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Carbon emissions and litigation risk 碳排放和诉讼风险
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-11 DOI: 10.1016/j.frl.2025.107407
Chia-I Huang , Wei-Che Tsai , Zhi-Yuan Feng , Sharon.S. Yang
{"title":"Carbon emissions and litigation risk","authors":"Chia-I Huang ,&nbsp;Wei-Che Tsai ,&nbsp;Zhi-Yuan Feng ,&nbsp;Sharon.S. Yang","doi":"10.1016/j.frl.2025.107407","DOIUrl":"10.1016/j.frl.2025.107407","url":null,"abstract":"<div><div>This research investigates the impact of litigation risk on corporate carbon emissions. The findings indicate that companies facing litigation tend to decrease their carbon emissions, specifically Scope 1 emissions, as a strategy to mitigate potential litigation risks. Our analyses do reveal no significant association between litigation risk and indirect emissions from purchased energy or those arising from a company's value chain. Findings further reveal that when companies encounter new litigation risks, they tend to increase the external verification of their carbon emissions. This paper offers important implications for stakeholders and investors seeking to promote sustainability when companies encounter litigation risk.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"80 ","pages":"Article 107407"},"PeriodicalIF":7.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143860503","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
Private investors and the emergence of neo-brokers: Do investors pay higher execution prices at a neo-broker with payment-for-order-flow? 私人投资者和新经纪人的出现：投资者是否会为新经纪人支付更高的执行价格？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-11 DOI: 10.1016/j.frl.2025.107417
Steffen Meyer , Charline Uhr , Lutz Johanning
{"title":"Private investors and the emergence of neo-brokers: Do investors pay higher execution prices at a neo-broker with payment-for-order-flow?","authors":"Steffen Meyer ,&nbsp;Charline Uhr ,&nbsp;Lutz Johanning","doi":"10.1016/j.frl.2025.107417","DOIUrl":"10.1016/j.frl.2025.107417","url":null,"abstract":"<div><div>We investigate the implicit trading costs of neo-broker clients using trading data of 100,000 clients at Trade Republic. Comparing execution prices at the neo-broker to Germany's reference market (Xetra) order book prices, we show that routing orders to one pre-specified trading venue leads to &lt;1 % of transactions being executed at prices worse than on the reference market. In terms of total trading costs, customers benefit from this new trading venue because the trade-related costs other than the spread (explicit costs) are favorable compared to traditional online brokerages.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"80 ","pages":"Article 107417"},"PeriodicalIF":7.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143848552","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
Impact of regional artificial intelligence development on corporate environmental information 区域人工智能发展对企业环境信息的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-11 DOI: 10.1016/j.frl.2025.107413
Yulin Wu , Jiahui Zhang , Xinyu Cai
{"title":"Impact of regional artificial intelligence development on corporate environmental information","authors":"Yulin Wu ,&nbsp;Jiahui Zhang ,&nbsp;Xinyu Cai","doi":"10.1016/j.frl.2025.107413","DOIUrl":"10.1016/j.frl.2025.107413","url":null,"abstract":"<div><div>Using data from Shanghai and Shenzhen A-share listed companies between 2008 and 2022, this study investigates the impact of regional artificial intelligence (AI) development on the quality of corporate environmental information disclosure (EID). The findings indicate that regional AI development significantly enhances the quality of corporate EID. A series of robustness checks, such as replacing core explanatory and dependent variables and incorporating additional control variables, further support this conclusion. Additionally, heterogeneity analysis reveals that the positive influence of AI development on EID quality is more pronounced in Eastern regions and among firms in nonheavily-polluting industries. These results highlight AI's critical role in improving corporate information transparency and enhancing environmental governance, with notable regional and industry-specific differences.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"80 ","pages":"Article 107413"},"PeriodicalIF":7.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143838494","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
ESG performance, managerial ability and corporate investment efficiency 环境、社会和公司治理绩效、管理能力和企业投资效率
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-11 DOI: 10.1016/j.frl.2025.107416
Fang-Ju Liu
{"title":"ESG performance, managerial ability and corporate investment efficiency","authors":"Fang-Ju Liu","doi":"10.1016/j.frl.2025.107416","DOIUrl":"10.1016/j.frl.2025.107416","url":null,"abstract":"<div><div>This paper selects A-share listed companies in China from 2017 to 2023 as the research sample to explore the relationship between corporate ESG performance and investment efficiency. Through empirical testing using a two-way fixed effects model, it is found that improvements in ESG ratings can significantly inhibit corporate inefficient investment behaviors, including underinvestment and overinvestment. Further analysis reveals that managerial capability plays a mediating role in the relationship between ESG performance and investment efficiency. Superior ESG performance enhances managerial capability, which in turn promotes investment efficiency. Heterogeneity analysis shows that the positive effect of ESG performance on investment efficiency is more pronounced in non-state-owned enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"80 ","pages":"Article 107416"},"PeriodicalIF":7.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143826007","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 digital transformation affect corporate fraud? 数字化转型会影响企业欺诈吗？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-11 DOI: 10.1016/j.frl.2025.107418
Bing Wang , JiaJia Luo , Xuejiao Zhang , Lei Gao
{"title":"Does digital transformation affect corporate fraud?","authors":"Bing Wang ,&nbsp;JiaJia Luo ,&nbsp;Xuejiao Zhang ,&nbsp;Lei Gao","doi":"10.1016/j.frl.2025.107418","DOIUrl":"10.1016/j.frl.2025.107418","url":null,"abstract":"<div><div>Previous studies have provided mixed evidence regarding the impact of digital transformation on firm behavior. Using data from Chinese listed firms, we find that digital transformation increases the likelihood of corporate fraud by raising business complexity, financing constraints, and oversight challenges, highlighting the associated risk impacts. However, strong internal controls, analyst coverage, and auditor professional competence can mitigate this risk. Notably, state-owned and high-income firms do not experience these risk impacts. Our findings underscore the potential risks posed by digital transformation, clarify the theoretical relationship between digital transformation and fraud, and offer practical insights for informing government policy improvements.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"80 ","pages":"Article 107418"},"PeriodicalIF":7.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143838492","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
Tourism industry development, rural digitalization, and green total factor productivity 旅游业发展、农村数字化与绿色全要素生产率
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-11 DOI: 10.1016/j.frl.2025.107419
Zhenhuan Li, Yaling Wang
{"title":"Tourism industry development, rural digitalization, and green total factor productivity","authors":"Zhenhuan Li,&nbsp;Yaling Wang","doi":"10.1016/j.frl.2025.107419","DOIUrl":"10.1016/j.frl.2025.107419","url":null,"abstract":"<div><div>Utilizing data from all 31 provinces in China from 2010 to 2022, this study examines the effect of tourism development and rural digitalization on regional green total factor productivity. Empirical findings support that tourism development positively affects regional green total factor productivity. Rural digitalization improves regional green total factor productivity (TFP) and moderates the relationship between tourism development and this productivity metric; moderating effects exhibit heterogeneity across regions. The impact of tourism development on green total factor productivity exhibits regional variation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107419"},"PeriodicalIF":7.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143903823","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
ESG performance and corporate value creation efficiency: Evidence from China ESG绩效与企业价值创造效率：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-11 DOI: 10.1016/j.frl.2025.107397
Qunli Qiang , Sijia Li , Lingmei Meng , Yuan Lei
{"title":"ESG performance and corporate value creation efficiency: Evidence from China","authors":"Qunli Qiang ,&nbsp;Sijia Li ,&nbsp;Lingmei Meng ,&nbsp;Yuan Lei","doi":"10.1016/j.frl.2025.107397","DOIUrl":"10.1016/j.frl.2025.107397","url":null,"abstract":"<div><div>We investigate the impact of ESG performance on corporate value creation efficiency. Using a large sample of Chinese A-share listed firms from 2011 to 2023, our findings indicate that enhanced performance in Environmental, Social, and Governance (ESG) contributes to improving efficiency in corporate value creation. We also find that the improvement is primarily achieved through the mitigation of corporate risks. From the dynamic perspective of corporate life cycle, the positive impact of ESG performance on corporate value creation efficiency is particularly significant in mature enterprises. However, this beneficial effect tends to diminish in organizations that are experiencing a recession.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"81 ","pages":"Article 107397"},"PeriodicalIF":7.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143894561","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 do community banks access liquidity during funding stress events? 社区银行如何在融资压力事件中获得流动性？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-11 DOI: 10.1016/j.frl.2025.107338
Patrick Herb, Raymond Kim
{"title":"How do community banks access liquidity during funding stress events?","authors":"Patrick Herb,&nbsp;Raymond Kim","doi":"10.1016/j.frl.2025.107338","DOIUrl":"10.1016/j.frl.2025.107338","url":null,"abstract":"<div><div>We examine how community banks access liquidity during funding stress events. We find a liquidity facility utilization pecking order, in which Federal Home Loan Bank (FHLB) advances are the most utilized liquidity facility, followed by the federal funds market, followed by repurchase agreements. We also find that balance sheet liquidity affects the utilization of liquidity facilities. During funding stress events, banks that have relatively more liquid balance sheets increase their utilization of repurchase agreements and federal funds, and decrease their utilization of FHLB advances, while banks with relatively more illiquid balance sheets increase their utilization of FHLB advances, and decrease their utilization of repurchase agreements and federal funds. Our findings suggest that the FHLB is fulfilling its mission to provide liquidity to its members and support housing finance, and may be the preferred lender of last resort for community banks.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"80 ","pages":"Article 107338"},"PeriodicalIF":7.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143848451","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
An infinite hidden Markov model with GARCH for short-term interest rates 短期利率的GARCH无限隐马尔可夫模型
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-11 DOI: 10.1016/j.frl.2025.107294
Chenxing Li , Qiao Yang
{"title":"An infinite hidden Markov model with GARCH for short-term interest rates","authors":"Chenxing Li ,&nbsp;Qiao Yang","doi":"10.1016/j.frl.2025.107294","DOIUrl":"10.1016/j.frl.2025.107294","url":null,"abstract":"<div><div>This paper introduces a novel Bayesian time series model that combines the nonparametric features of an infinite hidden Markov model with the volatility persistence captured by the GARCH framework, to effectively model and forecast short-term interest rates. When applied to US 3-month Treasury bill rates, the GARCH-IHMM reveals both structural and persistent changes in volatility, thereby enhancing the accuracy of density forecasts compared to existing benchmark models. Out-of-sample evaluations demonstrate the superior performance of our model in density forecasts and in capturing volatility dynamics due to its adaptivity to different macroeconomic environments.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"80 ","pages":"Article 107294"},"PeriodicalIF":7.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143829007","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
Strategic differentials, digital finance, and transnational enterprise performance 战略差异、数字金融与跨国企业绩效
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-04-11 DOI: 10.1016/j.frl.2025.107415
Wenshu Yang, Miao Han, Yong-Sik Hwang
{"title":"Strategic differentials, digital finance, and transnational enterprise performance","authors":"Wenshu Yang,&nbsp;Miao Han,&nbsp;Yong-Sik Hwang","doi":"10.1016/j.frl.2025.107415","DOIUrl":"10.1016/j.frl.2025.107415","url":null,"abstract":"<div><div>This study empirically analyzes overseas subsidiaries of A-share-listed multinational enterprises in 2023. Strategic differences have a positive effect on the performance of multinational enterprises. Appropriate strategic differences enhance overseas competitive advantage and improve financial and nonfinancial performance. The development of digital finance strengthens the positive impact of strategic differences on the performance of multinational enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"80 ","pages":"Article 107415"},"PeriodicalIF":7.4,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143833877","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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