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Portfolio climate risk and fund flow performance
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-28 DOI: 10.1016/j.frl.2024.106522
Dong Li , Shuai Lu
{"title":"Portfolio climate risk and fund flow performance","authors":"Dong Li ,&nbsp;Shuai Lu","doi":"10.1016/j.frl.2024.106522","DOIUrl":"10.1016/j.frl.2024.106522","url":null,"abstract":"<div><div>Do investors perceive climate risk at the portfolio level in mutual funds? By combining detailed fund portfolio data with firm management discussion and analysis (MD&amp;A) and annual reports, we construct a portfolio-level climate risk metric for funds and assess its impact on fund flows. Our findings reveal that investors, driven by precautionary concerns, tend to withdraw from funds with higher portfolio climate risk, resulting in net outflows. We further identify the moderating effects of strategic behavior in mutual fund families, mutual fund fees, investor attention, and investment concentration.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106522"},"PeriodicalIF":7.4,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142759433","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
PolitiFi: Just another meme, or instrumental for winning elections?
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-28 DOI: 10.1016/j.frl.2024.106533
Juliane Proelss, Denis Schweizer, Stéphane Sévigny
{"title":"PolitiFi: Just another meme, or instrumental for winning elections?","authors":"Juliane Proelss, Denis Schweizer, Stéphane Sévigny","doi":"10.1016/j.frl.2024.106533","DOIUrl":"https://doi.org/10.1016/j.frl.2024.106533","url":null,"abstract":"As the 2024 U.S. presidential election looms, the intersection of cryptocurrency and political finance has garnered significant interest. This study explores the new crypto category of PolitiFi, which merges politics and finance and is linked to political figures and agendas. Our analysis underscores the strategic deployment of these tokens to enhance visibility, shape narratives, and appeal to younger, more technologically adept voters within the crypto sphere. The alignment of cryptocurrency adoption with voter demographics highlights PolitiFi's potential to redefine political engagement and campaign strategies, and influence election outcomes. Empirical analyzes show that PolitiFi's development has exhibited a distinct trajectory, rapidly demonstrating independence and a critical decoupling from other meme coins in the cryptocurrency market.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"5 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2024-11-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142763025","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 online media on corporate green innovation: The moderating role of financial regulation
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-27 DOI: 10.1016/j.frl.2024.106526
Zhenning Yuan , Sai Zhang , Shuguang Wu , Jong Han Lee
{"title":"The impact of online media on corporate green innovation: The moderating role of financial regulation","authors":"Zhenning Yuan ,&nbsp;Sai Zhang ,&nbsp;Shuguang Wu ,&nbsp;Jong Han Lee","doi":"10.1016/j.frl.2024.106526","DOIUrl":"10.1016/j.frl.2024.106526","url":null,"abstract":"<div><div>This study explores the relationship between online media and corporate green innovation, with financial regulation serving as a moderating factor. Utilizing a sample of 3,329 Chinese-listed manufacturing companies spanning from 2011 to 2022, we employed a combination of regression analysis and mediation testing to investigate our hypotheses. The results reveal that online media exposure significantly stimulates corporate green innovation, and investor attention positively influences this process. Furthermore, research and development investment acts as a mediator, amplifying online media's promotional effect on corporate green innovation. Importantly, our findings indicate that strengthened financial regulation fosters a robust positive correlation between online media and corporate green innovation. In conclusion, this study highlights the crucial role of online media, investor attention, R&amp;D investment, and financial regulation in driving corporate green innovation, offering insights for policymakers and practitioners aiming to promote sustainable development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106526"},"PeriodicalIF":7.4,"publicationDate":"2024-11-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142759784","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
Relationship between data elements, industry concentration, and firms’ breakthrough innovation 数据要素、产业集中度与企业突破性创新之间的关系
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-26 DOI: 10.1016/j.frl.2024.106503
Yineng Xiao
{"title":"Relationship between data elements, industry concentration, and firms’ breakthrough innovation","authors":"Yineng Xiao","doi":"10.1016/j.frl.2024.106503","DOIUrl":"10.1016/j.frl.2024.106503","url":null,"abstract":"<div><div>This study utilizes the data of Chinese A–share listed companies from 2012 to 2022 to examine the relationship between data elements, industry concentration, and firms’ breakthrough innovation. Based on the empirical findings, data elements can promote firms’ breakthrough innovation, whereas industry concentration can inhibit such innovation. Meanwhile, research and development investment plays a mediating role in the relationship between data elements and firms’ breakthrough innovation. However, there is a difference in the impact of data elements on the breakthrough innovation between state-owned and non-state-owned enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106503"},"PeriodicalIF":7.4,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142722513","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
Is financial digitalization an effective strategy to prevent stock price crash?
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-26 DOI: 10.1016/j.frl.2024.106523
Lingbing Tang , Ming Li
{"title":"Is financial digitalization an effective strategy to prevent stock price crash?","authors":"Lingbing Tang ,&nbsp;Ming Li","doi":"10.1016/j.frl.2024.106523","DOIUrl":"10.1016/j.frl.2024.106523","url":null,"abstract":"<div><div>This study adopted enterprise financial shared service centers as a measure of financial digital upgrading. We investigated the impact of financial digital transformation on stock price collapse risk using data from China's A-share listed companies from 2008 to 2022. Digital transformation in corporate finance significantly reduced the risk by improving accounting information and internal management quality. The effect was not significant in state-owned or large-scale enterprises but was significant for non-state-owned and small-scale enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106523"},"PeriodicalIF":7.4,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142746590","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 digital transformation on corporate ESG performance
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-26 DOI: 10.1016/j.frl.2024.106518
Xin Guo , Weiyan Pang
{"title":"The impact of digital transformation on corporate ESG performance","authors":"Xin Guo ,&nbsp;Weiyan Pang","doi":"10.1016/j.frl.2024.106518","DOIUrl":"10.1016/j.frl.2024.106518","url":null,"abstract":"<div><div>Taking all A-share listed companies in China from 2012 to 2021 as a research sample, this paper explores the internal mechanism of digital transformation affecting corporate ESG performance. The study found that digital transformation significantly improved corporate ESG performance. The results of the mechanism test show that digital transformation improves the ESG performance of enterprises by improving the level of green innovation and strengthening media attention. And environmental uncertainty plays a negative moderating role in the process of digital transformation to improve the ESG performance of enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106518"},"PeriodicalIF":7.4,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142746592","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
Human vs. machine: The impact of information processing on trading in OTC markets
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-26 DOI: 10.1016/j.frl.2024.106516
Travis Box , Ryan Davis
{"title":"Human vs. machine: The impact of information processing on trading in OTC markets","authors":"Travis Box ,&nbsp;Ryan Davis","doi":"10.1016/j.frl.2024.106516","DOIUrl":"10.1016/j.frl.2024.106516","url":null,"abstract":"<div><div>This paper investigates the differential impact of human versus machine SEC filing downloads on trading activity in the OTC market. Human downloads drive immediate, significant increases in trading volume, especially for filings requiring qualitative interpretation, whereas machine downloads produce delayed and muted effects, mainly impacting standardized filings. These findings underscore the essential role of human interpretation in market responses and highlight the distinct effects of access modes on trading dynamics as OTC markets adapt to technological and regulatory shifts.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106516"},"PeriodicalIF":7.4,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142746597","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 green innovation enhance corporate social responsibility? ——Evidence from China
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-26 DOI: 10.1016/j.frl.2024.106525
Jingwei Zhang , Haijuan Leng
{"title":"Does green innovation enhance corporate social responsibility? ——Evidence from China","authors":"Jingwei Zhang ,&nbsp;Haijuan Leng","doi":"10.1016/j.frl.2024.106525","DOIUrl":"10.1016/j.frl.2024.106525","url":null,"abstract":"<div><div>The combination of green innovation (GI) and corporate social responsibility (CSR) can help promote sustainable development of enterprises, enhance corporate social image and competitiveness, and at the same time have a positive impact on the upgrading and transformation of the entire industry. This paper introduces empirical analysis methods to reveal that there is a significant positive correlation between green innovation and social responsibility, especially in economically developed areas in context of China. The study indicates that corporate performance plays an intermediate effect in the process of GI improving the level of CSR fulfillment. The conclusions offer empirical reinforcement to our comprehension of the intricate relationship between GI and CSR, effectively bridging the research gap and serving as a robust reference for the development of future sustainable development strategies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106525"},"PeriodicalIF":7.4,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142746586","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 financial inclusion, the belt and road initiative, and the Paris agreement: Impacts on energy transition grid costs
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-26 DOI: 10.1016/j.frl.2024.106517
Muhammad Zubair Chishti , Xiqiang Xia , Anna Min Du , Oktay Özkan
{"title":"Digital financial inclusion, the belt and road initiative, and the Paris agreement: Impacts on energy transition grid costs","authors":"Muhammad Zubair Chishti ,&nbsp;Xiqiang Xia ,&nbsp;Anna Min Du ,&nbsp;Oktay Özkan","doi":"10.1016/j.frl.2024.106517","DOIUrl":"10.1016/j.frl.2024.106517","url":null,"abstract":"<div><div>We investigate how digital financial inclusion, the Belt and Road Initiative, and the Paris Agreement influence the energy transition grid cost. We propose two new Kendall and Spearman wavelet cross-quantile correlation methods and utilize data from June 1, 2018, to July 31, 2024. Our findings indicate that digital financial inclusion, the Paris Agreement, and artificial intelligence significantly reduce grid costs in the short and long run. Additionally, the Belt and Road Initiative has substantial potential to decrease grid costs, particularly during bullish market conditions in the long run. Conversely, GCOVOL significantly increases grid costs, especially in the long run.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106517"},"PeriodicalIF":7.4,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142746596","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}
引用次数: 0
Cash holdings in the US healthcare industry: Do different types of uncertainty matter?
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-26 DOI: 10.1016/j.frl.2024.106520
Omar Fikrat Fateh Tarzibash , Hasan Ozyapici , Cahit Adaoglu
{"title":"Cash holdings in the US healthcare industry: Do different types of uncertainty matter?","authors":"Omar Fikrat Fateh Tarzibash ,&nbsp;Hasan Ozyapici ,&nbsp;Cahit Adaoglu","doi":"10.1016/j.frl.2024.106520","DOIUrl":"10.1016/j.frl.2024.106520","url":null,"abstract":"<div><div>This study examines the effects of economic policy uncertainty, categorical economic policy uncertainties, and pandemic uncertainty on the cash holdings of firms operating in the US healthcare industry. The SYS-GMM methodology is applied for 466 firms from 2001 to 2022. The results show that all uncertainties positively affect cash holdings contemporaneously, albeit at different magnitudes. Monetary policy, healthcare policy, and fiscal policy uncertainties are the most influential uncertainties, supporting the financial frictions and real options theories. Controlling for the severity of the pandemic over time, pandemic uncertainty has a positive contemporaneous effect and a negative lagged effect on cash holdings.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106520"},"PeriodicalIF":7.4,"publicationDate":"2024-11-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142759782","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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