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The divergent effects of geopolitical risk on market openness 地缘政治风险对市场开放的发散效应
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-10 DOI: 10.1016/j.frl.2026.109501
Zhou Lu , Giray Gozgor , Shreya Pal , Himanshu Sekhar Panda , Mantu Kumar Mahalik
{"title":"The divergent effects of geopolitical risk on market openness","authors":"Zhou Lu ,&nbsp;Giray Gozgor ,&nbsp;Shreya Pal ,&nbsp;Himanshu Sekhar Panda ,&nbsp;Mantu Kumar Mahalik","doi":"10.1016/j.frl.2026.109501","DOIUrl":"10.1016/j.frl.2026.109501","url":null,"abstract":"<div><div>This paper investigates the impact of geopolitical risk on market openness across 23 high-income and 19 middle-income economies from 1998 to 2023. The findings reveal that geopolitical risk enhances market openness in high-income economies but hinders it in middle-income economies. Economic growth and governance consistently promote market openness, whereas foreign direct investment is more effective in middle-income countries. These findings highlight the importance of institutional reforms and tailored policies to attract foreign direct investment and stabilise markets, thereby mitigating the effects of geopolitical risk on market openness. In addition, the findings point toward policy implications for bolstering resilience and openness.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109501"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145957360","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
Religiosity and corporate cash holdings: International evidence 宗教信仰与公司现金持有：国际证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.frl.2026.109566
Xingyu Chen , Zhengyifan Chen , Yingqi Li , Steven Xiaofan Zheng
{"title":"Religiosity and corporate cash holdings: International evidence","authors":"Xingyu Chen ,&nbsp;Zhengyifan Chen ,&nbsp;Yingqi Li ,&nbsp;Steven Xiaofan Zheng","doi":"10.1016/j.frl.2026.109566","DOIUrl":"10.1016/j.frl.2026.109566","url":null,"abstract":"<div><div>In this paper we examine whether and how country-level religiosity affects corporate cash holdings. Using 356,435 firm-year observations from 43 countries over the period 1996–2020, we construct three proxies that capture distinct dimensions of religiosity: Religious Person (knowing), Religious Importance (feeling), and Religious Service (doing). We find that Religious Person is robustly and negatively associated with corporate cash holdings, and that this effect is stronger for firms facing higher information asymmetry. The evidence suggests that firms located in less religious countries experience greater financial frictions and therefore maintain larger precautionary cash buffers.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109566"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146032762","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
Stability breeds clarity? Top management team stability and analyst forecast accuracy 稳定孕育清晰？高层管理团队的稳定性和分析师预测的准确性
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-22 DOI: 10.1016/j.frl.2025.109411
Tiantian Lin , Liying Wang
{"title":"Stability breeds clarity? Top management team stability and analyst forecast accuracy","authors":"Tiantian Lin ,&nbsp;Liying Wang","doi":"10.1016/j.frl.2025.109411","DOIUrl":"10.1016/j.frl.2025.109411","url":null,"abstract":"<div><div>This study investigates the relationship between the stability of firms’ top management teams and the accuracy of analyst forecasts, based on 211,005 firm-analyst-year observations for 4,128 firms covered by 6,277 analysts during the period 2007-2023. The results indicate that greater stability in top management teams is associated with enhanced forecast accuracy, and this finding remains robust across a range of specifications and validation tests. Channel tests suggest that risk management and the quality of information disclosure serve as key mechanisms through which this relationship operates.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109411"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145813842","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
Digital economy and corporate labor force structure: an analysis based on labor productivity efficiency 数字经济与企业劳动力结构：基于劳动生产率效率的分析
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-31 DOI: 10.1016/j.frl.2025.109463
Shu Wu , Jun Ma
{"title":"Digital economy and corporate labor force structure: an analysis based on labor productivity efficiency","authors":"Shu Wu ,&nbsp;Jun Ma","doi":"10.1016/j.frl.2025.109463","DOIUrl":"10.1016/j.frl.2025.109463","url":null,"abstract":"<div><div>This article conducts an empirical analysis using data from publicly listed companies in China between 2012 and 2023. The findings reveal that, first, the digital economy can significantly enhance labor productivity; second, both the proportion of highly educated labor and the proportion of technical labor are positively correlated with labor productivity. Moreover, the digital economy plays a significant moderating role in the relationship between the proportion of highly educated labor, the proportion of technical labor, and labor productivity. The impact of the proportion of highly educated labor and technical labor on labor productivity exhibits significant heterogeneity between high-tech enterprises and non-high-tech enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109463"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145895699","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 short-term debt for long-term investment on corporate ESG performance 短期债务转长期投资对企业ESG绩效的影响
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-31 DOI: 10.1016/j.frl.2025.109459
Long Tang , Jin Hu , Peter J. Stauvermann , Ziyi Xiong
{"title":"The impact of short-term debt for long-term investment on corporate ESG performance","authors":"Long Tang ,&nbsp;Jin Hu ,&nbsp;Peter J. Stauvermann ,&nbsp;Ziyi Xiong","doi":"10.1016/j.frl.2025.109459","DOIUrl":"10.1016/j.frl.2025.109459","url":null,"abstract":"<div><div>Improving corporate social responsibility performance by optimizing financial behavior is of great significance for promoting sustainable development. This paper utilizes panel data of Chinese listed companies from 2011 to 2023 to investigate the impact and underlying mechanisms of short-term debt for long-term investment (STD-LTI) on corporate ESG performance. The study finds that for each one standard deviation increase in the degree of short-term borrowing for long-term investment by a company, its ESG score will significantly decrease by approximately 0.0390.. The main function channels include increasing credit rents, inhibiting the development of supply chain finance, and reducing environmental investments. Moreover, the effects vary significantly depending on enterprise ownership, managerial myopia level, and the intensity of external supervision. This paper provides insights for fostering government-bank-enterprise cooperation, optimizing corporate financing strategies, and enhancing social responsibility practices.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109459"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145895698","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
Revisiting ESG performance: do high scores translate to higher returns? A risk-adjusted analysis of S&P 500 portfolios 重新审视ESG绩效：高分意味着高回报吗？标准普尔500指数投资组合的风险调整分析
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-02 DOI: 10.1016/j.frl.2025.109467
Paulo V. Carvalho , Pedro F. Falcão , Carlos Manuel Pinheiro , Diogo Carrão
{"title":"Revisiting ESG performance: do high scores translate to higher returns? A risk-adjusted analysis of S&P 500 portfolios","authors":"Paulo V. Carvalho ,&nbsp;Pedro F. Falcão ,&nbsp;Carlos Manuel Pinheiro ,&nbsp;Diogo Carrão","doi":"10.1016/j.frl.2025.109467","DOIUrl":"10.1016/j.frl.2025.109467","url":null,"abstract":"<div><div>The rise of ESG investing is often underpinned by the belief that sustainability enhances long-term financial performance. Research suggests ESG scores correlate with superior stock market returns, but the evidence remains mixed. We contribute to the debate by directly comparing the performance of top- and bottom-ranked ESG portfolios within the S&amp;P 500 over the period 2005–2024. Using raw returns, we find that low ESG-rated portfolios consistently outperform their higher-rated counterparts in absolute terms. However, when accounting for risk, using risk-adjusted metrics — specifically the modified Sharpe ratio — no statistically significant differences emerge. These findings challenge prevailing assumptions about ESG investing and highlight the need for a more nuanced understanding of the trade-offs between sustainability and profitability in portfolio construction.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109467"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145895690","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 policy uncertainty and green innovation bubbles 气候政策的不确定性和绿色创新泡沫
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-06 DOI: 10.1016/j.frl.2026.109477
Wang Yang , Kun Bao , Xiaochu Wang
{"title":"Climate policy uncertainty and green innovation bubbles","authors":"Wang Yang ,&nbsp;Kun Bao ,&nbsp;Xiaochu Wang","doi":"10.1016/j.frl.2026.109477","DOIUrl":"10.1016/j.frl.2026.109477","url":null,"abstract":"<div><div>This study examines how climate policy uncertainty (CPU) affects the formation of green innovation bubbles using data from Chinese A-share listed firms spanning 2009–2023. Findings reveal that CPU has a positive effect on corporate green innovation bubbles. This relationship is mediated by managerial environmental attention and short-term research and development orientation. Heterogeneity tests indicate that the positive effect is stronger for nonstate-owned enterprises and nonpollution-intensive industries. Our findings shed new light on the correlation between CPU, managerial attention allocation, and green innovation bubbles, with implications for firms intending to promote high-quality, sustainable innovation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109477"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145902437","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 host country fintech levels affect cross-border M&A by Chinese companies 东道国金融科技水平如何影响中国企业跨境并购
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-02-13 DOI: 10.1016/j.frl.2026.109635
Fang Dong , Jia Liu , Baobing Feng , Yiduo Wang
{"title":"How host country fintech levels affect cross-border M&A by Chinese companies","authors":"Fang Dong ,&nbsp;Jia Liu ,&nbsp;Baobing Feng ,&nbsp;Yiduo Wang","doi":"10.1016/j.frl.2026.109635","DOIUrl":"10.1016/j.frl.2026.109635","url":null,"abstract":"<div><div>This paper uses micro level data on Chinese enterprises conducting overseas M&amp;A from 2005 to 2022, combined with the 2023 Orbis database, to construct a comprehensive indicator of host country fintech development and examine its impact on the scale and patterns of Chinese firms’ cross border M&amp;A. The empirical results show that: (1) higher host country fintech levels significantly increase the scale of Chinese overseas M&amp;A, and these findings remain robust across a series of robustness checks; (2) heterogeneity analysis indicates that the positive effect of host country fintech is more pronounced in host countries with higher institutional quality, in the service sector, and for non-state-owned enterprises; (3) mechanism analysis reveals that host country fintech facilitates cross border M&amp;A by improving digital infrastructure, enhancing the business environment, and reducing information and financing frictions. This paper enriches the theory of cross-border mergers and acquisitions in the era of digital economy and provides an important reference for Chinese enterprises to \"go global\".</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109635"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147424788","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
In whom we trust? Social networks and trust in AI vs. human experts financial advice 我们信任谁？人工智能与人类专家的社交网络和信任
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-27 DOI: 10.1016/j.frl.2025.109437
Prince Bosompim , Richmond Essieku , Jodi Letikiewicz
{"title":"In whom we trust? Social networks and trust in AI vs. human experts financial advice","authors":"Prince Bosompim ,&nbsp;Richmond Essieku ,&nbsp;Jodi Letikiewicz","doi":"10.1016/j.frl.2025.109437","DOIUrl":"10.1016/j.frl.2025.109437","url":null,"abstract":"<div><div>Study investigates whether the source of financial information (offline or online social networks) influences consumer trust in artificial intelligence-generated and human expert financial advice, specifically housing investment. Using nationally representative survey data from a randomized experiment conducted by the SSRS and FINRA Investor Education Foundation, we estimate causal effects through propensity score matching and inverse probability weighting techniques. We find that offline sources increase trust in human experts, particularly among individuals with higher financial literacy and those in midlife. In contrast, online sources are associated with greater trust in artificial intelligence, especially among younger adults, political liberals, and mobile home residents. These results suggest that trust in financial advice is shaped by the social context in which information is received, offering implications for policy and platform design in the digital finance era.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109437"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145844770","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 mechanism of top management team heterogeneity and financial misallocation on corporate resource allocation efficiency 高管团队异质性和财务错配对企业资源配置效率的影响机制
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-04 DOI: 10.1016/j.frl.2025.109210
Xinxiang Gao , Shan Liu , Guangming Xiong , Jiawen Yu , Haochuan Xu , Junhua Yang
{"title":"Impact mechanism of top management team heterogeneity and financial misallocation on corporate resource allocation efficiency","authors":"Xinxiang Gao ,&nbsp;Shan Liu ,&nbsp;Guangming Xiong ,&nbsp;Jiawen Yu ,&nbsp;Haochuan Xu ,&nbsp;Junhua Yang","doi":"10.1016/j.frl.2025.109210","DOIUrl":"10.1016/j.frl.2025.109210","url":null,"abstract":"<div><div>Within China's transitioning economy, financial misallocation significantly impedes efficient corporate resource allocation, primarily driven by ownership discrimination, term mismatch, and sectoral distortion. This study integrates upper echelons theory and financial friction theory to investigate whether and how heterogeneity in the top management team (TMT)—specifically in age, education, and career background—mitigates this misallocation. Analyzing panel data from Shanghai and Shenzhen A-share listed companies (2010–2022) with a two-way fixed effects model and bootstrap mediation, we find that financial misallocation significantly inhibits total factor productivity (TFP), patent output, and return on assets. Conversely, TMT heterogeneity alleviates these negative effects by reducing information asymmetry (reflected in a 42 % decrease in the SA index) and enhancing risk-taking (evidenced by an 18 % increase in R&amp;D intensity). This moderating effect is approximately 30 % stronger in non-state-owned enterprises and digitally advanced firms. Furthermore, the efficacy of TMT heterogeneity is context-dependent, strengthened by higher levels of market development and digitalization. This study introduces a dynamic \"structure-behavior-performance\" framework linking corporate governance with financial distortions, offering valuable insights for regulators and firms aiming to optimize credit allocation and TMT composition.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109210"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146036595","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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