Finance Research Letters最新文献

{"title":"The impact of financial inclusion, Fintech, HDI, and green finance on environmental sustainability in E-7 countries","authors":"Ghulam Ghouse ,&nbsp;Muhammad Ishaq Bhatti ,&nbsp;Muhammad Junaid Nasrullah","doi":"10.1016/j.frl.2024.106617","DOIUrl":"10.1016/j.frl.2024.106617","url":null,"abstract":"<div><div>This paper explores the complex relationships between financial inclusion, fintech adoption, the Human Development Index (HDI), and green finance in promoting environmental sustainability within E-7 economies. Using structural equation model, our analysis reveals a significant direct impact of HDI on environmental sustainability, with green innovation serving as a crucial mediator. These findings highlight the essential role of green innovation in enhancing sustainability in emerging economies, offering new insights into the synergy between financial practices, human development, and environmental conservation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106617"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142841958","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}

{"title":"Short-term cross-border capital flows and corporate financialization","authors":"Xizhi Zhang ,&nbsp;Zixi Wu ,&nbsp;Chenxu Xian ,&nbsp;Yanjuan Zhang","doi":"10.1016/j.frl.2024.106546","DOIUrl":"10.1016/j.frl.2024.106546","url":null,"abstract":"<div><div>This paper selects relevant data from listed manufacturing enterprises in China from 2008 to 2021 as a sample and employs a fixed-effects model to examine the impact of short-term cross-border capital flows on corporate financialization. The study finds that cross-border capital inflows can enhance corporate financialization; when investor sentiment rises, it will, to a certain extent, facilitate the positive effect of short-term cross-border capital inflows on corporate financialization; moreover, the degree of financialization in private enterprises is more significantly influenced by cross-border capital flows.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106546"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143145271","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}

{"title":"FinTech adoption and farmers’ wealth distribution: Evidence from a large micro-data in China","authors":"Guohua Yu ,&nbsp;Yingying Qi ,&nbsp;Yimeng Ren","doi":"10.1016/j.frl.2024.106621","DOIUrl":"10.1016/j.frl.2024.106621","url":null,"abstract":"<div><div>This study reveals the theoretical mechanism of FinTech adoption in farmers’ wealth distribution, and examines the impact of FinTech adoption on farmers’ wealth distribution. Results show that: In theory, Fintech adoption significantly contributes to farmers’ wealth accumulation and mitigates wealth inequality. FinTech adoption significantly impacts wealth distribution in eastern regions and households with higher income levels. It is also beneficial for optimizing wealth distribution in households with lower education levels, holding liquid assets, and lower financial literacy. FinTech adoption can promote farmers’ wealth accumulation and alleviate wealth inequality via credit availability, information attention, and asset allocation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106621"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143145322","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"ESG performance and innovation in listed manufacturing companies–A prospect theory perspective","authors":"Xiao Lei,&nbsp;Qin Tu","doi":"10.1016/j.frl.2024.106603","DOIUrl":"10.1016/j.frl.2024.106603","url":null,"abstract":"<div><div>This paper uses panel data from Chinese manufacturing firms (2009-2023) to explore the piecewise linear relationship between ESG performance and innovation through prospect theory. The findings indicate that ESG improvements enhance innovation capabilities, with firms exhibiting behaviors like reference dependence, loss aversion, and diminishing marginal utility. These effects are more pronounced in heavily polluting industries and companies experiencing the COVID-19 pandemic. Further analysis reveals that firm-level dynamic reference points also play a role, and external attention is a crucial motivator for shifts in corporate behavior. This study provides a more comprehensive and nuanced understanding of ESG's impact on corporate innovation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106603"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143146099","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}

{"title":"How do timing and narrative tone influence the impact of pro-environmental orientation on crowdfunding performance?","authors":"Ruichen Ge ,&nbsp;Sha Zhang ,&nbsp;Hong Zhao","doi":"10.1016/j.frl.2025.106884","DOIUrl":"10.1016/j.frl.2025.106884","url":null,"abstract":"<div><div>Pro-environmentally oriented entrepreneurial projects on crowdfunding platforms have great potential for contributing to sustainable development. Previous research on the impact of pro-environmental orientation in crowdfunding has yielded mixed results, suggesting the existence of boundary conditions. This study examines how the timing and the narrative tone moderate this effect. Analyzing entrepreneurial projects on the Indiegogo platform from 2010 to 2024, we find that conveying pro-environmental orientation during periods of high public environmental awareness and using a negative tone enhances the effectiveness of pro-environmental orientation on crowdfunding performance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"75 ","pages":"Article 106884"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143125344","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}

{"title":"Does continuous good news still mean good news for market volatility?","authors":"Shaobin Ding ,&nbsp;Hongju Wang ,&nbsp;Qin Sun","doi":"10.1016/j.frl.2024.106640","DOIUrl":"10.1016/j.frl.2024.106640","url":null,"abstract":"<div><div>Examining volatility asymmetry cyclically, volatility asymmetry may reverse in bull markets, volatility reacts more strongly to good news than to bad news, especially in emerging markets. We explain this phenomenon using extrapolated expectations: through extrapolated expectations, continuous good (bad) news amplifies asset price deviations from fundamentals, we modeled this for a more formal description. In the empirical analysis with Chinese data, we add the interaction term between extrapolated expected behavior and news shocks to the volatility equation, its coefficient is significantly positive in bull markets, suggesting extrapolated expectations amplify the impact of good news on volatility during bull markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106640"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143145323","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}

{"title":"Revisiting the state-space model of unawareness","authors":"Alex A.T. Rathke","doi":"10.1016/j.frl.2024.106583","DOIUrl":"10.1016/j.frl.2024.106583","url":null,"abstract":"<div><div>We propose a knowledge operator based on the agent’s possibility correspondence which preserves her non-trivial unawareness within the standard state-space model. Our approach may provide a solution to the classical impossibility result that ‘an unaware agent must be aware of everything’.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106583"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805326","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}

{"title":"Evidence from financial freedom moderating the relationship between government intervention and financial stability","authors":"Chengyonghui Duan,&nbsp;Wei Ni Soh,&nbsp;Tze San Ong,&nbsp;Norhuda Bt Abdul Rahim","doi":"10.1016/j.frl.2024.106556","DOIUrl":"10.1016/j.frl.2024.106556","url":null,"abstract":"<div><div>This article mainly explores the moderating effect of financial freedom on the effectiveness of government intervention in financial stability. To find more effective and accurate intervention measures, this article compares government intervention from two aspects: fiscal policy, represented by government spending and monetary policy, represented by monetary freedom. Financial stability is no longer a single stability standard but an overall multi-faceted stability, from the three dimensions of household savings, credit growth rate, and macro economy which is the deviation of GDP growth rate, from micro to macro measures of financial stability. This paper explores the moderating effect of financial institution efficiency on the effectiveness of government intervention through the micro-enterprise environment level. This article selects data from 136 countries worldwide and uses the system GMM model to verify the empirical results from 2016 to 2022. The results show that the interaction between financial freedom and government spending has a positive impact on household savings, a negative effect on credit growth rate, and a positive impact on the deviation of GDP growth rate. The interaction between financial freedom and monetary freedom positively impacts household savings, credit growth, and the GDP deviation. According to the marginal effect of the moderating variable financial freedom, the moderating effect of financial freedom on monetary freedom is stronger than that of government spending. Monetary policy is more effective than fiscal policy. In countries with a higher degree of financial freedom, fiscal policy has the most significant impact on the credit market, and monetary policy has the greatest impact on household savings environment. In summary, this study compares fiscal and monetary policy and studies the effects of financial freedom, which is the autonomy and efficiency of financial institutions. Different dimensions of financial stability through regulating fiscal policy and monetary policy based on the same long-term data. It aims to find the most effective, accurate, and influential government intervention methods and provide policy references and guidance for the country to implement effective interventions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106556"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805329","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}

{"title":"Does corruption control enhance ESG-induced firm value? Insights from machine learning analysis","authors":"Mahfuja Malik ,&nbsp;Khawaja Mamun ,&nbsp;Syed Muhammad Ishraque Osman","doi":"10.1016/j.frl.2024.106572","DOIUrl":"10.1016/j.frl.2024.106572","url":null,"abstract":"<div><div>This study adopts advanced causal machine learning (ML) techniques to investigate the impact of country-level corruption on the market valuation of firms’ environmental, social, and governance (ESG) performance. By employing double-debiased machine learning (DML) and linear regression analysis, we find that ESG performance positively influences firm value. This positive relationship is more pronounced for firms operating in countries with lower levels of corruption. The use of DML enhances effect identification and yields findings that closely align with those derived from linear regression, thereby providing robust support for the pivotal role of corruption control in enhancing ESG-induced firm value.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106572"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805331","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}

{"title":"The effect of crypto price fluctuations on crypto mining, and CO2 emissions amid geopolitical risk","authors":"Imran Yousaf ,&nbsp;Kamel Si Mohammed ,&nbsp;Umair Bin Yousaf ,&nbsp;Vanessa Serret","doi":"10.1016/j.frl.2024.106551","DOIUrl":"10.1016/j.frl.2024.106551","url":null,"abstract":"<div><div>We examine the interlinkages between cryptocurrency prices, the energy consumption of crypto mining, and the resulting CO₂ emissions, considering the conditioning impact of geopolitical risk (GPR). Employing multivariate quantile-on-quantile regression (MQQR), we find that cryptocurrency price fluctuations significantly impact both cryptocurrency mining and its attendant environmental impact, particularly at higher quantile levels of crypto prices and GPR. The effect of bitcoin pricing on environmental awareness is seen across several quantiles. We add to the continuing discussion regarding the long-term viability of cryptocurrencies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106551"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142805333","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}