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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
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
The impact of financial inclusion, Fintech, HDI, and green finance on environmental sustainability in E-7 countries 七国集团国家的金融包容性、金融科技、人类发展指数和绿色金融对环境可持续性的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106617
Ghulam Ghouse , Muhammad Ishaq Bhatti , Muhammad Junaid Nasrullah
{"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}
引用次数: 0
Short-term cross-border capital flows and corporate financialization
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106546
Xizhi Zhang , Zixi Wu , Chenxu Xian , Yanjuan Zhang
{"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}
引用次数: 0
FinTech adoption and farmers’ wealth distribution: Evidence from a large micro-data in China
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106621
Guohua Yu , Yingying Qi , Yimeng Ren
{"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}
引用次数: 0
ESG performance and innovation in listed manufacturing companies–A prospect theory perspective
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106603
Xiao Lei, Qin Tu
{"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}
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
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