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The causal dynamics between geopolitical risks, climate risks, and Global ESG Equity & Green Bond Balanced Index 地缘政治风险、气候风险与全球ESG股票和绿色债券平衡指数之间的因果关系
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-11 DOI: 10.1016/j.frl.2025.107775
Yijuan Shen , Xiaoning Cui , Yating Zhu , Yifei Cai
{"title":"The causal dynamics between geopolitical risks, climate risks, and Global ESG Equity & Green Bond Balanced Index","authors":"Yijuan Shen ,&nbsp;Xiaoning Cui ,&nbsp;Yating Zhu ,&nbsp;Yifei Cai","doi":"10.1016/j.frl.2025.107775","DOIUrl":"10.1016/j.frl.2025.107775","url":null,"abstract":"<div><div>This study applies a quantile Granger causality test to examine the causal nexus between geopolitical risks, climate risks, and global ESG equity and green bond index. Results reveal asymmetric, state-dependent effects. The findings highlight the importance of nonlinear risk assessment in sustainable finance and policy design.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107775"},"PeriodicalIF":7.4,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144611622","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 stepping-back from IFRS pay off? Evidence from EUROPEAN unlisted firms’ cost of debt 退出国际财务报告准则是否值得？来自欧洲非上市公司债务成本的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-11 DOI: 10.1016/j.frl.2025.107936
Mara Cameran , Domenico Campa , Mario Daniele
{"title":"Does stepping-back from IFRS pay off? Evidence from EUROPEAN unlisted firms’ cost of debt","authors":"Mara Cameran ,&nbsp;Domenico Campa ,&nbsp;Mario Daniele","doi":"10.1016/j.frl.2025.107936","DOIUrl":"10.1016/j.frl.2025.107936","url":null,"abstract":"<div><div>This study examines the association between voluntarily stepping back from IFRS to national GAAP and the cost of debt among European unlisted firms. Using a dataset of 42,987 observations from seven European countries between 2012 and 2022, we find that companies reverting to national GAAP are associated with a lower cost of debt after stepping back. This finding remains consistent regardless of their earnings management level after the transition. Unlike earlier evidence suggesting that IFRS adoption initially reduced the cost of debt, our results, based on a more recent time series, reflect a shift in lender perception. Having observed unlisted firms report under IFRS for several years, lenders may have come to view national GAAP as equally or even more reliable for assessing credit risk in the private firm context.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107936"},"PeriodicalIF":7.4,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613198","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
Overpriced Equity and Financialization 定价过高的股权与金融化
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-11 DOI: 10.1016/j.frl.2025.107966
Zhichao Yu, Yeqiang Geng
{"title":"Overpriced Equity and Financialization","authors":"Zhichao Yu, Yeqiang Geng","doi":"10.1016/j.frl.2025.107966","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107966","url":null,"abstract":"This study investigates how equity mispricing drives listed enterprises’ non-traditional financial activities. We identify executive speculation and investor incentives as key catalysts, wherein overvalued stocks incentivize risk-seeking managerial practices and short-term profit alignment with shareholders. The effects are disproportionately pronounced for non-state-owned enterprises, companies grappling with fiscal resource misalignment, and firms characterized by concentrated leadership structures. The findings underscore the dual influence of market inefficiencies and governance dynamics in accelerating financialization within the real sector. The results offer critical insights for policymakers addressing systemic risks arising from speculative finance and resource allocation distortions.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"109 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613116","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
Climate governance, CSR strategy, and corporate environmental decoupling 气候治理、企业社会责任战略与企业环境脱钩
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-11 DOI: 10.1016/j.frl.2025.107925
Rizwan Mushtaq , Anna Min Du , Salman Bahoo
{"title":"Climate governance, CSR strategy, and corporate environmental decoupling","authors":"Rizwan Mushtaq ,&nbsp;Anna Min Du ,&nbsp;Salman Bahoo","doi":"10.1016/j.frl.2025.107925","DOIUrl":"10.1016/j.frl.2025.107925","url":null,"abstract":"<div><div>This study, utilizing a global dataset of 32,382 firm-year observations from 2004 to 2023, reveals a positive and statistically significant relationship between climate governance and corporate environmental decoupling. We find that climate governance decreases under-reporting (corporations disclose fewer details about their sustainability practices than they perform) and increases over-reporting (corporations report sustainability practices more extensively than they perform). However, the mere presence of climate governance is insufficient. The study contributes to the literature by confirming that when combined with a strong CSR strategy and third-party assurance (e.g., Big 4 audits, external CSR audits), climate governance becomes more effective in mitigating overall corporate environmental decoupling. The study offers important implications for corporate boards and policymakers seeking to align sustainability disclosures with actual performance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107925"},"PeriodicalIF":7.4,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613124","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 whitepapers matter? Investigating the long-term effects of cryptocurrency whitepapers 白皮书重要吗？调查加密货币白皮书的长期影响
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-11 DOI: 10.1016/j.frl.2025.107747
Stefanie Moser
{"title":"Do whitepapers matter? Investigating the long-term effects of cryptocurrency whitepapers","authors":"Stefanie Moser","doi":"10.1016/j.frl.2025.107747","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107747","url":null,"abstract":"This study investigates the role of cryptocurrency whitepapers in coin performance. Analysing 1231 cryptocurrencies, 315 of which have whitepapers, reveals significantly higher average excess returns for coins accompanied by whitepapers, particularly in the long term, rather than immediately after being listed on CoinGecko.com. In addition, specific whitepaper characteristics such as scope, readability, and sentiment are investigated regarding their relationships with coin performance. The results indicate a wide variance among certain features, showing that larger whitepapers negatively correlate with excess returns, while readability shows no consistent effect. Whitepaper sentiment is negatively connected to long-term excess returns, though in a complex relationship. Several robustness tests are conducted to evaluate the reliability of the results.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613117","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
On Compensation Incentives, Managerial Overconfidence, And Payout Policy 薪酬激励、管理层过度自信与薪酬政策
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-11 DOI: 10.1016/j.frl.2025.107961
Artem Anilov, Irina Ivashkovskaya
{"title":"On Compensation Incentives, Managerial Overconfidence, And Payout Policy","authors":"Artem Anilov, Irina Ivashkovskaya","doi":"10.1016/j.frl.2025.107961","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107961","url":null,"abstract":"This paper investigates how CEO overconfidence interacts with compensation structure to influence corporate payout policy. Using a panel of 713 S&amp;P 1500 firms from 2010 to 2019, we find that overconfident CEOs with higher equity-based (i.e., convex) compensation are associated with significantly lower levels of both cash dividends and share repurchases. In contrast, inside debt compensation (non-convex) mitigates this effect, encouraging higher dividend payouts. The results suggest that these effects operate through financial slack and risk-taking channels. The uncovered relationships are present only in firms operating in non-innovative industries and with strong corporate governance. We interpret this as evidence that boards in innovative firms preserve managerial discretion, while weak governance limits the board’s ability to discipline overconfident CEOs. Our findings are robust to alternative measures of overconfidence and endogeneity controls. These results highlight the importance of tailoring CEO incentives to behavioral traits such as overconfidence, particularly in relation to payout decisions.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"50 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613201","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
Rural collective property rights system reform, financial literacy, and rural household income 农村集体产权制度改革、金融素养与农户收入
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-11 DOI: 10.1016/j.frl.2025.107965
Xin Zhai
{"title":"Rural collective property rights system reform, financial literacy, and rural household income","authors":"Xin Zhai","doi":"10.1016/j.frl.2025.107965","DOIUrl":"10.1016/j.frl.2025.107965","url":null,"abstract":"<div><div>This paper systematically evaluates the impact of the rural collective property rights reform system on rural households' income and its underlying mechanisms using data from the China Family Panel Studies (CFPS) spanning from 2014 to 2020. The study finds that the reform of rural collective property rights significantly enhances rural households' income. Additionally, the reform indirectly promotes the growth of rural households' income by improving their financial literacy levels. There is also notable regional heterogeneity in the reform's effects.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107965"},"PeriodicalIF":7.4,"publicationDate":"2025-07-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144623663","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
Navigating the impact of environmental uncertainty on AI technology innovation: Managerial sentiment as a mediator 引导环境不确定性对人工智能技术创新的影响：管理情绪作为中介
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-10 DOI: 10.1016/j.frl.2025.107962
Ming Fang , Chiu-Lan Chang , Mengling Lin , Zhiyan Zheng
{"title":"Navigating the impact of environmental uncertainty on AI technology innovation: Managerial sentiment as a mediator","authors":"Ming Fang ,&nbsp;Chiu-Lan Chang ,&nbsp;Mengling Lin ,&nbsp;Zhiyan Zheng","doi":"10.1016/j.frl.2025.107962","DOIUrl":"10.1016/j.frl.2025.107962","url":null,"abstract":"<div><div>This study examines the impact of environmental uncertainty on artificial intelligence technology innovation (AITI) within Chinese listed companies from 2010 to 2022. The study highlights the mediating role of managerial sentiment, showing that increased environmental uncertainty erodes managerial optimism and consequently hinders AITI. Focusing on the impact of environmental uncertainty, we delve into its multifaceted effects on companies' efforts in AITI. The results provide insights for managers and policy makers on how to effectively drive AITI in the face of environmental uncertainty and to inform the development of relevant policies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107962"},"PeriodicalIF":7.4,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144633126","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 trade friction amplifies corporate litigation risk: Evidence from United States–China tariff disputes 贸易摩擦如何放大企业诉讼风险：来自中美关税争端的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-10 DOI: 10.1016/j.frl.2025.107946
Xiaoning Ma , Xue Lei , Yu Jiang , Ouwen Lin
{"title":"How trade friction amplifies corporate litigation risk: Evidence from United States–China tariff disputes","authors":"Xiaoning Ma ,&nbsp;Xue Lei ,&nbsp;Yu Jiang ,&nbsp;Ouwen Lin","doi":"10.1016/j.frl.2025.107946","DOIUrl":"10.1016/j.frl.2025.107946","url":null,"abstract":"<div><div>This study examines how trade conflict affects companies’ litigation risk using tariff lists as natural experimental shocks. Analyzing Chinese A-share firms (2013–2023), we find that targeted manufacturing companies face significantly higher litigation rates during trade disputes. Results reveal cash flow constraints and supply chain disruptions as key mechanisms transmitting external trade pressure to legal complications. The effect is also stronger for private firms and those lacking political connections. This study bridges macroeconomic trade tensions and microeconomic legal risks, providing practical insights for corporate risk management and policy development amid international trade conflict.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107946"},"PeriodicalIF":7.4,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144605640","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
Social trust and workplace safety 社会信任与工作场所安全
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-10 DOI: 10.1016/j.frl.2025.107954
Xuanyi Chen , Jiarui Tong
{"title":"Social trust and workplace safety","authors":"Xuanyi Chen ,&nbsp;Jiarui Tong","doi":"10.1016/j.frl.2025.107954","DOIUrl":"10.1016/j.frl.2025.107954","url":null,"abstract":"<div><div>This paper investigates the impact of social trust on workplace safety. Using the establishment-level data compiled by Occupational Safety and Health Administration (OSHA), we find a negative relation between social trust and workplace injury rates. Our results are robust to removing the influence of regional factors, employing an entropy-balanced sample, and adopting various model specifications and alternative measures of social trust. Further analysis reveals that the documented effect is more pronounced in establishments owned by firms with weaker corporate governance systems, firms in industries with lower union representation, and firms subject to less regulatory scrutiny. Overall, our findings suggest that social trust can serve as an informal governance mechanism for protecting human capital.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107954"},"PeriodicalIF":7.4,"publicationDate":"2025-07-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613119","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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