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Transition to proof-of-stake and informed trading 向权益证明和知情交易过渡
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106570
Hyung-Eun Choi
{"title":"Transition to proof-of-stake and informed trading","authors":"Hyung-Eun Choi","doi":"10.1016/j.frl.2024.106570","DOIUrl":"10.1016/j.frl.2024.106570","url":null,"abstract":"<div><div>Using the Ethereum Merge upgrade — a transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS) — as a natural experiment, this study identifies a cooperation channel driven by informed PoS validators, in contrast to the energy-intensive competition among PoW miners. We document that PoS achieves more efficient consensus through shorter block times and higher transaction throughput, and find increased informed trading post-Merge. Our findings suggest that PoS achieves enhanced economic efficiency through informed validator cooperation and stake value maximization.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106570"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805328","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 influence of digital transformation on Chinese firms' outward foreign direct investment
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106567
Lijun Zhu
{"title":"The influence of digital transformation on Chinese firms' outward foreign direct investment","authors":"Lijun Zhu","doi":"10.1016/j.frl.2024.106567","DOIUrl":"10.1016/j.frl.2024.106567","url":null,"abstract":"<div><div>This research employs a comprehensive dataset of China's A-share publicly listed companies, spanning the period from 2012 to 2022, to empirically scrutinize the implications of digital transformation on enterprises' endeavors in outward foreign direct investment (OFDI). The results obtained demonstrate a positive and significant stimulus effect of digital transformation on OFDI activities. A deeper analysis of heterogeneity further reveals that, within the context of state-owned enterprises (SOEs), digital transformation acts as an even more potent accelerator of OFDI. Moreover, across all enterprises, digital transformation effectively alleviates financing constraints, thereby creating a more conducive environment for the pursuit of OFDI.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106567"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143145309","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
Global geopolitical risk and financial stability: Evidence from China
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106501
Sha Zhu , Yuqin Xia , Qiuxuan Li , Yunjia Chen
{"title":"Global geopolitical risk and financial stability: Evidence from China","authors":"Sha Zhu ,&nbsp;Yuqin Xia ,&nbsp;Qiuxuan Li ,&nbsp;Yunjia Chen","doi":"10.1016/j.frl.2024.106501","DOIUrl":"10.1016/j.frl.2024.106501","url":null,"abstract":"<div><div>This study provides evidence that global geopolitical risk (GPR) significantly impacts financial stability. By constructing five sub-market stress indices (banking, securities, foreign exchange, housing, and commodity), we assess sub-market stress spillovers and financial stress total connectedness for China using an improved Diebold and Yilmaz method. Furthermore, we innovatively investigate the relationship between GPR and financial stress total connectedness. The findings indicate that GPR positively affects financial stress total connectedness. More notably, GPR can predict financial stress total connectedness at least leading four months. The global geopolitical threats risk and unexpected geopolitical risk are positively related with financial stress total connectedness.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106501"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143146092","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 and corporate green innovation
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106577
Hao Lei , Renyuan Gao , Chutong Ning , Guanglin Sun
{"title":"Green finance and corporate green innovation","authors":"Hao Lei ,&nbsp;Renyuan Gao ,&nbsp;Chutong Ning ,&nbsp;Guanglin Sun","doi":"10.1016/j.frl.2024.106577","DOIUrl":"10.1016/j.frl.2024.106577","url":null,"abstract":"<div><div>This study examined the impact of green finance on corporate green innovation in China. We explored how green finance mitigates financing constraints and encourages research and development (R&amp;D) investment to foster green innovation using panel data from Chinese A-share listed firms from 2012 to 2021. The findings indicate that green finance mitigates financing constraints and encourages R&amp;D investment. The results offer valuable insights for policymakers to strengthen green finance policies while facilitating sustainability in corporate development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106577"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143146093","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
Influence of China's geopolitical risk on corporate dividend policies
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106579
Na Zhao , Lin Zhang , Hui Huang
{"title":"Influence of China's geopolitical risk on corporate dividend policies","authors":"Na Zhao ,&nbsp;Lin Zhang ,&nbsp;Hui Huang","doi":"10.1016/j.frl.2024.106579","DOIUrl":"10.1016/j.frl.2024.106579","url":null,"abstract":"<div><div>Using data from Shanghai and Shenzhen A-share listed companies from 2000 to 2020, this study examines the impact of China's geopolitical risk on corporate dividend policies and its underlying mechanisms. Findings indicate that China's geopolitical risk reduces firms’ willingness to pay stock and cash dividends; instead, they prefer repurchasing shares as a means of returning value to shareholders. Geopolitical risk increases financing costs and elevates systemic risks, influencing firms’ financial decisions and dividend policies. Heterogeneity analysis reveals that non-state-owned enterprises tend to have reduced willingness to pay stock and cash dividends. Meanwhile, state-owned enterprises are more inclined to increase share repurchases in response to geopolitical risks. Furthermore, younger firms are more susceptible to geopolitical risk shocks compared with mature firms and adjust their dividend policies accordingly. Moreover, firms with overseas affiliations are more likely to alter their dividend strategies in response to geopolitical risks compared to those without such connections.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106579"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143146095","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 technology adoption and enterprise investment efficiency
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106623
Qian Jiang , Chaoshuai Zhang , Qianqing Wei
{"title":"Digital technology adoption and enterprise investment efficiency","authors":"Qian Jiang ,&nbsp;Chaoshuai Zhang ,&nbsp;Qianqing Wei","doi":"10.1016/j.frl.2024.106623","DOIUrl":"10.1016/j.frl.2024.106623","url":null,"abstract":"<div><div>Digital technology applications have a significant impact on the high-quality development of enterprises. This study investigates the influence of digital technology adoption on enterprise investment efficiency using data from Chinese listed companies between 2001 and 2022. The findings indicate that digital technology adoption can notably enhance enterprise investment efficiency, particularly in non-state-owned enterprises, those with high equity concentration, and technology-intensive enterprises. Digital technology adoption can enhance the effectiveness of corporate investment by mitigating information asymmetry and easing corporate financing constraints. Our study provides policy insights for promoting enterprise investment and improving enterprise investment performance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106623"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143146100","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
What are environmental, social, and governance scores measuring? The role of outcome and impact indicators in ESG scores 环境、社会和治理得分衡量的是什么？结果和影响指标在ESG评分中的作用
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106529
Santiago Guerrero, Juan Pablo Viteri
{"title":"What are environmental, social, and governance scores measuring? The role of outcome and impact indicators in ESG scores","authors":"Santiago Guerrero,&nbsp;Juan Pablo Viteri","doi":"10.1016/j.frl.2024.106529","DOIUrl":"10.1016/j.frl.2024.106529","url":null,"abstract":"<div><div>Environmental, social, and governance (ESG) ratings are fundamental tools; however, their underlying methodologies often involve complex aggregation processes. Although research on ESG has been expanding, the influence of specific indicators and categories on overall ESG scores remains insufficiently explored. This paper examines the contributions of social and environmental outcome and impact indicators to the ESG scores provided by the London Stock Exchange Group (LSEG). Our analysis reveals that among the 186 indicators comprising the LSEG ESG scores, outcome and impact indicators contribute only 18% to 37% of the total score. The remaining contribution comes from processes and policies indicators.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106529"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142762999","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 constraints and firm efficiency: Further empirical evidence 财务约束与企业效率：进一步的经验证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106524
Aquiles E.G. Kalatzis , Carlos Martins-Filho , Antônio C.H. Ribeiro Jr.
{"title":"Financial constraints and firm efficiency: Further empirical evidence","authors":"Aquiles E.G. Kalatzis ,&nbsp;Carlos Martins-Filho ,&nbsp;Antônio C.H. Ribeiro Jr.","doi":"10.1016/j.frl.2024.106524","DOIUrl":"10.1016/j.frl.2024.106524","url":null,"abstract":"<div><div>In this paper, we empirically explore the impact of financial constraints on firms’ efficiency. To this end, we estimate a stochastic production frontier model, addressing input endogeneity and incorporating “environmental” variables that may impact efficiency. Using four distinct financial constraint indexes, we show that firms facing such constraints may be more efficient. This can be attributed to the accumulation of internal funds as a precautionary measure and improved resource allocation. In addition, our findings highlight differential impacts across financial constraint indexes, shedding light on the complex relationship between financial constraints and firms’ efficiency levels.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106524"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142763004","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 dynamic relationship among economic and monetary policy, geopolitical risk, sentiment, and risk aversion: A TVP-VAR approach 经济和货币政策、地缘政治风险、市场情绪和风险厌恶之间的动态关系：一个TVP-VAR方法
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106532
Sun-Yong Choi , Elroi Hadad
{"title":"The dynamic relationship among economic and monetary policy, geopolitical risk, sentiment, and risk aversion: A TVP-VAR approach","authors":"Sun-Yong Choi ,&nbsp;Elroi Hadad","doi":"10.1016/j.frl.2024.106532","DOIUrl":"10.1016/j.frl.2024.106532","url":null,"abstract":"<div><div>We study how external economic and market uncertainty factors affect investors’ risk aversion. Utilizing TVP-VAR framework, we examine the impact of economic policy uncertainty (EPU), monetary policy uncertainty (MPU), geopolitical risk (GPR), and investor sentiment (Sent) on the risk aversion index (RAI). Our analysis reveals that (i) EPU and MPU are primary transmitters of shocks, significantly influencing RAI; (ii) GPR has a minimal and temporary effect, while Sent exhibits limited influence; and (iii) the impact on risk aversion has lessened, indicating growing market resilience to policy-related shocks. These findings underscore the psychological impact of economic instability on investors’ risk aversion.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106532"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142763027","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
Strategic IPO timing of technology innovation-driven enterprises: A differential game analysis of market returns, disclosure costs, and industry dynamics 科技创新驱动型企业的战略IPO时机：市场收益、披露成本和行业动态的差异博弈分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106588
Changheng Zhao , Wenda Zhu
{"title":"Strategic IPO timing of technology innovation-driven enterprises: A differential game analysis of market returns, disclosure costs, and industry dynamics","authors":"Changheng Zhao ,&nbsp;Wenda Zhu","doi":"10.1016/j.frl.2024.106588","DOIUrl":"10.1016/j.frl.2024.106588","url":null,"abstract":"<div><div>This article develops a dual-oligopoly differential game model to analyze how technological impacts influence product market competition. This model undertakes a systematic examination of the strategic balancing act enterprises engage in when confronted with technological innovation opportunities, weighing market returns against information disclosure costs in the context of IPO decision-making. The findings reveal that the temporal dimension of technological catch-up and the firms’ intrinsic innovation capabilities are pivotal determinants of IPO timing. Specifically, enterprises that have achieved rapid technological parity and possess robust innovative capacities are more prone to expedite IPOs, seeking to secure funding for further technological advancements and market expansion endeavors. Conversely, elevated information disclosure costs may incentivize companies to postpone IPOs, aiming to shield their technological assets and market strategies from premature competitor scrutiny. Additionally, the study highlights the paradoxical influence of intense market competition: while it incentivizes early IPOs to bolster resource acquisition for competitive strategies, it also exacerbates the detrimental effects of disclosure costs on IPO timing. In conclusion, this investigation not only contributes to the theoretical corpus on IPO decision-making but also offers pragmatic guidance for corporate executives in crafting IPO strategies and serves as a valuable reference for fostering the sustainable development of capital markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106588"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805327","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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