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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
Can the improvement of judicial quality optimize the business environment in the region? A study based on the moderating effect of financial technology development 司法质量的提高能否优化该地区的营商环境？基于金融科技发展的调节效应研究
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-16 DOI: 10.1016/j.frl.2025.107799
Cong Sun, Fangyu Zeng
{"title":"Can the improvement of judicial quality optimize the business environment in the region? A study based on the moderating effect of financial technology development","authors":"Cong Sun,&nbsp;Fangyu Zeng","doi":"10.1016/j.frl.2025.107799","DOIUrl":"10.1016/j.frl.2025.107799","url":null,"abstract":"<div><div>Based on panel data from 31 provinces in China between 2007 and 2023, this study explores the impact of judicial quality improvement on the regional business environment and analyzes the moderating effect of fintech development in this relationship. The results indicate that enhancing judicial quality significantly promotes the optimization of the regional business environment. Moreover, the effect of judicial quality improvement on the business environment varies significantly between high and low openness regions. Additionally, fintech development plays a notable moderating role in the relationship between judicial quality and the regional business environment, with evident heterogeneity across different regions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107799"},"PeriodicalIF":7.4,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144330170","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
A methodology for pricing gas options in blockchain protocols 区块链协议中天然气期权定价方法
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-16 DOI: 10.1016/j.frl.2025.107700
Juan P. Madrigal-Cianci , Camilo Monsalve Maya , Lachlan Breakey
{"title":"A methodology for pricing gas options in blockchain protocols","authors":"Juan P. Madrigal-Cianci ,&nbsp;Camilo Monsalve Maya ,&nbsp;Lachlan Breakey","doi":"10.1016/j.frl.2025.107700","DOIUrl":"10.1016/j.frl.2025.107700","url":null,"abstract":"<div><div>We propose a novel data-driven methodology for pricing derivatives on blockchain transaction fees in protocols that use an EIP-1559-like transaction fee mechanism. Our approach models the base fee process as a Markov chain driven by relative block usage, estimated from empirical data via a Gaussian Mixture Model. We then apply risk-neutral valuation through Monte Carlo simulations. Our results suggest that our approach captures observed fee volatility better than other available continuous-time models.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107700"},"PeriodicalIF":7.4,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144307063","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 finance, data factorization, and corporate responsibility fulfillment 数字金融、数据分解与企业责任履行
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-16 DOI: 10.1016/j.frl.2025.107798
Yuanxing Wan , Anqi Wu , Cuidan Wu
{"title":"Digital finance, data factorization, and corporate responsibility fulfillment","authors":"Yuanxing Wan ,&nbsp;Anqi Wu ,&nbsp;Cuidan Wu","doi":"10.1016/j.frl.2025.107798","DOIUrl":"10.1016/j.frl.2025.107798","url":null,"abstract":"<div><div>This paper investigates the impact of digital finance and data factorization on corporate social responsibility (CSR) fulfillment, finding that digital finance significantly enhances enterprises’ active engagement in CSR. The development of data factorization also supports CSR advancement and serves as a key moderating factor in its relationship with digital finance. The effects of digital finance and data factorization on CSR vary significantly between state-owned and private enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107798"},"PeriodicalIF":7.4,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144337527","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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