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Changes in stock price synchronicity driven by digital transformation: The role of media attention and accounting conservatism
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-24 DOI: 10.1016/j.frl.2025.107284
Zhengzheng Huang, Yanwei Hao
{"title":"Changes in stock price synchronicity driven by digital transformation: The role of media attention and accounting conservatism","authors":"Zhengzheng Huang,&nbsp;Yanwei Hao","doi":"10.1016/j.frl.2025.107284","DOIUrl":"10.1016/j.frl.2025.107284","url":null,"abstract":"<div><div>This study analyzes a sample of A-share listed companies in China from 2010 to 2022. The results indicate that digital transformation effectively reduces the excessive level of stock price synchronicity, and this conclusion has been robustly tested through various sensitivity checks. The mediation analysis further confirms that digital transformation mitigates stock price synchronicity by increasing media attention. Moreover, as corporate accounting conservatism improves, the inhibitory effect of digital transformation is significantly strengthened. Finally, heterogeneity analysis reveals that the impact of digital transformation is more pronounced in large-scale firms and those in highly competitive industries.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107284"},"PeriodicalIF":7.4,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143739174","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 credit, monetary policy, and bank risk-taking
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-24 DOI: 10.1016/j.frl.2025.107289
Fei Huang , Huiming Zhu , Saijun Wu
{"title":"Green credit, monetary policy, and bank risk-taking","authors":"Fei Huang ,&nbsp;Huiming Zhu ,&nbsp;Saijun Wu","doi":"10.1016/j.frl.2025.107289","DOIUrl":"10.1016/j.frl.2025.107289","url":null,"abstract":"<div><div>This study examines the impact of green credit on the risk-taking behavior of commercial banks, utilizing panel data from 77 banks with diverse ownership structures over the period from 2012 to 2022. The findings indicate that green credit helps mitigate the level of risk undertaken by banks. Moreover, a loose monetary policy fosters the expansion of green credit businesses, exerting a positive moderating effect on bank risk-taking, whereas a tight monetary policy has a negative moderating effect. Additionally, green credit influences bank risk-taking through a profitability effect, significantly boosting commercial banks’ interest income and enhancing their profit structure.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107289"},"PeriodicalIF":7.4,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143725507","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
Development of artificial intelligence, green finance, and high-quality development of regional cultural industries
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-24 DOI: 10.1016/j.frl.2025.107291
Li Ke , Pinglan Lin , Xiaoyun Chen
{"title":"Development of artificial intelligence, green finance, and high-quality development of regional cultural industries","authors":"Li Ke ,&nbsp;Pinglan Lin ,&nbsp;Xiaoyun Chen","doi":"10.1016/j.frl.2025.107291","DOIUrl":"10.1016/j.frl.2025.107291","url":null,"abstract":"<div><div>Using datasets spanning across 31 Chinese provinces from 2010 to 2021, this study investigates how advances in artificial intelligence (AI) and green financing influence the premium development of local cultural industries. Findings indicate that the advancement of AI can significantly enhance the high-quality development of regional cultural industries. Furthermore, green finance facilitates high-quality development in these industries and moderates the relationship between AI development and the high-quality development of cultural industries. The impacts of AI development and green finance on the high-quality development of cultural industries differ by area.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107291"},"PeriodicalIF":7.4,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143748661","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
Rural financial development, agricultural mechanization, and total factor productivity
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-24 DOI: 10.1016/j.frl.2025.107288
Wenbin Min
{"title":"Rural financial development, agricultural mechanization, and total factor productivity","authors":"Wenbin Min","doi":"10.1016/j.frl.2025.107288","DOIUrl":"10.1016/j.frl.2025.107288","url":null,"abstract":"<div><div>This paper empirically examines socioeconomic variables across 30 provincial administrative regions in mainland China from 2010 to 2020, analyzing the impact of rural financial development on agricultural total factor productivity (TFP) and the mechanisms underlying this relationship. The findings indicate that rural financial development significantly enhances agricultural TFP. Mediation analysis further confirms that this effect occurs primarily through the promotion of agricultural mechanization. Additionally, heterogeneity analysis reveals notable regional disparities: the western region experiences the most substantial boost in agricultural TFP from rural financial development, followed by the central region, whereas the eastern region sees a comparatively smaller effect. These results indicate the presence of distinct regional variations in how rural financial development influences agricultural TFP.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107288"},"PeriodicalIF":7.4,"publicationDate":"2025-03-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143705941","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 transparency and dividend policy: The moderating effect of analyst coverage
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-23 DOI: 10.1016/j.frl.2025.107270
Yifan Peng , Wenchang Li
{"title":"Financial transparency and dividend policy: The moderating effect of analyst coverage","authors":"Yifan Peng ,&nbsp;Wenchang Li","doi":"10.1016/j.frl.2025.107270","DOIUrl":"10.1016/j.frl.2025.107270","url":null,"abstract":"<div><div>In this paper, we explore how financial transparency affects a firm's dividend policy, a strategy reflecting the balance between reinvestment and distribution of profits to shareholders. Exploiting a research sample of all A-share listed companies in China, we discover compelling evidence that a company's financial transparency is positively correlated with the amount of dividends. The positive effect is more evident for enterprises with less analyst coverage. We further demonstrate that operating efficiency and financing cost are plausible economic channels. Our findings still hold after addressing endogeneity problems. Overall, this study sheds light on the implications of financial transparency.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107270"},"PeriodicalIF":7.4,"publicationDate":"2025-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143738700","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
Uncovering nonlinear dependencies in the Treasury-funds rate spread: Quantile-based explanation
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-23 DOI: 10.1016/j.frl.2025.107216
Fanyu Meng
{"title":"Uncovering nonlinear dependencies in the Treasury-funds rate spread: Quantile-based explanation","authors":"Fanyu Meng","doi":"10.1016/j.frl.2025.107216","DOIUrl":"10.1016/j.frl.2025.107216","url":null,"abstract":"<div><div>This study examines the structural dynamics of the spread between the 10-year Treasury yield and the federal funds rate, a key indicator of U.S. financial conditions. Cross-quantilogram analysis reveals a nonlinear dependency across adjacent periods, with stronger connectedness observed in the tail distribution than in the middle. Additionally, the functional quantile autoregression model confirms the spread’s nonlinear and asymmetric nature from a distributional perspective. Specifically, higher quantiles of the previous spread exert a stronger influence on the current spread, indicating a positive persistence mechanism. Conversely, lower quantiles of the previous spread negatively affect the higher quantiles of the current spread. These findings suggest that bullish market conditions tend to sustain themselves, whereas bearish conditions hinder upward momentum, underscoring the need for quantile-specific policy interventions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107216"},"PeriodicalIF":7.4,"publicationDate":"2025-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143696127","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
Cautious but effective: CEO elite education and the timeline of mergers and acquisitions
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-23 DOI: 10.1016/j.frl.2025.107268
Xuan-Qi Su (Associate Professor)
{"title":"Cautious but effective: CEO elite education and the timeline of mergers and acquisitions","authors":"Xuan-Qi Su (Associate Professor)","doi":"10.1016/j.frl.2025.107268","DOIUrl":"10.1016/j.frl.2025.107268","url":null,"abstract":"<div><div>This study examines how CEOs’ elite education affects the timelines for completing M &amp; A transactions. I analyzed Taiwanese firms’ M &amp; A transactions during 2007−2020 and found that elite-educated CEOs, especially those holding master's or bachelor's degrees in business, generally take longer to complete deals. Female and older elite-educated CEOs extend completion timelines, while those with prior M &amp; A experience or extensive tenure do not. Notably, acquiring firms led by elite-educated CEOs achieve better long-term post-M &amp; A performance when they invest additional time in deal completion. My results support the prevention focus hypothesis.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107268"},"PeriodicalIF":7.4,"publicationDate":"2025-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143714637","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
Expanding horizons, shrinking habitats: Firm scope and biodiversity risk
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-23 DOI: 10.1016/j.frl.2025.107271
Mostafa Monzur Hasan , Ashrafee T. Hossain , Lien Duong
{"title":"Expanding horizons, shrinking habitats: Firm scope and biodiversity risk","authors":"Mostafa Monzur Hasan ,&nbsp;Ashrafee T. Hossain ,&nbsp;Lien Duong","doi":"10.1016/j.frl.2025.107271","DOIUrl":"10.1016/j.frl.2025.107271","url":null,"abstract":"<div><div>Biodiversity risk represents a pressing global challenge with far-reaching consequences for ecosystems, economic stability, and corporate sustainability. This study explores the link between firm scope—the breadth of related product markets a firm engages in—and biodiversity risk, leveraging a comprehensive dataset of U.S. publicly listed firms. Our findings reveal a significant positive relationship between firm scope and biodiversity risk, indicating that firms operating across broader product markets face greater ecological vulnerabilities. However, this relationship weakens in firms with strong corporate culture and high operational efficiency, while it intensifies in environmentally sensitive industries and those with greater analyst coverage. These findings enrich the literature by highlighting how corporate diversification strategies can exacerbate ecological risks. The study provides practical implications for managers and policymakers, underscoring the urgency of embedding environmental considerations into strategic planning to mitigate biodiversity risks.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107271"},"PeriodicalIF":7.4,"publicationDate":"2025-03-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683236","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
Do green investors empower companies to develop sustainably? A study based on the perspective of innovation investment and corporate governance levels
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-22 DOI: 10.1016/j.frl.2025.107263
Hongcui Yu, Jinsong Zhang
{"title":"Do green investors empower companies to develop sustainably? A study based on the perspective of innovation investment and corporate governance levels","authors":"Hongcui Yu,&nbsp;Jinsong Zhang","doi":"10.1016/j.frl.2025.107263","DOIUrl":"10.1016/j.frl.2025.107263","url":null,"abstract":"<div><div>The study employs empirical research methods to investigate the relationship between green investors and sustainable development of enterprises, drawing on data from A-share listed companies in Shanghai and Shenzhen, China, from 2012 to 2022. The results reveal that green investors significantly promote sustainable development of enterprises. Mechanism analysis shows that green investors facilitate corporate sustainable development by increasing innovation investment and improving governance levels. Moreover, the impact of green investors is notably strong when enterprises are subject to intense analyst attention and complete internal controls, as well as in enterprises that are non-state-owned, non-heavy polluting, and located in Eastern China.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107263"},"PeriodicalIF":7.4,"publicationDate":"2025-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143705950","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 does green bond prospectus communicate about credit spread?
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-22 DOI: 10.1016/j.frl.2025.107267
Shivani Sharma, Udayan Sharma
{"title":"What does green bond prospectus communicate about credit spread?","authors":"Shivani Sharma,&nbsp;Udayan Sharma","doi":"10.1016/j.frl.2025.107267","DOIUrl":"10.1016/j.frl.2025.107267","url":null,"abstract":"<div><div>This study examines how textual disclosures in green bond prospectus affect the credit spread of green bonds. We use data on green bonds issued between September 2014 and December 2024 in the U.S., aligned or certified with the Climate Bonds Initiative (CBI). Results show that investors demand higher credit spread for prospectus with lower readability. The use of green terms in prospectus lowers credit spread. Similarly, positive tone reduces credit spread. These findings remain robust after addressing potential endogeneity concerns. Heterogeneity analysis reveals that the negative effect of green terms on credit spread is more pronounced for firms with poor Environmental, Social, and Governance (ESG) scores.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107267"},"PeriodicalIF":7.4,"publicationDate":"2025-03-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143714642","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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