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 transformation and bank transparency: Evidence from China 数字化转型与银行透明度：来自中国的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-21 DOI: 10.1016/j.frl.2025.108520
Yiwen Zhang , Liang Zhao , Chuanzhen Li
{"title":"Digital transformation and bank transparency: Evidence from China","authors":"Yiwen Zhang ,&nbsp;Liang Zhao ,&nbsp;Chuanzhen Li","doi":"10.1016/j.frl.2025.108520","DOIUrl":"10.1016/j.frl.2025.108520","url":null,"abstract":"<div><div>Using panel data spanning from 2010 to 2021, this study examines the impact of digital transformation (DT) on Chinese commercial banks’ transparency. Empirical results show that DT significantly enhances bank transparency. A mechanism analysis reveals that digitalization improves the timeliness and accuracy of loan loss recognition and strengthens internal governance, contributing to greater transparency. These findings offer practical implications for regulators and policymakers aiming to promote transparency through technological advancement.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108520"},"PeriodicalIF":6.9,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155758","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
Sovereign credit ratings: the ripple effect of investor protection 主权信用评级：投资者保护的连锁反应
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-21 DOI: 10.1016/j.frl.2025.108517
Oussama Ben Hmiden , Max Berre , Maria Tselika
{"title":"Sovereign credit ratings: the ripple effect of investor protection","authors":"Oussama Ben Hmiden ,&nbsp;Max Berre ,&nbsp;Maria Tselika","doi":"10.1016/j.frl.2025.108517","DOIUrl":"10.1016/j.frl.2025.108517","url":null,"abstract":"<div><div>Despite extensive research on the determinants of sovereign credit ratings, the role of legal institutions such as investor protection remains underexplored. This paper investigates the relationship between investor protection and sovereign credit ratings using a sample of 39 countries from 2000 to 2023, in a complex interdependent system. Our results indicate that higher levels of investor protection are associated with stronger sovereign credit ratings, while trade openness partially mediates the effect, thus offsetting the positive impact of investor protection on sovereign credit ratings. The findings remain robust to various specifications, with greater sensitivity observed in common-law jurisdictions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108517"},"PeriodicalIF":6.9,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109467","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
When nature disrupts: biodiversity risk and corporate supply chain resilience 当自然破坏：生物多样性风险和企业供应链弹性
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-21 DOI: 10.1016/j.frl.2025.108518
Wenwen Jin
{"title":"When nature disrupts: biodiversity risk and corporate supply chain resilience","authors":"Wenwen Jin","doi":"10.1016/j.frl.2025.108518","DOIUrl":"10.1016/j.frl.2025.108518","url":null,"abstract":"<div><div>Although climate change risks have been extensively examined, biodiversity risk has emerged as a pressing yet understudied ecological threat to supply chain resilience (SCR). Motivated by the increasing disruptions from biodiversity degradation, this study explores how biodiversity risk shapes SCR in Chinese listed firms. Using fixed effects and instrumental variable approaches, we find that biodiversity risk significantly undermines SCR. The negative effects are especially pronounced in firms with limited diversification, fewer female directors, a manufacturing focus, and non-state ownership. Mechanism tests reveal that maturity mismatch and agency costs channel the negative impact. These findings highlight biodiversity risk as a distinct source of supply chain vulnerability and offer insights into enhancing SCR.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108518"},"PeriodicalIF":6.9,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217162","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 valuation allowance for deferred tax assets and stock price crash risk 递延税项资产和股价崩盘风险的估值备抵
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-20 DOI: 10.1016/j.frl.2025.108513
Mahsa Behnamrad, Jaehee Jo, Hui Dong Kim
{"title":"The valuation allowance for deferred tax assets and stock price crash risk","authors":"Mahsa Behnamrad,&nbsp;Jaehee Jo,&nbsp;Hui Dong Kim","doi":"10.1016/j.frl.2025.108513","DOIUrl":"10.1016/j.frl.2025.108513","url":null,"abstract":"<div><div>Using a large sample of U.S. firms from 1994 to 2023, we provide strong and robust evidence that the reporting of a valuation allowance for deferred tax assets is negatively associated with future stock price crash risk. This finding suggests that the valuation allowance conveys a timely signal of a firm’s deteriorating expected future performance. Additionally, the negative association is more pronounced for firms in opaque information environments, where the valuation allowance is perceived as more credible. In contrast, the effect is weaker for firms facing higher tax-related uncertainty, as their valuation allowance adjustments may reflect aggressive tax strategies that could increase future firm-specific risk. Overall, our results are consistent with the notion that valuation allowances provide a valuable, timely signal of a firm’s expected future underperformance, which, in turn, reduces stock price crash risk.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108513"},"PeriodicalIF":6.9,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155807","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
Real estate price fluctuations and institutional misconduct 房地产价格波动与机构失当行为
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-20 DOI: 10.1016/j.frl.2025.108505
Mingya Hu , Yongjie Zhang , Xu Feng
{"title":"Real estate price fluctuations and institutional misconduct","authors":"Mingya Hu ,&nbsp;Yongjie Zhang ,&nbsp;Xu Feng","doi":"10.1016/j.frl.2025.108505","DOIUrl":"10.1016/j.frl.2025.108505","url":null,"abstract":"<div><div>We find that greater exposure to real estate price volatility (BE-REPV) is linked to higher levels of misconduct within banks. Increases in real estate prices drive banks to expand their lending activities, which in turn increases operational pressures and staff misconduct. This misconduct, initially originating in lending operations, spills over into deposit-related activities, leading to higher misconduct in banks' deposit operations. Our findings highlight a direct connection between real estate price volatility and bank misconduct, providing fresh insights into how external market factors influence institutional behavior.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108505"},"PeriodicalIF":6.9,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109476","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 paradox of more credit, less growth: Investigating the credit-growth puzzle in developing countries 更多信贷，更少增长的悖论：调查发展中国家的信贷增长之谜
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-20 DOI: 10.1016/j.frl.2025.108507
Elwaleed Ahmed Talha
{"title":"The paradox of more credit, less growth: Investigating the credit-growth puzzle in developing countries","authors":"Elwaleed Ahmed Talha","doi":"10.1016/j.frl.2025.108507","DOIUrl":"10.1016/j.frl.2025.108507","url":null,"abstract":"<div><div>This paper investigates the credit-growth puzzle across 121 developing countries from 2015 to 2024 using Panel Threshold Regression Models (PTRMs). It addresses two key questions: (i) At what level does credit expansion begin to hinder economic growth? and (ii) How does institutional quality influence this threshold? The analysis examines how credit’s impact on growth changes at varying credit-to-GDP ratios while controlling for macroeconomic, financial, and institutional factors. The baseline model identifies thresholds at 20 %, 40 %, and 68 %, with growth effects diminishing beyond 68 %. Incorporating institutional quality and financial depth controls raises these thresholds to 79 %, indicating that stronger institutions enhance a country’s credit absorption capacity. Sub-sample analysis confirms this. Countries with strong institutions have a higher threshold 73 %, whereas those with weaker institutions face a lower threshold 49 %. To address endogeneity, a Two-Stage Least Squares (2SLS) regression validates these nonlinear, institution-dependent credit-growth dynamics, underscoring the importance of pairing credit expansion with institutional reforms and financial sector strengthening for sustainable growth. The paper concludes with policy recommendations, urging central banks to enhance credit monitoring by integrating country-specific credit-to-GDP thresholds for timely, targeted interventions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108507"},"PeriodicalIF":6.9,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155756","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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