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Does flood risk affect the implied cost of equity capital? 洪水风险是否会影响股权资本的隐含成本？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-13 DOI: 10.1016/j.frl.2024.106452
Fujun Lai , Xianli Cheng , An Li , Deping Xiong , Yunzhong Li
{"title":"Does flood risk affect the implied cost of equity capital?","authors":"Fujun Lai ,&nbsp;Xianli Cheng ,&nbsp;An Li ,&nbsp;Deping Xiong ,&nbsp;Yunzhong Li","doi":"10.1016/j.frl.2024.106452","DOIUrl":"10.1016/j.frl.2024.106452","url":null,"abstract":"<div><div>Utilizing monthly city level precipitation data across China from 2006 to 2019, this paper constructs an objective flood risk index and investigates the impact of flood risk on the implied cost of equity capital for A-share listed companies. First, our study finds a positive correlation between the flood risk and the implied cost of equity capital and this result holds when we use instrumental variables for flood risk. Second, empirical results reveal that flood risk influences the implied cost of equity capital through two channels: physical risk premium and investor sentiment. Third, we discover that companies with higher ESG (Environmental, Social, and Governance) ratings, higher information disclosure quality and better city infrastructure, are capable of mitigating the adverse impact of flood risk on their implied cost of equity capital. These findings have important implications for investors, policymakers, and corporate stakeholders in understanding and mitigating the financial risks associated with climate change in a rapidly developing economy.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106452"},"PeriodicalIF":7.4,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660393","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
Regulatory effects of environmental protection tax law on corporate practices in China 环境保护税法对中国企业行为的监管效应
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-13 DOI: 10.1016/j.frl.2024.106469
Dan Xu , Cuihua Wu
{"title":"Regulatory effects of environmental protection tax law on corporate practices in China","authors":"Dan Xu ,&nbsp;Cuihua Wu","doi":"10.1016/j.frl.2024.106469","DOIUrl":"10.1016/j.frl.2024.106469","url":null,"abstract":"<div><div>This study focuses on the regulatory effects of China's Environmental Protection Tax Law (EPTL) on corporate practices. Furthermore, it examines the impact of this tax law on firm financial performance mediated by firm environmental, social, and governance (ESG) performance and firm innovation. Our findings indicate that the EPTL positively influences financial outcomes, with ESG and innovation as critical intermediaries. Recommendations include refining the EPTL by providing increased incentives for firms to adopt ESG practices and invest in innovation, fostering a stronger alignment between environmental legal frameworks and corporate behavior.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106469"},"PeriodicalIF":7.4,"publicationDate":"2024-11-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660394","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
Bankruptcy reform and breakthrough innovation: Evidence from the quasi-experiment in China 破产改革与突破性创新：来自中国准实验的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-12 DOI: 10.1016/j.frl.2024.106457
Xin Cui , Chunfeng Wang , Tingting Ma
{"title":"Bankruptcy reform and breakthrough innovation: Evidence from the quasi-experiment in China","authors":"Xin Cui ,&nbsp;Chunfeng Wang ,&nbsp;Tingting Ma","doi":"10.1016/j.frl.2024.106457","DOIUrl":"10.1016/j.frl.2024.106457","url":null,"abstract":"<div><div>Using the quasi-natural experiment of staggered bankruptcy court establishment across China, this study examines the impact of bankruptcy reform on corporate breakthrough innovation. Results show that bankruptcy courts significantly facilitate breakthrough innovation, with particularly pronounced effects among firms in high-tech industries and competitive sectors, firms with prior innovation advantages, and non-state-owned firms. Mechanism analysis reveals that bankruptcy courts boost the supply of credit resources, especially long-term credit, providing stable financial support for technological breakthroughs. Additionally, stronger legal protection promotes R&amp;D alliances, fostering breakthrough innovation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106457"},"PeriodicalIF":7.4,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660474","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
Divergent relationships between exchange rate pass-through and policy rates across economies: An extension of the Taylor rule 不同经济体之间汇率传递与政策利率之间的关系存在差异：泰勒规则的扩展
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-12 DOI: 10.1016/j.frl.2024.106456
Wei Ma, Renzhong Zhang, Liyan Han, Wei Li
{"title":"Divergent relationships between exchange rate pass-through and policy rates across economies: An extension of the Taylor rule","authors":"Wei Ma, Renzhong Zhang, Liyan Han, Wei Li","doi":"10.1016/j.frl.2024.106456","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106456","url":null,"abstract":"Although central banks often prioritize exchange rate stability, its role is frequently overlooked in the monetary policy analysis and simple interest rate rules do not comprise exchange rate arguments even in small open economies. This study extends the traditional Taylor rule by incorporating exchange rate deviations to determine their influence on monetary policy conduct across various economies. Our findings reveal heterogeneous impacts of exchange rate deviations on policy rates. Specifically, exchange rates significantly influence monetary policy in economies with fixed exchange rate regimes, higher foreign reserve ratios and lower levels of financial development.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"18 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142673160","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
Financial development, electronic payments, and residents' consumption: Evidence from rural China 金融发展、电子支付与居民消费：来自中国农村的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-12 DOI: 10.1016/j.frl.2024.106455
Zengjian Huang , Leyi Wang , Wensong Yu
{"title":"Financial development, electronic payments, and residents' consumption: Evidence from rural China","authors":"Zengjian Huang ,&nbsp;Leyi Wang ,&nbsp;Wensong Yu","doi":"10.1016/j.frl.2024.106455","DOIUrl":"10.1016/j.frl.2024.106455","url":null,"abstract":"<div><div>The development of rural finance, by providing convenient credit, introducing modern financial services, and improving electronic payment systems, addresses the financial needs of rural residents, fosters the growth of rural industries, and improves the quality of life. This study utilizes provincial panel data from China covering the period 2011 to 2021 to examine the impact of rural financial development on the consumption levels of rural residents. The findings indicate that rural financial development exerts a significant positive influence on rural consumption, with rural electronic payments serving as a transmission mechanism in this relationship. A heterogeneity analysis further reveals that the effect of rural financial development on consumption levels differs according to the level of digital financial inclusion. Specifically, the positive impact is more pronounced in provinces with higher levels of digital financial inclusion compared to those with lower levels.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106455"},"PeriodicalIF":7.4,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660487","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
Uncovering the risk-return trade-off through ridge regressions 通过脊回归揭示风险与收益的权衡
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-12 DOI: 10.1016/j.frl.2024.106420
Nuria Alemany, Vicent Aragó, Enrique Salvador
{"title":"Uncovering the risk-return trade-off through ridge regressions","authors":"Nuria Alemany,&nbsp;Vicent Aragó,&nbsp;Enrique Salvador","doi":"10.1016/j.frl.2024.106420","DOIUrl":"10.1016/j.frl.2024.106420","url":null,"abstract":"<div><div>Using ridge regressions, we introduce a novel methodology to estimate a time-varying version of the market risk-return trade-off. Our model improves available techniques since it allows for flexible patterns in the relationship and does not need a long span of data or additional state variables to accurately estimate the trade-off. We find that this relationship is positive during almost all the sample but it occasionally turns out negative during deep recessions. Our results may help solve the controversy in the previous literature. Investors, policymakers, and regulators must monitor this relationship to optimise investment, manage risks, and prevent financial instability.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106420"},"PeriodicalIF":7.4,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660475","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 bank incentives matter? Evidence from the impact of green finance on corporate carbon neutrality performance 银行激励措施重要吗？绿色金融对企业碳中和绩效影响的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-12 DOI: 10.1016/j.frl.2024.106459
Hao Wu , Yunling Song
{"title":"Do bank incentives matter? Evidence from the impact of green finance on corporate carbon neutrality performance","authors":"Hao Wu ,&nbsp;Yunling Song","doi":"10.1016/j.frl.2024.106459","DOIUrl":"10.1016/j.frl.2024.106459","url":null,"abstract":"<div><div>Bank incentives are pivotal to enterprises’ low-carbon transitions. Utilizing the 2021 China green finance evaluation as an exogenous shock to bank incentives, we show that increasing such incentives can significantly enhance the carbon neutrality performance of heavily polluting enterprises. Additionally, factors based on financing perspective and stakeholders’ attention moderate that relationship. The impact of bank incentives solely extends to the environmental dimension of ESG. Our results provide insights and policy implications for stakeholders and policymakers in promoting the impact of green finance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106459"},"PeriodicalIF":7.4,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660480","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 effect of dividend tax reform on earnings management: Evidence from a natural experiment in Korea 股息税改革对收益管理的影响：来自韩国自然实验的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-12 DOI: 10.1016/j.frl.2024.106450
Catherine Heyjung Sonu
{"title":"The effect of dividend tax reform on earnings management: Evidence from a natural experiment in Korea","authors":"Catherine Heyjung Sonu","doi":"10.1016/j.frl.2024.106450","DOIUrl":"10.1016/j.frl.2024.106450","url":null,"abstract":"<div><div>This study examines the effect of dividend tax reform on earnings management by utilizing a natural experiment in Korea. From 2015 to 2017, the Korean government reduced the tax burden on dividends for firms exceeding specific thresholds for dividend payout ratio. Using a staggered difference-in-differences design, this study finds that tax-eligible firms significantly decreased discretionary accruals during the reform period. The findings are robust to endogeneity tests, firm fixed effects, and alternative measures of earnings management. The study offers insights for academics and policy makers on how dividend tax incentives shape corporate financial reporting behavior.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106450"},"PeriodicalIF":7.4,"publicationDate":"2024-11-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660465","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 transformation, audit risk, and the low-carbon transition of China's energy enterprises 数字化转型、审计风险与中国能源企业的低碳转型
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-10 DOI: 10.1016/j.frl.2024.106445
Lu Wang
{"title":"Digital transformation, audit risk, and the low-carbon transition of China's energy enterprises","authors":"Lu Wang","doi":"10.1016/j.frl.2024.106445","DOIUrl":"10.1016/j.frl.2024.106445","url":null,"abstract":"<div><div>While digital transformation is recognized for driving efficiency and sustainability in China's energy sector, its impact on low-carbon transitions through the lens of audit risk remains underexplored. This study examines how digital transformation, encompassing technologies like AI, IoT, Big Data, and blockchain, affects the low-carbon transition of Chinese energy enterprises, with a specific focus on the mediating role of audit risk. Using data from 2008 to 2022, we find that digital transformation significantly enhances low-carbon transitions. Furthermore, our analysis reveals that audit risk, particularly abnormal expenses, mediates this relationship, with lower audit risk amplifying the positive effects of digital transformation. This underscores the importance of robust audit and risk management practices in ensuring the effectiveness of digital transformation for achieving sustainability goals. Importantly, our findings highlight key heterogeneities in this relationship: the impact of digital transformation varies across regions in China and is influenced by the type of audit firm. This suggests that the Eastern region and firms audited by Non-Big Four firms experience the most significant benefits from digitalization in their pursuit of low-carbon transitions. These insights offer valuable guidance for energy companies and policymakers navigating the complexities of digital innovation and sustainable development in China's energy sector.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106445"},"PeriodicalIF":7.4,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660481","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
Assessing national governance modernization: Leveraging the ordered weighted geometric composition operator 评估国家治理现代化：利用有序加权几何组成算子
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-10 DOI: 10.1016/j.frl.2024.106377
Shasha Jiang, Zixue Guo, Yuntong Zhang, Yunmei Zhang
{"title":"Assessing national governance modernization: Leveraging the ordered weighted geometric composition operator","authors":"Shasha Jiang,&nbsp;Zixue Guo,&nbsp;Yuntong Zhang,&nbsp;Yunmei Zhang","doi":"10.1016/j.frl.2024.106377","DOIUrl":"10.1016/j.frl.2024.106377","url":null,"abstract":"<div><div>The national governance modernization is an important part of Chinese-style modernization. It is of great importance to advance the modernization process by assessing the modernization level of national governance. In this paper, we propose a new method for assessing the national governance modernization using the ordered weighted geometric composition operator (OWGC). First, defining the OWGC by introducing the average operator. The application of the OWGC in measuring the national governance modernization is then demonstrated and the general measurement procedure is presented. Finally, empirical data are used to analyze the degree and regional differences in national governance modernization. The empirical results obtained by using the OWGC not only show uneven development between different provinces, but also reflect the development strengths and weaknesses of each region, which will help provide guidelines for improving the level of modernization and promoting coordinated regional development delivery.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106377"},"PeriodicalIF":7.4,"publicationDate":"2024-11-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660476","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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