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Digital finance, e-commerce development, and regional trade development 数字金融、电子商务发展、区域贸易发展
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-05 DOI: 10.1016/j.frl.2025.107532
Minyu Zheng
{"title":"Digital finance, e-commerce development, and regional trade development","authors":"Minyu Zheng","doi":"10.1016/j.frl.2025.107532","DOIUrl":"10.1016/j.frl.2025.107532","url":null,"abstract":"<div><div>This paper constructs an empirical model that includes digital finance, e-commerce development, and regional trade development, and selects 297 prefecture-level cities in China from 2010 to 2023 as samples for analysis. The study finds that the development of digital finance significantly promotes regional trade development. The mediation effect analysis shows that the development of digital finance diversifies the financing channels for e-commerce enterprises, drives the upgrading and transformation of related industries, and promotes regional trade development. The heterogeneity analysis reveals that the development of digital finance significantly promotes trade development in western regions but has no significant impact on eastern and central regions, which may be related to the different levels of financial development in these regions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107532"},"PeriodicalIF":7.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935490","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 regulatory design change on financial reporting outcomes: Evidence from a Quasi-natural experiment 监管设计变化对财务报告结果的影响：来自准自然实验的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-05 DOI: 10.1016/j.frl.2025.107510
Jae Hwan Ahn , Jung Seung Han , Hoyong Choi
{"title":"The impact of regulatory design change on financial reporting outcomes: Evidence from a Quasi-natural experiment","authors":"Jae Hwan Ahn ,&nbsp;Jung Seung Han ,&nbsp;Hoyong Choi","doi":"10.1016/j.frl.2025.107510","DOIUrl":"10.1016/j.frl.2025.107510","url":null,"abstract":"<div><div>We investigate the impact of the financial supervisory architecture on financial reporting outcomes by exploiting a quasi-natural experiment in Korea. In 2008, Korea consolidated financial policy-making and supervisory functions into a single entity. Employing a difference-in-differences approach with cross-country data, we provide novel evidence indicating that the financial reporting quality of Korean firms significantly declined following this consolidation, relative to countries without similar structural changes. This finding remains robust after explicitly accounting for potential confounding effects arising from differences in economic, firm-specific, and regulatory characteristics. Our findings suggest that regulatory design is an important determinant of reporting decisions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107510"},"PeriodicalIF":7.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143916646","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
Does fostering inclusion in the workplace enhance corporate financial performance? 促进工作场所的包容性是否能提高公司的财务绩效？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-05 DOI: 10.1016/j.frl.2025.107521
Muhammad Ullah , Qazi Ghulam Mustafa Qureshi , Hameed Ullah
{"title":"Does fostering inclusion in the workplace enhance corporate financial performance?","authors":"Muhammad Ullah ,&nbsp;Qazi Ghulam Mustafa Qureshi ,&nbsp;Hameed Ullah","doi":"10.1016/j.frl.2025.107521","DOIUrl":"10.1016/j.frl.2025.107521","url":null,"abstract":"<div><div>This paper investigates the impact of workplace inclusion—defined as the procedures organizations implement to integrate everyone in the workplace—on corporate financial performance, examining for the first time its effect on market valuation alongside profitability. We construct a composite, policy-based inclusion measure based on five observable components: flexible working hours, daycare services, disability inclusion, LGBTQ+ equality policies (HRC Corporate Equality Index), and HIV/AIDS programs. Using a cross-country panel of 14,387 firm-year observations from 2011 to 2022 and estimating high-dimensional fixed effects regression models, we find that inclusion is positively associated with both firm profitability and market valuation, suggesting that inclusive workplace policies enhance financial performance. However, this relationship varies across national contexts. These findings underscore the strategic value of inclusion, offering practical insights for various stakeholders.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107521"},"PeriodicalIF":7.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143924930","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 enhanced intelligent manufacturing capabilities on a firm's export performance 智能制造能力增强对企业出口绩效的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-05 DOI: 10.1016/j.frl.2025.107515
Qin Zhu, Xin Li
{"title":"The impact of enhanced intelligent manufacturing capabilities on a firm's export performance","authors":"Qin Zhu,&nbsp;Xin Li","doi":"10.1016/j.frl.2025.107515","DOIUrl":"10.1016/j.frl.2025.107515","url":null,"abstract":"<div><div>Based on data from Chinese manufacturing enterprises spanning from 2010 to 2023, this paper systematically explores the impact of smart manufacturing capabilities on firms' export performance and the underlying mechanisms. The research findings indicate that enhancements in smart manufacturing capabilities significantly boost firms' export levels. Further mediation analysis reveals that smart manufacturing capabilities positively influence firms' export performance by improving their total factor productivity. Additionally, heterogeneity analysis shows that the promotional effect of smart manufacturing capabilities on firms' export performance is more pronounced in private enterprises, reflecting their characteristics of flexible mechanisms and rapid decision-making.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107515"},"PeriodicalIF":7.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143924929","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 controlling shareholder tunneling behavior and governance mechanisms 经济政策不确定性对控股股东隧道行为和治理机制的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-05 DOI: 10.1016/j.frl.2025.107529
Jinglong Li , Wei Dai
{"title":"The impact of economic policy uncertainty on controlling shareholder tunneling behavior and governance mechanisms","authors":"Jinglong Li ,&nbsp;Wei Dai","doi":"10.1016/j.frl.2025.107529","DOIUrl":"10.1016/j.frl.2025.107529","url":null,"abstract":"<div><div>Based on data from China's A-share listed companies spanning from 2017 to 2023, this paper examines the impact of economic uncertainty on the tunneling behavior of controlling shareholders. The findings reveal that as economic policy uncertainty increases, the tunneling behavior of controlling shareholders tends to exhibit an upward trend. However, the nature of state-owned enterprises (SOEs) can effectively mitigate the tunneling effect of such uncertainty, thereby safeguarding the interests of shareholders and the company. Furthermore, a larger board of directors can reduce the tunneling behavior of controlling shareholders triggered by economic policy uncertainty in an environment characterized by high external uncertainty.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107529"},"PeriodicalIF":7.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144137909","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
Is a picture really worth a thousand words? Investigating the impact of investor sentiment on sustainable stocks 一张图片真的胜过千言万语吗？调查投资者情绪对可持续股票的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-05 DOI: 10.1016/j.frl.2025.107520
Khaled Mokni , Hela Nammouri , Chedia Dhaoui , Sami Ben Jabeur
{"title":"Is a picture really worth a thousand words? Investigating the impact of investor sentiment on sustainable stocks","authors":"Khaled Mokni ,&nbsp;Hela Nammouri ,&nbsp;Chedia Dhaoui ,&nbsp;Sami Ben Jabeur","doi":"10.1016/j.frl.2025.107520","DOIUrl":"10.1016/j.frl.2025.107520","url":null,"abstract":"<div><div>This paper examines the impact of the recently developed investor sentiment index (Photo Pessimism) derived from a large sample of news photos on sustainable stock returns. Based on the quantile causality analysis, we demonstrate that Photo and Text Pessimism significantly influence S&amp;P 500 ESG stock market returns, particularly at medium quantile levels. The findings also suggest that the Photo sentiment index is more accurate than the text-based index in predicting ESG returns. Leveraging visual sentiment indicators can improve ESG return forecasts and underscore the key role of visual information in sustainable finance decision-making.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107520"},"PeriodicalIF":7.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143924927","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 inhibitory effect of personal bankruptcy laws on household debt: Evidence from a pilot program 个人破产法对家庭债务的抑制作用：来自试点项目的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-05 DOI: 10.1016/j.frl.2025.107533
Xincheng Xu , Buguo Xu
{"title":"The inhibitory effect of personal bankruptcy laws on household debt: Evidence from a pilot program","authors":"Xincheng Xu ,&nbsp;Buguo Xu","doi":"10.1016/j.frl.2025.107533","DOIUrl":"10.1016/j.frl.2025.107533","url":null,"abstract":"<div><div>This research aims to gain insights into the impact of personal bankruptcy law on household debt. Based on a large-scale survey in China from 2015 to 2023, this paper finds that personal bankruptcy law effectively inhibits the spiral growth of household debt. This effect is even evident in households with higher education, more children, and households in cities. Taking advantage of a pilot program, the difference-in-differences approach mitigates potential endogeneity and confirms the substantial impact of personal bankruptcy law. Overall, this paper contributes to the research on household finance and the implications of personal bankruptcy law.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107533"},"PeriodicalIF":7.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143924928","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 Closures in Uncertain Times: Theory and Evidence 不确定时期的企业倒闭：理论与证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-05 DOI: 10.1016/j.frl.2025.107514
Amit Ghosh, Constant L. Yayi
{"title":"Business Closures in Uncertain Times: Theory and Evidence","authors":"Amit Ghosh,&nbsp;Constant L. Yayi","doi":"10.1016/j.frl.2025.107514","DOIUrl":"10.1016/j.frl.2025.107514","url":null,"abstract":"<div><div>This letter theoretically and empirically examines the impact of economic policy uncertainty (EPU) on business closures, using panel data from 26 countries over the period 2006–2022. We find that a one-unit increase in the EPU index significantly raises business closures by approximately 0.7%–0.9% per 1,000 adults. Furthermore, we identify credit supply, household consumption, and stock market capitalization as key channels through which heightened uncertainty leads to firm closures. Our findings highlight the importance of stable credit markets, strong demand, and resilient financial markets in supporting business survival amid rising policy uncertainty.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107514"},"PeriodicalIF":7.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143916639","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
Innovative policies, financial mismatch, and corporate innovation performance: A Quasi-natural experiment based on the national innovative city pilot policy 创新政策、资金错配与企业创新绩效——基于国家创新型城市试点政策的准自然实验
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-05 DOI: 10.1016/j.frl.2025.107525
Xinxia Ji , Liyan Zhang , Wei Cao
{"title":"Innovative policies, financial mismatch, and corporate innovation performance: A Quasi-natural experiment based on the national innovative city pilot policy","authors":"Xinxia Ji ,&nbsp;Liyan Zhang ,&nbsp;Wei Cao","doi":"10.1016/j.frl.2025.107525","DOIUrl":"10.1016/j.frl.2025.107525","url":null,"abstract":"<div><div>This study selects Chinese listed companies from 2008 to 2023 as the research sample to deeply explore the relationship among innovation policies, financial misallocation, and corporate innovation performance. The findings indicate that innovation policies effectively enhance corporate innovation performance, and this enhancement demonstrates heterogeneity across firms with different levels of pollution. Meanwhile, financial misallocation suppresses corporate innovation performance. Furthermore, financial misallocation plays a significant moderating role in the relationship between innovation policies and corporate innovation performance, with this moderating effect showing heterogeneity between firms that receive standard audit opinions and those that do not.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107525"},"PeriodicalIF":7.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167343","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
Quantifying disruption in the age of AI: An AI-based approach to evaluating startup innovation and investment potential 量化人工智能时代的颠覆：基于人工智能的创业创新和投资潜力评估方法
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-05 DOI: 10.1016/j.frl.2025.107491
Michael B. Imerman , Frank J. Fabozzi
{"title":"Quantifying disruption in the age of AI: An AI-based approach to evaluating startup innovation and investment potential","authors":"Michael B. Imerman ,&nbsp;Frank J. Fabozzi","doi":"10.1016/j.frl.2025.107491","DOIUrl":"10.1016/j.frl.2025.107491","url":null,"abstract":"<div><div>Clayton Christensen's disruptive innovation theory highlights how technologies transform industries, but quantifying disruption remains challenging. This paper introduces Disruptor Detective, an AI-driven tool that evaluates companies using seven criteria of disruptive innovation, integrating financial data and natural language processing. Given the limited data available about private companies and early-stage startups, this approach provides an objective framework for investors to assess their disruptive potential. We analyze 12 generative AI firms, including OpenAI and Hugging Face, to demonstrate the tool in action. The tool revealed varied disruption scores, with firms developing open-source models, such as Hugging Face, exhibiting the most substantial disruptive potential. In contrast, firms focused on specialized applications show more incremental innovation. Additionally, disruption scores exhibit a positive, albeit modest, correlation with financial metrics such as valuation and revenue. The findings provide a scalable, data-driven approach to evaluating disruptive innovation, bridging the gap between qualitative theory and quantitative assessment in venture capital.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107491"},"PeriodicalIF":7.4,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144088741","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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