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Impact of carbon emissions, green energy, artificial intelligence and high-tech policy uncertainty on China’s financial market 碳排放、绿色能源、人工智能和高科技政策不确定性对中国金融市场的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-16 DOI: 10.1016/j.frl.2025.107599
Xilin Zhang , Guangwu Li , Ran Wu , Hongjun Zeng , Shenglin Ma
{"title":"Impact of carbon emissions, green energy, artificial intelligence and high-tech policy uncertainty on China’s financial market","authors":"Xilin Zhang ,&nbsp;Guangwu Li ,&nbsp;Ran Wu ,&nbsp;Hongjun Zeng ,&nbsp;Shenglin Ma","doi":"10.1016/j.frl.2025.107599","DOIUrl":"10.1016/j.frl.2025.107599","url":null,"abstract":"<div><div>This study investigates the impact of policy uncertainty in carbon emissions, green energy, and high-tech sectors on China’s financial market. For this purpose, we develop four specific indices—artificial intelligence policy uncertainty (AIPU), carbon emissions policy uncertainty (CEPU), green energy policy uncertainty (GEPU), and high-tech policy uncertainty (HTPU). Using wavelet coherence analysis, we examine the dynamic relationships between these uncertainties and the Chinese stock market from a time–frequency perspective over 2000–2023. Results show that AIPU has the most pronounced long-term impact (32–64 months), CEPU exerts the strongest and most consistent influence in the medium term (12–16 months), GEPU is more prominent in the short term, and HTPU presents a fragmented, less stable pattern.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107599"},"PeriodicalIF":7.4,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124853","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
Shockwaves across borders: Did the 2023 banking crisis reshape global banking sector linkages? 跨境冲击波：2023年银行业危机是否重塑了全球银行业的联系？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-16 DOI: 10.1016/j.frl.2025.107571
Chun-Sung Huang, Ailie Charteris
{"title":"Shockwaves across borders: Did the 2023 banking crisis reshape global banking sector linkages?","authors":"Chun-Sung Huang,&nbsp;Ailie Charteris","doi":"10.1016/j.frl.2025.107571","DOIUrl":"10.1016/j.frl.2025.107571","url":null,"abstract":"<div><div>We investigate the impact of the 2023 banking crisis, the most significant banking system turmoil since the Global Financial Crisis (GFC), on co-movement between the United States (U.S.) and global banking sectors. Using wavelet coherence and beta regressions, we find strong contagion during the crisis. The crisis primarily impacted co-movement through a change in U.S. monetary policy and heightened risk perceptions. Post-crisis, interdependence weakened, although contagion persisted for some countries. Our results highlight the success of post-GFC reforms and swift government and central bank interventions in containing systemic risk during the crisis and suggest increased post-crisis diversification opportunities for investors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107571"},"PeriodicalIF":7.4,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167339","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
ETF ownership and corporate financialization ETF所有权和公司金融化
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-16 DOI: 10.1016/j.frl.2025.107593
Qi Liu , Changying Shi
{"title":"ETF ownership and corporate financialization","authors":"Qi Liu ,&nbsp;Changying Shi","doi":"10.1016/j.frl.2025.107593","DOIUrl":"10.1016/j.frl.2025.107593","url":null,"abstract":"<div><div>This study uses Chinese listed companies from 2010 to 2023 as the research sample to analyze the relationship between the proportion of ETF ownership and corporate financialization in depth. The findings indicate that the proportion of ETF ownership has a significant negative impact on corporate financialization, and this impact exhibits notable heterogeneity among companies of different sizes and industry intensities. Furthermore, the study reveals that ETF ownership indirectly suppresses the trend of corporate financialization by improving the quality of corporate accounting information and encouraging more investor behavior. Additionally, market liquidity plays an important moderating role in the relationship between ETF ownership and corporate financialization.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107593"},"PeriodicalIF":7.4,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144137990","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
Investment opportunities and labor mobility: Evidence from Europe 投资机会与劳动力流动：来自欧洲的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-16 DOI: 10.1016/j.frl.2025.107570
Stanley Peterburgsky
{"title":"Investment opportunities and labor mobility: Evidence from Europe","authors":"Stanley Peterburgsky","doi":"10.1016/j.frl.2025.107570","DOIUrl":"10.1016/j.frl.2025.107570","url":null,"abstract":"<div><div>We study the relationship between country-level investment opportunities and international labor mobility in Europe. Based on a gravity model analogous to those frequently utilized in the international trade literature, we find that (1) migration is not sensitive to investment opportunities at home and (2) individuals who migrate are more likely to move to countries with higher investment opportunities. As such, country-level investment opportunities appear to cause a reallocation of human capital supply internationally. The results are largely robust to alternative proxies for investment opportunities and to delays in labor market adjustment. Our findings should be of interest to corporations seeking talent and policy makers responsible for immigration regulations.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107570"},"PeriodicalIF":7.4,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144099857","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 relationship between ESG rating adjustments and corporate financial performance ESG评级调整与公司财务绩效的关系
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-16 DOI: 10.1016/j.frl.2025.107584
Li-Chuan Chou , Yun-Chia (Anderson) Yan , Chung-Kai Huang
{"title":"The relationship between ESG rating adjustments and corporate financial performance","authors":"Li-Chuan Chou ,&nbsp;Yun-Chia (Anderson) Yan ,&nbsp;Chung-Kai Huang","doi":"10.1016/j.frl.2025.107584","DOIUrl":"10.1016/j.frl.2025.107584","url":null,"abstract":"<div><div>Shanaev and Ghimire (2022) point out that the existing ESG literature mainly focuses on the ESG rating level of each company, while ignoring the effect of company ESG rating adjustments. To fill this gap in the literature, this study examines the impact of ESG rating adjustments (upgrades or downgrades) on a company’s financial performance using a sample of Taiwanese-listed and OTC firms from 2015 to 2021. The results from our quantile regression models show that an upward improvement in the ESG rating level has an adverse impact on firms’ current profitability, especially for firms with poor financial performance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107584"},"PeriodicalIF":7.4,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144137822","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
Impact of enterprise artificial intelligence development on human capital structure 企业人工智能发展对人力资本结构的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-16 DOI: 10.1016/j.frl.2025.107600
Zhe Li , Huiyu Yang , Tingting Zhang
{"title":"Impact of enterprise artificial intelligence development on human capital structure","authors":"Zhe Li ,&nbsp;Huiyu Yang ,&nbsp;Tingting Zhang","doi":"10.1016/j.frl.2025.107600","DOIUrl":"10.1016/j.frl.2025.107600","url":null,"abstract":"<div><div>This study explores how artificial intelligence (AI) adoption influences low-skilled employment. Using data from Chinese A-share listed firms between 2012 and 2022, it reveals several key findings. First, AI adoption significantly reduces the number of low-skilled workers within firms. Second, digital transformation and human capital investment mediate this relationship, indicating that AI not only directly displaces low-skilled jobs but also indirectly influences employment by advancing digital capabilities and upskilling demands. Heterogeneity analysis further shows that these negative effects are more pronounced in non-state-owned enterprises and non-high-tech firms. The findings offer important insights for policymakers, business leaders, and workers, underscoring the need to align technological progress with workforce development in the AI era.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107600"},"PeriodicalIF":7.4,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144105086","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
Cultural and tourism special bonds, fiscal revenue and expenditure ratio, and structural upgrading of the cultural and tourism industry 文化旅游专项债券、财政收支比、文化旅游产业结构升级
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-16 DOI: 10.1016/j.frl.2025.107596
Zheng Qu , Jun Huang
{"title":"Cultural and tourism special bonds, fiscal revenue and expenditure ratio, and structural upgrading of the cultural and tourism industry","authors":"Zheng Qu ,&nbsp;Jun Huang","doi":"10.1016/j.frl.2025.107596","DOIUrl":"10.1016/j.frl.2025.107596","url":null,"abstract":"<div><div>This study utilizes a panel dataset of China's provincial administrative regions from 2011 to 2023 to construct an econometric analysis framework, systematically examining the mechanisms among cultural and tourism special bonds, the government revenue-expenditure ratio, and the upgrading of regional cultural and tourism industry structures. The findings reveal that special bond financing for cultural and tourism has a clear positive driving effect on the industry structure upgrade, while the revenue-expenditure ratio significantly constrains this process. Additionally, it exhibits a pronounced negative moderating effect on the relationship between special bonds and industry upgrading, showing evident regional heterogeneity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107596"},"PeriodicalIF":7.4,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144099629","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
Environmental information disclosure, green finance, and corporate investment efficiency 环境信息披露、绿色金融与企业投资效率
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-16 DOI: 10.1016/j.frl.2025.107594
Xiao Li , Furong Mo , Xinfang Li
{"title":"Environmental information disclosure, green finance, and corporate investment efficiency","authors":"Xiao Li ,&nbsp;Furong Mo ,&nbsp;Xinfang Li","doi":"10.1016/j.frl.2025.107594","DOIUrl":"10.1016/j.frl.2025.107594","url":null,"abstract":"<div><div>Under the impetus of the \"Dual Carbon\" goals, enhancing corporate investment efficiency and fostering green low-carbon transition have become critical to achieving high-quality development. Utilizing panel data from China’s A-share listed companies 2013–2023, this study investigates the impact of environmental information disclosure on corporate investment efficiency and its underlying mechanisms. The results indicate that environmental information disclosure significantly improves corporate investment efficiency. Green finance mediates the relationship between environmental information disclosure and corporate investment efficiency. Furthermore, the positive effect of environmental information disclosure on corporate investment efficiency is more pronounced in state-owned enterprises and heavily polluting industries.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107594"},"PeriodicalIF":7.4,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144099855","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
Cross-border e-commerce, foreign investment and export trade resilience 跨境电子商务、外商投资和出口贸易弹性
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-16 DOI: 10.1016/j.frl.2025.107595
Kewen Ning , Xue Chen , Ye Xiao
{"title":"Cross-border e-commerce, foreign investment and export trade resilience","authors":"Kewen Ning ,&nbsp;Xue Chen ,&nbsp;Ye Xiao","doi":"10.1016/j.frl.2025.107595","DOIUrl":"10.1016/j.frl.2025.107595","url":null,"abstract":"<div><div>Based on panel data from 262 prefecture-level cities in China from 2011 to 2023, this paper empirically examines the impact of cross-border e-commerce on the resilience of export trade and its mechanism of action. The empirical analysis shows that the development of cross-border e-commerce has significantly enhanced the resilience of export trade by shortening trade chains, reducing transaction costs, improving transaction efficiency, and other pathways to strengthen economic resilience against risks. Foreign direct investment (FDI) plays a positive moderating role in the process of cross-border e-commerce promoting export resilience. The enhancing effect of cross-border e-commerce on export resilience is most pronounced in the central region.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107595"},"PeriodicalIF":7.4,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144124851","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 transformation of enterprises and greenwashing behavior: evidence from China 企业数字化转型与漂绿行为：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-05-16 DOI: 10.1016/j.frl.2025.107585
Huilian Li, Yang Zhong
{"title":"Digital transformation of enterprises and greenwashing behavior: evidence from China","authors":"Huilian Li,&nbsp;Yang Zhong","doi":"10.1016/j.frl.2025.107585","DOIUrl":"10.1016/j.frl.2025.107585","url":null,"abstract":"<div><div>This study examines the impact of digital transformation on enterprise greenwashing behavior using data from Chinese-listed firms from 2011 to 2022. Our findings indicate that digital transformation significantly mitigates greenwashing, primarily by improving the information environment and enhancing internal control quality rather than alleviating financing constraints. Further heterogeneity tests show that this effect is more prominent in state-owned enterprises (SOEs), firms in western regions, highly marketized areas, and non-heavily polluting industries. Additionally, digital transformation mainly reduces greenwashing in environmental (E) and social (S) aspects, rather than governance (G). This study enriches the literature on the economic consequences of digital transformation (DT) and provides valuable insights into curbing greenwashing from the perspective of publicly listed firms.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"82 ","pages":"Article 107585"},"PeriodicalIF":7.4,"publicationDate":"2025-05-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144167354","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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