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United in green: Institutional dual ownership and corporate green innovation 绿色联合：制度双重所有权与企业绿色创新
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-18 DOI: 10.1016/j.frl.2025.107814
Yanyuan Zhang, Yanqi Ding, Weichen Yan
{"title":"United in green: Institutional dual ownership and corporate green innovation","authors":"Yanyuan Zhang,&nbsp;Yanqi Ding,&nbsp;Weichen Yan","doi":"10.1016/j.frl.2025.107814","DOIUrl":"10.1016/j.frl.2025.107814","url":null,"abstract":"<div><div>This study investigates the impact of institutional investors holding firm’s debt and equity (“dual-holders”) on corporate green innovation. Findings reveal that dual-holders significantly promote green innovation by reducing information asymmetry and alleviating financial constraints. The effect is stronger in heavily polluting industries and firms with lower agency costs. These findings highlight the vital role of dual-holders in promoting corporate green innovation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107814"},"PeriodicalIF":7.4,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144337546","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 does green management innovation facilitate enterprises' resource saving? 绿色管理创新如何促进企业资源节约？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-18 DOI: 10.1016/j.frl.2025.107812
Yuyan Lei , Yuxiang Peng
{"title":"How does green management innovation facilitate enterprises' resource saving?","authors":"Yuyan Lei ,&nbsp;Yuxiang Peng","doi":"10.1016/j.frl.2025.107812","DOIUrl":"10.1016/j.frl.2025.107812","url":null,"abstract":"<div><div>This research examines the relationship between green management innovation and resource conservation in firms from 2015 to 2023. The findings suggest that green management innovation can enhance resource conservation in organizations. The benefits are realized by improving firms' ESG performance, total factor productivity, and internal governance capacity. These findings highlight the imperative for politicians and corporate leaders to establish green innovation ecosystems that facilitate the transition from resource exploitation to regenerative capitalism. Future research may explore the interaction between dynamic capabilities in green innovation and future technologies to achieve substantial conservation potential within global value networks.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107812"},"PeriodicalIF":7.4,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144337547","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 does the modernization of agriculture promote manufacturing firms' green transition? 农业现代化如何促进制造业的绿色转型？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-18 DOI: 10.1016/j.frl.2025.107810
Binbin Gong , Ning Yang , Wenming Liu
{"title":"How does the modernization of agriculture promote manufacturing firms' green transition?","authors":"Binbin Gong ,&nbsp;Ning Yang ,&nbsp;Wenming Liu","doi":"10.1016/j.frl.2025.107810","DOIUrl":"10.1016/j.frl.2025.107810","url":null,"abstract":"<div><div>This study empirically investigates the relationship between agricultural modernization and the green transition in manufacturing, utilizing panel data from 2011 to 2023. The results indicate that agricultural modernization catalyzes manufacturing enterprises` green transition. The analysis delineates two essential transmission mechanisms: fostering ecological awareness throughout supply chains and systemic enhancements in total factor productivity. These findings indicate that agricultural modernization enhances environmental governance standards in manufacturing and transforms production paradigms toward circularity and low-carbon operations. These conclusions highlight the need for integrated agro-industrial methods in attaining interconnected economic and environmental goals, offering empirical support for coordinated transition policies in developing nations.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107810"},"PeriodicalIF":7.4,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144364584","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
Government subsidies, corporate ESG ratings, and green innovation 政府补贴、企业ESG评级和绿色创新
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-18 DOI: 10.1016/j.frl.2025.107793
Jingxuan Zhang , Yanghui Wu , Lin Lin
{"title":"Government subsidies, corporate ESG ratings, and green innovation","authors":"Jingxuan Zhang ,&nbsp;Yanghui Wu ,&nbsp;Lin Lin","doi":"10.1016/j.frl.2025.107793","DOIUrl":"10.1016/j.frl.2025.107793","url":null,"abstract":"<div><div>Using 2010–2023 data from Chinese listed firms, this study analyzes interactions between government subsidies, ESG (Environmental, Social, and Governance) performance, and green innovation. Empirical results confirm subsidies enhance corporate green innovation, while ESG ratings similarly facilitate such ecological R&amp;D efforts. Moreover, in the process of corporate ESG ratings influencing green innovation, government subsidies serve as a significant moderating factor. Additionally, there are notable differences in the impact of government subsidies on green innovation between state-owned enterprises and private enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107793"},"PeriodicalIF":7.4,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144481124","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
Do geopolitical risks impede the global supply chain? 地缘政治风险会阻碍全球供应链吗？
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-18 DOI: 10.1016/j.frl.2025.107811
Chi Wei Su, Rongrong Dong, Meng Qin
{"title":"Do geopolitical risks impede the global supply chain?","authors":"Chi Wei Su, Rongrong Dong, Meng Qin","doi":"10.1016/j.frl.2025.107811","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107811","url":null,"abstract":"In the context of economic globalization, geopolitics has emerged as a major disruptor of global supply chains. To date, a systematic investigation into the bidirectional causal relationship between geopolitical risks (GPR) and global supply chain pressure (SCP) is lacking in the current literature. To fill this research gap, this paper explores the time-varying interrelationship between GPR and SCP using the rolling-window Granger causality test. The empirical outcomes signify negative and positive effects moving from GPR to SCP, with the latter indicating that geopolitical risks can impede global supply chains. However, this disruption cannot be continuously instituted when GPR negatively affects SCP, primarily due to global supply chain diversification. Conversely, there are negative and positive impacts from SCP to GPR, revealing that global supply chain pressures can alleviate or exacerbate geopolitical risks in specific economic circumstances. Therefore, against the backdrop of the Russia-Ukraine conflict, governments should maintain peace and strengthen cooperation to prevent the potential risks of geopolitical events. Furthermore, countries and enterprises should develop resilient supply chain ecosystems that can rapidly adapt and respond to risks, stabilising global supply chains.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"17 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144337548","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
Black market prices as inflation predictor: Evidence from China’s hyperinflation 黑市价格作为通胀预测指标：来自中国恶性通胀的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-18 DOI: 10.1016/j.frl.2025.107805
Yezhou Sha , Xi Wu
{"title":"Black market prices as inflation predictor: Evidence from China’s hyperinflation","authors":"Yezhou Sha ,&nbsp;Xi Wu","doi":"10.1016/j.frl.2025.107805","DOIUrl":"10.1016/j.frl.2025.107805","url":null,"abstract":"<div><div>Extreme economic conditions provide insights into validating fundamental economic theories. In this study, we examine the relationship between several black market commodity price series and the inflation rate in China during a period of hyperinflation. Our findings reveal that black market commodity prices effectively predict inflation, aligning with the spot–future parity theorem. We also show that efforts to stabilize prices and unify fiscal and financial systems in China caused structural breaks in black market commodity prices.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107805"},"PeriodicalIF":7.4,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144330216","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
Executive misconduct and corporate operational risk 高管不当行为与企业经营风险
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-18 DOI: 10.1016/j.frl.2025.107813
Chenyu Zhu , Liwen Liu , Shoujie Zhou , Lifeng Han
{"title":"Executive misconduct and corporate operational risk","authors":"Chenyu Zhu ,&nbsp;Liwen Liu ,&nbsp;Shoujie Zhou ,&nbsp;Lifeng Han","doi":"10.1016/j.frl.2025.107813","DOIUrl":"10.1016/j.frl.2025.107813","url":null,"abstract":"<div><div>This study examines the moderating roles of digital transformation and organizational resilience and investigates the impact of executive misconduct on corporate operational risk. Based on 19,346 observations spanning 2010–2022, the findings confirm that misconduct increases risk. Digital transformation improves governance by monitoring, while resilience fosters adaptability. Heterogeneity analysis reveals that state-owned enterprises have higher risk effects, whereas stricter regulations mitigate this effect in heavy-polluting industries. Grounded in agency theory and a resource-based perspective, this study underscores the integration of governance reforms and technological advancements to reduce risks, providing policymakers and enterprises with insights into maintaining corporate stability and performance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107813"},"PeriodicalIF":7.4,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144337549","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
Governmental venture capital and corporate digital transformation: evidence from China 政府风险投资与企业数字化转型：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-18 DOI: 10.1016/j.frl.2025.107815
Yingdan Jia , Jingwen Li , Jindan Zhang
{"title":"Governmental venture capital and corporate digital transformation: evidence from China","authors":"Yingdan Jia ,&nbsp;Jingwen Li ,&nbsp;Jindan Zhang","doi":"10.1016/j.frl.2025.107815","DOIUrl":"10.1016/j.frl.2025.107815","url":null,"abstract":"<div><div>This paper investigates and confirms the positive effects of governmental venture capital (GVCs) on corporate digital transformation. The empirical evidence reveal that each standard deviation increase in GVC participation raises digital transformation intensity by 0.34 % relative to the mean. Reducing the degree of information asymmetry, easing financing constraints, and improving the level of risk taking offered by GVCs participating in listed firms are the three plausible underlying channels through which GVCs promote corporate digital transformation. This paper enriches the research on GVCs and the mechanism on corporate digital transformation and provides evidence for GVCs to participate in the non-venture capital market. Our findings demonstrate GVCs' significant role in post-IPO firms' sustainable development, clarifying how government participation shapes strategic investment decisions. These insights are crucial for optimizing state-market hybrids to promote strategic development and sustainable economic growth.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107815"},"PeriodicalIF":7.4,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144366091","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 artificial intelligence lead to human resource slack? Evidence from China 人工智能会导致人力资源闲置吗？来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-17 DOI: 10.1016/j.frl.2025.107803
Yikai Han , Yang Huang
{"title":"Does artificial intelligence lead to human resource slack? Evidence from China","authors":"Yikai Han ,&nbsp;Yang Huang","doi":"10.1016/j.frl.2025.107803","DOIUrl":"10.1016/j.frl.2025.107803","url":null,"abstract":"<div><div>The substitution effect of artificial intelligence (AI) on the labor force has been in the spotlight. Based on data of Chinese A-share listed firms, we empirically find that firms with more AI innovation tend to have higher human resource slack, especially in regions with lower education, manufacturing sectors, and among those with smaller market shares. This study highlights that firms should optimize workforce structure to fit development needs and balance technology and human capital, while employees need to enhance skills to seize AI opportunities.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107803"},"PeriodicalIF":7.4,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144313694","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
Cultural Blueprint: Uncovering How Merchant Guild Culture Shapes Corporate Innovation 文化蓝图：揭示商会文化如何塑造企业创新
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-17 DOI: 10.1016/j.frl.2025.107804
Xiaoliang Zhang, Jinjin Jiang, Zuxian Liu, Lijun Chen
{"title":"Cultural Blueprint: Uncovering How Merchant Guild Culture Shapes Corporate Innovation","authors":"Xiaoliang Zhang, Jinjin Jiang, Zuxian Liu, Lijun Chen","doi":"10.1016/j.frl.2025.107804","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107804","url":null,"abstract":"This study investigates the channels through which the ethos of merchant guilds influences firm innovative activities. Based on manually compiled historical records of 10 Ming-Qing merchant guilds, we develop a distance-based metric of merchant guild culture. The findings reveal a positive association between merchant guild culture and corporate innovation. Mechanism analysis suggests the impact arises from reducing Type II agency issues, easing financial constraints, and fostering collaborative ties. Notably, the impact is more pronounced in <ce:italic>Shanxi</ce:italic> and <ce:italic>Huizhou</ce:italic> merchant guilds, non-state-owned firms, firms less exposed to foreign cultures, and regions with weaker intellectual property rights regimes.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"48 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144337550","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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