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Exploring the impact of sentiment on the relationship between daily herding and investor attention in the cryptocurrency market 探索情绪对加密货币市场中每日羊群和投资者关注之间关系的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-26 DOI: 10.1016/j.frl.2025.107865
Jaemin Jung, Byoung Ki Seo
{"title":"Exploring the impact of sentiment on the relationship between daily herding and investor attention in the cryptocurrency market","authors":"Jaemin Jung,&nbsp;Byoung Ki Seo","doi":"10.1016/j.frl.2025.107865","DOIUrl":"10.1016/j.frl.2025.107865","url":null,"abstract":"<div><div>This study examines the relationship between daily herding behavior and investor attention, as measured by the Google Search Volume Index, in the cryptocurrency market. Herding behavior is quantified using intra-day price data. The results suggest that higher investor attention is associated with a reduction in daily herding, which may reflect improved market efficiency. Furthermore, the moderating role of market sentiment is investigated, suggesting that during periods of heightened fear, the impact of attention on herding diminishes. These results indicate that elevated fear prompts investors to follow others’ decisions regardless of attention levels, highlighting the role of sentiment in shaping herding behavior.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107865"},"PeriodicalIF":7.4,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144515300","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 campaigns for a sustainable development: state of the art and future research agenda 可持续发展的众筹活动：现状和未来的研究议程
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-26 DOI: 10.1016/j.frl.2025.107863
Francesco Cappa, Antonello Cammarano, Francesco Fasano, Stefano Franco
{"title":"Crowdfunding campaigns for a sustainable development: state of the art and future research agenda","authors":"Francesco Cappa, Antonello Cammarano, Francesco Fasano, Stefano Franco","doi":"10.1016/j.frl.2025.107863","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107863","url":null,"abstract":"Crowdfunding has emerged as a prominent alternative financing mechanism, enabling individuals and startups to raise capital in an easier and faster way. Crowdfunding is increasingly channeling resources into projects with explicit social and environmental objectives, aligning with Sustainable Development Goals (SDGs). The Special Issue “Crowdfunding campaigns for a sustainable development” further explores the intersection between crowdfunding and sustainability, offering a multifaceted analysis across different crowdfunding models. Contributions examine campaign success factors, platform dynamics, backer motivations, and the influence of contextual and cultural elements, thereby shedding light on how crowdfunding supports sustainability across environmental, social, and economic dimensions. This editorial highlights the valuable insights for scholars, entrepreneurs, and policymakers that are coming from the publications in the Special Issue, while also suggesting future research directions.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"11 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144515302","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 financial statement indicators on bank credit ratings: Insights from machine learning and SHAP techniques 财务报表指标对银行信用评级的影响：来自机器学习和SHAP技术的见解
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-26 DOI: 10.1016/j.frl.2025.107758
Min-Jae Lee , Sun-Yong Choi
{"title":"The impact of financial statement indicators on bank credit ratings: Insights from machine learning and SHAP techniques","authors":"Min-Jae Lee ,&nbsp;Sun-Yong Choi","doi":"10.1016/j.frl.2025.107758","DOIUrl":"10.1016/j.frl.2025.107758","url":null,"abstract":"<div><div>This study investigates the influence of financial statement indicators on bank credit ratings. We construct a dataset encompassing 53 banks and 28 key financial indicators and employ two machine learning models, GBR and LightGBM, to predict credit ratings based on these indicators. To understand the contributions of the individual indicators, we apply SHapley Additive exPlanations (SHAP) to interpret the forecasting results. The analysis reveals that indicators pertaining to a bank’s revenue structure, particularly net interest income, have a significant impact on credit assessments. This finding underscores the critical role of a bank’s debt repayment capacity and income stream diversification.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107758"},"PeriodicalIF":7.4,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144515861","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
Managerial sentiment, macroeconomic uncertainty, and stock liquidity: Evidence from India 管理情绪、宏观经济不确定性和股票流动性：来自印度的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-26 DOI: 10.1016/j.frl.2025.107864
Asis Kumar Sahu , Byomakesh Debata , Saumya Ranjan Dash
{"title":"Managerial sentiment, macroeconomic uncertainty, and stock liquidity: Evidence from India","authors":"Asis Kumar Sahu ,&nbsp;Byomakesh Debata ,&nbsp;Saumya Ranjan Dash","doi":"10.1016/j.frl.2025.107864","DOIUrl":"10.1016/j.frl.2025.107864","url":null,"abstract":"<div><div>This study examines how managerial sentiment shapes the relationship between macroeconomic uncertainty and stock liquidity. Using a FinBERT-based large language model to assess sentiment from management discussion and analysis (MD&amp;A) disclosures and a customized macroeconomic uncertainty index for India, we find that increased uncertainty significantly reduces stock liquidity. Optimistic managerial sentiment alleviates this adverse effect, particularly in firms with higher information asymmetry. The results are robust to the endogeneity test, propensity score matching, and alternative sentiment and uncertainty measures. This study advances macroeconomic uncertainty research by being the first to explore how managerial sentiment moderates its deterrent effects on stock liquidity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107864"},"PeriodicalIF":7.4,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144515301","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
Mitigating the impact of climate change on poverty in Africa: the moderating role of financial inclusion 减轻气候变化对非洲贫困的影响：普惠金融的调节作用
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-26 DOI: 10.1016/j.frl.2025.107853
Chei Bukari , Alex O. Acheampong
{"title":"Mitigating the impact of climate change on poverty in Africa: the moderating role of financial inclusion","authors":"Chei Bukari ,&nbsp;Alex O. Acheampong","doi":"10.1016/j.frl.2025.107853","DOIUrl":"10.1016/j.frl.2025.107853","url":null,"abstract":"<div><div>This study examines the role of financial inclusion in mitigating the impact of climate change on poverty, using the ninth wave of the Afrobarometer survey across 39 African countries. Using a battery of econometric estimators to address the endogeneity of financial inclusion, we highlight the following key findings. We find robust evidence that financial inclusion significantly moderates the adverse effect of climate-related disasters (i.e., droughts and flooding) on poverty in Africa. Heterogeneity analyses reveal that this effect is more pronounced among females than males and in lower-income countries than middle-income countries. Uniquely, we argue and empirically demonstrate that having a personal financial account is a more effective climate-mitigating strategy for reducing poverty than having a financial account belonging to someone else in the household. We outline the key implications of these findings to guide policy and practice.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107853"},"PeriodicalIF":7.4,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144515303","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
Learning for practice? The impact of executives' higher education experience on corporate entrepreneurship 为了实践而学习？高管的高等教育经历对公司创业的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-25 DOI: 10.1016/j.frl.2025.107860
Jinxia Peng, Li Ding
{"title":"Learning for practice? The impact of executives' higher education experience on corporate entrepreneurship","authors":"Jinxia Peng,&nbsp;Li Ding","doi":"10.1016/j.frl.2025.107860","DOIUrl":"10.1016/j.frl.2025.107860","url":null,"abstract":"<div><div>As a significant means for companies to respond to changes in the external environment and maintain competitive advantages, corporate entrepreneurship has become a hot topic in theory and practice. This paper combines imprinting theory, social capital theory and human capital theory, and selects the data of Chinese A-share listed firms from 2007 to 2021 as the empirical research sample, and explores the formation of executives' imprints and their influence on corporate entrepreneurship from the perspective of their higher education experience. The study finds that executives' higher education experience significantly contributes to corporate entrepreneurship, especially for executives who have studied abroad and attended prestigious schools. Professional diversity contributes to the dynamic evolution of the imprints formed by executives' higher education experiences, which in turn influences the choice of entrepreneurial strategies, further reinforcing the positive relationship between executives' higher education experiences and corporate entrepreneurship. The key reason why executives' higher education experience promotes corporate entrepreneurship lies in the mediating transmission effect of information learning channels brought about by higher education experience. This study not only enriches the research results on the formation, dynamic changes and influence mechanisms of individual imprinting, but also further reveals the motivational mechanisms of corporate entrepreneurship.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107860"},"PeriodicalIF":7.4,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144563142","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 finance facilitate enterprises’ overseas expansion? Evidence from Chinese A—Share listed companies 数字金融是否有利于企业的海外扩张？证据来自中国a股上市公司
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-25 DOI: 10.1016/j.frl.2025.107862
Ling Xin , Yunge Han , Xiaoyan Cui
{"title":"Does digital finance facilitate enterprises’ overseas expansion? Evidence from Chinese A—Share listed companies","authors":"Ling Xin ,&nbsp;Yunge Han ,&nbsp;Xiaoyan Cui","doi":"10.1016/j.frl.2025.107862","DOIUrl":"10.1016/j.frl.2025.107862","url":null,"abstract":"<div><div>This study analyzes the impact of digital finance development on corporate overseas expansion and its mechanisms using the Chinese City Digital Finance Development Index and data from Chinese A-share listed companies (2011–2022). Applying an instrumental variable two-stage least squares (IV-2SLS) model, this paper finds that digital finance development significantly promotes overseas expansion, primarily by mitigating financing constraints and enhancing managerial efficiency through digital transformation. Effects are heterogeneous: the promotion is significant for firms with higher innovation capabilities, superior ESG performance, and greater intangible asset ratios, while insignificant for those with lower levels of these characteristics.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107862"},"PeriodicalIF":7.4,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144549952","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 dynamic relationship among digital inclusive finance, integration of industries in rural areas, and rural revitalization 数字普惠金融、乡村产业融合与乡村振兴的动态关系
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-25 DOI: 10.1016/j.frl.2025.107848
Yuhan Zeng, Xia Zhou
{"title":"The dynamic relationship among digital inclusive finance, integration of industries in rural areas, and rural revitalization","authors":"Yuhan Zeng,&nbsp;Xia Zhou","doi":"10.1016/j.frl.2025.107848","DOIUrl":"10.1016/j.frl.2025.107848","url":null,"abstract":"<div><div>The implementation of China's Rural Revitalization Strategy has been substantially supported by two key factors: the development of digital financial inclusion and the convergence of three industries in rural regions. Utilizing panel data spanning from 2011 to 2023, this study investigates how these two factors collectively influence rural revitalization, with particular attention to their synergistic relationship and conditional effects. Empirical results demonstrate that digital financial inclusion exerts a statistically significant positive influence on rural development, while industrial integration similarly contributes to revitalization efforts. Notably, the convergence of rural industries serves as a crucial moderator that enhances digital finance's developmental impact, though this moderating influence varies across regions - being particularly pronounced in areas with advanced agricultural mechanization. To address potential endogeneity concerns, the analysis incorporates lagged digital financial inclusion indicators as instrumental variables, thereby robustly validating its beneficial role in rural transformation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107848"},"PeriodicalIF":7.4,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144524307","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 bond and greenwashing: New insights from Chinese firms 绿色债券与洗绿：来自中国企业的新见解
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-25 DOI: 10.1016/j.frl.2025.107847
Yenan Li , Zhengjie Yang , Xiangyu Dong
{"title":"Green bond and greenwashing: New insights from Chinese firms","authors":"Yenan Li ,&nbsp;Zhengjie Yang ,&nbsp;Xiangyu Dong","doi":"10.1016/j.frl.2025.107847","DOIUrl":"10.1016/j.frl.2025.107847","url":null,"abstract":"<div><div>This study examines the impact of green bonds on corporate greenwashing in China. As the green bond market expands, greenwashing has become a pressing concern. Using data from Chinese listed firms from 2012 to 2022, we find that green bond issuers are more likely to engage in greenwashing, mainly through selective disclosure of environmental benefits rather than actual performance gains. The study also explores how corporate risk-taking influences this relationship. Results show that firms with higher risk tolerance are more likely to use green bonds opportunistically, undermining market credibility. These findings clarify the motives behind environmental disclosures and offer insights for strengthening green finance regulation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107847"},"PeriodicalIF":7.4,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144572297","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
Global value chain position and corporate cash holdings 全球价值链地位与企业现金持有量
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-25 DOI: 10.1016/j.frl.2025.107852
Guangzhong Li , Guanghua Li , Rongbing Xiao
{"title":"Global value chain position and corporate cash holdings","authors":"Guangzhong Li ,&nbsp;Guanghua Li ,&nbsp;Rongbing Xiao","doi":"10.1016/j.frl.2025.107852","DOIUrl":"10.1016/j.frl.2025.107852","url":null,"abstract":"<div><div>This paper studies how global value chain (GVC) positions affect cash policy within corporations from a globalized perspective. Using firm-level data from 48 economies, we show that corporate cash holdings respond to the corporate GVC position. The negative relationship between GVC position upgrading and cash holdings is stronger for firms whose financing needs are more pronounced, those with lower bargaining power, and those facing financial difficulties. Overall, this paper illustrates that firms with more value-added and competitive power in GVCs decrease their corporate cash holdings by mitigating financial risk and improving their bargaining power.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107852"},"PeriodicalIF":7.4,"publicationDate":"2025-06-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144515304","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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