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The complexity of connection between green bonds and carbon markets: New evidence from China 绿色债券与碳市场之间联系的复杂性：来自中国的新证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-17 DOI: 10.1016/j.frl.2025.107790
Leilei Yan, Wei Han
{"title":"The complexity of connection between green bonds and carbon markets: New evidence from China","authors":"Leilei Yan,&nbsp;Wei Han","doi":"10.1016/j.frl.2025.107790","DOIUrl":"10.1016/j.frl.2025.107790","url":null,"abstract":"<div><div>This study proposes a frequency domain quantile‒qua ntile connectedness approach that can be used to explore the complex linkages between the Chinese carbon market (CM) and three types of green bond markets (GBMs). Empirical results indicate extreme connectedness between the CM and GBM and that the short-term effect is stronger than the long-term effect. In addition, the total connectedness between the CM and GBM at the inversely related quantiles is usually greater than the total connectedness at the directly related quantiles, with exceptions in the long-term frequency domain. Third, in the short term, shocks are transmitted mainly from the GBM to the CM, but extreme negative volatility in CM prices may reverse the direction of this transmission. Finally, in the long term, shocks are transmitted mainly from the CM to the GBM, but extreme price volatility in the GBM can alter the transmission path.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107790"},"PeriodicalIF":7.4,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144313658","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 the financialization of entity enterprises hinder efficient growth? 实体企业的金融化是否阻碍了企业的高效增长？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-17 DOI: 10.1016/j.frl.2025.107801
Tingting Yang , Xiaomin Liu , Botong Xu
{"title":"Does the financialization of entity enterprises hinder efficient growth?","authors":"Tingting Yang ,&nbsp;Xiaomin Liu ,&nbsp;Botong Xu","doi":"10.1016/j.frl.2025.107801","DOIUrl":"10.1016/j.frl.2025.107801","url":null,"abstract":"<div><div>Entity enterprises are crucial to high-quality economic development. However, in order to pursue a higher return on investment, more and more real enterprises have become financialized. This paper takes the real listed enterprises of China's A-share market as the research sample and empirically examines the impact effect and internal mechanism of financialization on the efficient growth of enterprises. The possible contributions lie in the following two points: First, empirical research has found that financialization has inhibited the efficient growth of enterprises, which is generally manifested as a \"crowding-out\" effect; Second, mechanism tests show that financialization restrains the efficient growth of enterprises by squeezing out R&amp;D investment and reducing innovation output. The research in this paper provides micro evidence that financialization affects the efficient growth of real enterprises, and offers some countermeasure suggestions for the government and enterprises to govern the financialization problem and rationally allocate resources to promote efficient growth.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107801"},"PeriodicalIF":7.4,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144471201","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
Can corporate digitalization deter leverage manipulation? Evidence from China 企业数字化能否阻止杠杆操纵？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.2025.107796
Ningru Zhao , Lanlan Liu , Youyang Chen , Xiaoyu Yu
{"title":"Can corporate digitalization deter leverage manipulation? Evidence from China","authors":"Ningru Zhao ,&nbsp;Lanlan Liu ,&nbsp;Youyang Chen ,&nbsp;Xiaoyu Yu","doi":"10.1016/j.frl.2025.107796","DOIUrl":"10.1016/j.frl.2025.107796","url":null,"abstract":"<div><div>Corporate leverage manipulation behavior can obscure the true operational performance of companies, ultimately harm investors’ interests and negatively impacting financial stability. With corporate digitalization trending globally and driving economic growth, this paper investigates whether it can help reduce companies leverage manipulation. We find that corporate digitalization can reduce the magnitude of leverage manipulation by relieving financial constraints and enhancing information transparency. Various robustness checks including the alternative model, the instrument variable and the propensity score matching validate our findings. This study deepens the understanding of the economic consequences of corporate digitalization.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107796"},"PeriodicalIF":7.4,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144364586","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 law reform and financing costs for small and medium enterprises 破产法改革与中小企业融资成本
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-17 DOI: 10.1016/j.frl.2025.107794
Yudong Yu , Shanshan Wang
{"title":"Bankruptcy law reform and financing costs for small and medium enterprises","authors":"Yudong Yu ,&nbsp;Shanshan Wang","doi":"10.1016/j.frl.2025.107794","DOIUrl":"10.1016/j.frl.2025.107794","url":null,"abstract":"<div><div>Bankruptcy laws can profoundly affect a variety of economic activities. This paper focuses on uncovering the effect of the recent bankruptcy law reform in China on the financing cost of Small and Medium Enterprises (SMEs). Exploiting a comprehensive research sample of listed SMEs in China from 2014 to 2024, this research offers evidence that the bankruptcy law reform substantially lowers SMEs’ financing costs, especially for non-manufacturing firms. Additionally, this paper also argues that the speed of bankruptcy liquidation and the amount of capital that creditors are able to recover are core economic mechanisms underpinning the relationship.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107794"},"PeriodicalIF":7.4,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144471213","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 pre-IPO dividend and the cost of equity capital: Evidence from China 上市前股利与股权资本成本：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.2025.107795
He Gao , Junwei Lu , Laifeng Yang , Zhangxin (Frank) Liu
{"title":"The pre-IPO dividend and the cost of equity capital: Evidence from China","authors":"He Gao ,&nbsp;Junwei Lu ,&nbsp;Laifeng Yang ,&nbsp;Zhangxin (Frank) Liu","doi":"10.1016/j.frl.2025.107795","DOIUrl":"10.1016/j.frl.2025.107795","url":null,"abstract":"<div><div>We examine how pre-IPO dividend payments affect the cost of equity capital using data from China’s A-share market (2010–2022). Firms distributing large pre-IPO dividends face higher post-listing equity costs due to investor concerns over agency risks and cash flow constraints. This effect is stronger for non-SOEs, growth-stage firms, and technology-intensive enterprises. Institutional factors, such as regional market development and economic policy uncertainty, further condition this relationship. Our findings, robust to alternative measures and endogeneity checks, highlight the long-term impact of pre-IPO financial decisions and underscore the role of regulatory oversight in shaping investor expectations.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107795"},"PeriodicalIF":7.4,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144321073","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
Market reactions to the central bank’s mandate on climate-related financial risk disclosures: Evidence from the Indian banking sector 市场对央行气候相关金融风险披露指令的反应：来自印度银行业的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-17 DOI: 10.1016/j.frl.2025.107774
Vineeta Kumari , Dharen Kumar Pandey
{"title":"Market reactions to the central bank’s mandate on climate-related financial risk disclosures: Evidence from the Indian banking sector","authors":"Vineeta Kumari ,&nbsp;Dharen Kumar Pandey","doi":"10.1016/j.frl.2025.107774","DOIUrl":"10.1016/j.frl.2025.107774","url":null,"abstract":"<div><div>This study examines financial markets’ reactions to regulatory efforts addressing climate-related financial risk in low- and middle-income countries. The findings reveal a significant negative event-day impact (-1.33 %) and negative post-event abnormal returns. Private-sector banks experience a significant event-day impact (-1.44 %), in contrast to an insignificant effect on public-sector banks (-1.08 %). Banks with high ESG performance experience a greater decline, emphasizing that the market penalizes excessive weight for ESG issues unrelated to core operations. Additionally, larger banks with better financial performance perform better. These findings highlight the challenges low- and middle-income countries face in integrating climate policies without destabilizing financial markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107774"},"PeriodicalIF":7.4,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144330213","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 central bank digital currencies on the financial stability of banks: Dynamic panel estimation 央行数字货币对银行金融稳定性的影响：动态面板估计
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-17 DOI: 10.1016/j.frl.2025.107791
Dennis Heitmann , Jascha-Alexander Koch , Mohammad Saiful Islam , Sharmin Akter Eva
{"title":"The impact of central bank digital currencies on the financial stability of banks: Dynamic panel estimation","authors":"Dennis Heitmann ,&nbsp;Jascha-Alexander Koch ,&nbsp;Mohammad Saiful Islam ,&nbsp;Sharmin Akter Eva","doi":"10.1016/j.frl.2025.107791","DOIUrl":"10.1016/j.frl.2025.107791","url":null,"abstract":"<div><div>Around ninety percent of central banks worldwide are currently running initiatives to explore central bank digital currencies (CBDCs). Surprisingly, only four countries—the Bahamas, Nigeria, Zimbabwe, and Jamaica—have launched and are currently using retail CBDCs. However, little is known about their impact on the banking system. We investigate the impact of launching a CBDC on banks’ financial stability. Applying two-step system generalized method of moments (GMM) with dynamic panel estimation, we reveal that launching CBDCs increases banks’ financial stability, offering novel empirical evidence on this topic.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107791"},"PeriodicalIF":7.4,"publicationDate":"2025-06-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144337551","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 finance, green governance performance, and the ESG performance: Evidence from a quasi-natural experiment 绿色金融、绿色治理绩效与ESG绩效：来自准自然实验的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-16 DOI: 10.1016/j.frl.2025.107785
Jiexian Liu , Gaoyang Liang
{"title":"Green finance, green governance performance, and the ESG performance: Evidence from a quasi-natural experiment","authors":"Jiexian Liu ,&nbsp;Gaoyang Liang","doi":"10.1016/j.frl.2025.107785","DOIUrl":"10.1016/j.frl.2025.107785","url":null,"abstract":"<div><div>This research delves into the interconnections among green financial reform and innovation, green governance performance, and the ESG performance of listed companies in China spanning from 2007 to 2023. The results show that there exists a notably positive correlation between green financial reform and innovation and ESG performance. The impact of green financial reform varies among companies with different pollution levels. Additionally, green governance performance mediates the relationship between green financial reform and ESG performance, with this mediating effect showing heterogeneity based on whether the companies are audited by one of the Big Four accounting firms.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107785"},"PeriodicalIF":7.4,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144364585","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
Can the integration of culture and tourism promote rural revitalization? Research on the mechanism and policies of green finance 文化与旅游的融合能否促进乡村振兴？绿色金融的机制与政策研究
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-16 DOI: 10.1016/j.frl.2025.107787
Weirong Yang , Ruigang Fan , Leiyu Wang
{"title":"Can the integration of culture and tourism promote rural revitalization? Research on the mechanism and policies of green finance","authors":"Weirong Yang ,&nbsp;Ruigang Fan ,&nbsp;Leiyu Wang","doi":"10.1016/j.frl.2025.107787","DOIUrl":"10.1016/j.frl.2025.107787","url":null,"abstract":"<div><div>Based on the panel data of provincial-level administrative regions in China from 2010 to 2023, this study systematically examines the dynamic relationship and pathways of the coupled development of the cultural industry and tourism sector on rural multidimensional revitalization. The research reveals four critical effects: the integration of the cultural and tourism industries can significantly promote rural revitalization; green finance forms a positive moderating pathway between cultural-tourism integration and rural revitalization; the aging population has an inhibiting effect on the rural revitalization driven by cultural-tourism integration; and the impact of cultural-tourism integration on rural revitalization shows significant regional differences.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107787"},"PeriodicalIF":7.4,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144471212","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
Data asset information disclosure divergence and green innovation: causal evidence from double-debiased machine learning 数据资产信息披露分歧与绿色创新：来自双去偏机器学习的因果证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-16 DOI: 10.1016/j.frl.2025.107757
Huiyi Shi , Yufei Xia , Yawen Li , Yifan Hua , Yating Fu
{"title":"Data asset information disclosure divergence and green innovation: causal evidence from double-debiased machine learning","authors":"Huiyi Shi ,&nbsp;Yufei Xia ,&nbsp;Yawen Li ,&nbsp;Yifan Hua ,&nbsp;Yating Fu","doi":"10.1016/j.frl.2025.107757","DOIUrl":"10.1016/j.frl.2025.107757","url":null,"abstract":"<div><div>We examine the impact of the divergence between disclosed and actual data assets on firms' green innovation. Based on a Chinese listed companies dataset from 2010 to 2023, we uncover that data asset information disclosure divergence suppresses green innovation, and this conclusion remains robust across several rigorous robustness checks. Mechanism analysis shows that the divergence impedes green innovation by increasing debt financing costs, intensifying media scrutiny, and reducing the institutional investor’s stability. Moreover, accounting conservatism amplifies the suppressive effect of divergence on green innovation. Heterogeneity analysis reveals that the negative effect is more pronounced among state-owned, mainboard-listed, and high-pollution enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107757"},"PeriodicalIF":7.4,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144307062","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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