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How government actions influence corporate financing efficiency 政府行为如何影响企业融资效率
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-16 DOI: 10.1016/j.frl.2025.107792
Chonglei Dang , Liangzhu Sun , Xingdong Wang , Zhen Lin
{"title":"How government actions influence corporate financing efficiency","authors":"Chonglei Dang ,&nbsp;Liangzhu Sun ,&nbsp;Xingdong Wang ,&nbsp;Zhen Lin","doi":"10.1016/j.frl.2025.107792","DOIUrl":"10.1016/j.frl.2025.107792","url":null,"abstract":"<div><div>This study examines Chinese listed companies to explore the relationship between township government actions and corporate financing efficiency. The findings indicate that the implementation of industrial policies can significantly enhance financing efficiency; the impact of industrial policies on the financing efficiency of large-scale enterprises differs from that of small-scale enterprises; there are significant differences in the effect of industrial policies on the financing efficiency of enterprises that are key targets of support versus those that are not; and the level of local economic support plays a moderating role in the relationship between industrial policies and corporate financing efficiency.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107792"},"PeriodicalIF":7.4,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144471211","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
Research on the impact effect and internal mechanism of intelligent technology on industrial chain resilience 智能技术对产业链弹性的影响效应及内在机制研究
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-16 DOI: 10.1016/j.frl.2025.107789
Fengrui Xue , Tianqi Zhu
{"title":"Research on the impact effect and internal mechanism of intelligent technology on industrial chain resilience","authors":"Fengrui Xue ,&nbsp;Tianqi Zhu","doi":"10.1016/j.frl.2025.107789","DOIUrl":"10.1016/j.frl.2025.107789","url":null,"abstract":"<div><div>Based on the panel data of 30 provinces in China from 2011 to 2022, this paper explores the impact and internal mechanism of intelligent technology on industrial chain resilience. The study finds that: (1) Intelligent technology has a positive impact on industrial chain resilience; (2) digital finance can significantly enhance the positive impact of intelligent technology on industrial chain resilience; (3) the promoting effect of intelligent technology on industrial chain resilience is most prominent in the central region.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107789"},"PeriodicalIF":7.4,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144330169","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 role of depositors’ expectations in bank risk: a dual-channel perspective 存款人预期在银行风险中的作用：双通道视角
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-15 DOI: 10.1016/j.frl.2025.107770
Guangyu Hu , Yu Shen
{"title":"The role of depositors’ expectations in bank risk: a dual-channel perspective","authors":"Guangyu Hu ,&nbsp;Yu Shen","doi":"10.1016/j.frl.2025.107770","DOIUrl":"10.1016/j.frl.2025.107770","url":null,"abstract":"<div><div>This paper focuses on analyzing the impact of depositors' expectations on banks' risk and its channels of action. Analyzing data from 298 Chinese banks and survey data from the People's Bank of China, we find that favorable depositors’ expectations correlate with reduced bank risk. Analysis of the quantity and price channels shows that favorable depositors’ expectations increase the volume and reduce the cost of the banks' funding sources, consequently lowering bank risk. These insights underscore the importance of incorporating depositors’ expectations into bank risk management strategies and macro-prudential regulation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107770"},"PeriodicalIF":7.4,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144330214","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
Can the implementation of enterprise resource planning systems reduce equity financing cost of enterprises? 企业资源规划制度的实施能否降低企业股权融资成本？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-15 DOI: 10.1016/j.frl.2025.107782
Juanjuan Zhang , Song Zhou , Fuhui Ma
{"title":"Can the implementation of enterprise resource planning systems reduce equity financing cost of enterprises?","authors":"Juanjuan Zhang ,&nbsp;Song Zhou ,&nbsp;Fuhui Ma","doi":"10.1016/j.frl.2025.107782","DOIUrl":"10.1016/j.frl.2025.107782","url":null,"abstract":"<div><div>We examine the impacts of ERP systems on equity financing cost from the dual perspectives of risk management and relative value creation based on corporate value maximization objectives. Using data manually collected from the listed companies in China, we find that enterprises with ERP systems have significantly higher equity financing cost. We addressed the endogeneity problems using the fixed effect, the two-stage least-squares regression (2SLS), and the Heckman two-stage regression. The underlying reasons for the result through mechanism analysis reveal that ERP systems can systematically and effectively enhance risk management levels and corporate value returns, bringing higher returns for investors and achieving a win-win situation. This result supports the investment-oriented role of the capital market and can help to resolve conflicts among its participants.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107782"},"PeriodicalIF":7.4,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144471215","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
Marketization level, digital transformation, and corporate value 市场化水平、数字化转型与企业价值
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-15 DOI: 10.1016/j.frl.2025.107779
Zongyi Zhang, Chuhan Liu
{"title":"Marketization level, digital transformation, and corporate value","authors":"Zongyi Zhang,&nbsp;Chuhan Liu","doi":"10.1016/j.frl.2025.107779","DOIUrl":"10.1016/j.frl.2025.107779","url":null,"abstract":"<div><div>This study examines the impact of corporate marketization level and digital transformation on corporate value based on panel data from Chinese listed companies from 2010 to 2023. The research findings indicate that the marketization level of enterprises significantly enhances their market value; there is a notable positive correlation between corporate digital technology transformation and market value; digital transformation plays an important mediating role between corporate marketization level and value; heterogeneity tests reveal that the impact of corporate marketization level on value exhibits heterogeneity between state-owned enterprises and private enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107779"},"PeriodicalIF":7.4,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144321071","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
Foreseeing bankruptcy: A novel perspective based on the uncertainty of text-based communicative value of annual reports 预见破产：基于年报文本传播价值不确定性的新视角
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-15 DOI: 10.1016/j.frl.2025.107771
Tsung-Kang Chen , Yun Hao , Ting-Ru Chang , Yu-Chun Lin
{"title":"Foreseeing bankruptcy: A novel perspective based on the uncertainty of text-based communicative value of annual reports","authors":"Tsung-Kang Chen ,&nbsp;Yun Hao ,&nbsp;Ting-Ru Chang ,&nbsp;Yu-Chun Lin","doi":"10.1016/j.frl.2025.107771","DOIUrl":"10.1016/j.frl.2025.107771","url":null,"abstract":"<div><div>We examine whether incorporating the uncertainty of text-based communicative value (<em>U_TCV)</em> in annual reports enhances bankruptcy prediction models under machine learning settings using U.S. firm data from 1996 to 2018. Our findings show that <em>U_TCV</em> variables significantly improve prediction effectiveness beyond Barboza et al.’s (2017) financial variables and Chen et al.’s (2023) text-based communicative value (<em>TCV</em>) variables. Notably, <em>U_TCV</em> variables have greater enhancement on medium- to long-term predictions, contribute to explaining bankruptcy risk term structure, significantly reducing Type I error (misjudging bankrupt firms as non-bankrupt) while maintaining a low Type II error, and complementing the predictive power of <em>TCV</em> variables.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107771"},"PeriodicalIF":7.4,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144337552","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
Stock overpricing, underwriting fees, and stock price crash risk 股票定价过高、承销费和股价崩盘风险
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-15 DOI: 10.1016/j.frl.2025.107781
Huizhu Tan , Sailesh Kumar Tanna , Shuai Huang , Juncheng Luo
{"title":"Stock overpricing, underwriting fees, and stock price crash risk","authors":"Huizhu Tan ,&nbsp;Sailesh Kumar Tanna ,&nbsp;Shuai Huang ,&nbsp;Juncheng Luo","doi":"10.1016/j.frl.2025.107781","DOIUrl":"10.1016/j.frl.2025.107781","url":null,"abstract":"<div><div>This paper systematically examines the impact of stock overpricing on stock price crash risk and its underlying mechanism based on data from Shanghai and Shenzhen A-share listed companies between 2011 and 2023. The research findings indicate a significant positive correlation between the degree of stock overpricing and stock price crash risk. Furthermore, by examining the mediating effect of underwriter sponsorship fees, the study verifies the pathway through which overpricing indirectly increases risk by raising issuance costs and intensifying conflict of interest.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107781"},"PeriodicalIF":7.4,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144313695","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 finance and household risky financial asset allocation 绿色金融与家庭风险金融资产配置
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-15 DOI: 10.1016/j.frl.2025.107780
Dengquan Wang, Yimeng Ren
{"title":"Green finance and household risky financial asset allocation","authors":"Dengquan Wang,&nbsp;Yimeng Ren","doi":"10.1016/j.frl.2025.107780","DOIUrl":"10.1016/j.frl.2025.107780","url":null,"abstract":"<div><div>This paper explores the impact of green finance on household risk financial asset allocation using data from the China Household Finance Survey (CHFS) conducted by Southwestern University of Finance and Economics in 2019, 2021, and 2023. It analyzes the moderating role of the digital economy and urban-rural heterogeneity. The study finds that green finance significantly enhances household risk financial asset allocation, including the probability of participating in risk financial markets and the diversity of risk assets held. The digital economy plays a positive moderating role in the relationship between green finance and household risk financial assets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107780"},"PeriodicalIF":7.4,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144313660","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
How robust is the link between growth and fiscal consolidation under global uncertainties? A reassessment for Sub-Saharan Africa 在全球不确定性下，增长与财政整顿之间的联系有多紧密？对撒哈拉以南非洲的重新评估
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-15 DOI: 10.1016/j.frl.2025.107773
Miaomiao Tao , Jamel Saadaoui , Emilson Silva
{"title":"How robust is the link between growth and fiscal consolidation under global uncertainties? A reassessment for Sub-Saharan Africa","authors":"Miaomiao Tao ,&nbsp;Jamel Saadaoui ,&nbsp;Emilson Silva","doi":"10.1016/j.frl.2025.107773","DOIUrl":"10.1016/j.frl.2025.107773","url":null,"abstract":"<div><div>Persistent fiscal imbalances have long challenged Sub-Saharan African (SSA) economies, raising critical questions about the macroeconomic consequences of fiscal consolidation. While past research on advanced economies yields mixed evidence, much less is known about how fiscal tightening affects growth trajectories in developing contexts, particularly under global economic shocks. We reevaluate the growth impact of fiscal consolidation across 37 SSA countries over the 2000–2022 period. Employing an instrumental variable-local projection (IV-LP) approach, we identify the dynamic responses of economic growth to exogenous fiscal shocks while addressing endogeneity concerns. Our findings reveal robust evidence that fiscal consolidation consistently depresses economic growth in SSA. Importantly, this contractionary effect is substantially amplified under conditions of elevated global uncertainty – measured using a range of geopolitical risk and economic policy uncertainty indices. These results challenge recent claims of expansionary austerity in low-income settings and emphasize the need for adaptive policy design. We recommend adopting state-contingent fiscal rules that temporarily pause or soften consolidation efforts during periods of global volatility and resume them during more stable times. Such an approach can help SSA economies mitigate procyclical policy mistakes, preserve growth momentum, and build resilience to external shocks.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107773"},"PeriodicalIF":7.4,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144305003","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
Disaggregating digital financial inclusion in Africa: Explaining within- and between-country variance 非洲数字金融包容性的分解：解释国家内部和国家之间的差异
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-15 DOI: 10.1016/j.frl.2025.107776
Kingstone Nyakurukwa, Yudhvir Seetharam, Chimwemwe Chipeta
{"title":"Disaggregating digital financial inclusion in Africa: Explaining within- and between-country variance","authors":"Kingstone Nyakurukwa,&nbsp;Yudhvir Seetharam,&nbsp;Chimwemwe Chipeta","doi":"10.1016/j.frl.2025.107776","DOIUrl":"10.1016/j.frl.2025.107776","url":null,"abstract":"<div><div>This study examines the extent to which individual- and country-level characteristics account for variations in the use of digital payments across 36 African countries. Using a two-level random intercept multilevel probit model, we analyse cross-sectional data to estimate the probability of digital financial inclusion while accounting for the hierarchical structure of individuals nested within countries. The analysis quantifies the proportion of variance in digital payment usage that is attributable to country-level versus individual-level factors, using intraclass correlation coefficients (ICCs). The results reveal that most of the explained variance (75 %) stems from individual characteristics like age, education, gender, income, employment, and internet access. However, country-level factors;particularly national education levels and employment levels, also play a meaningful role. These findings highlight the importance of both micro- and macro-level determinants in shaping digital financial behaviours and demonstrate the need for context-sensitive policies to promote inclusive digital finance.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107776"},"PeriodicalIF":7.4,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144305005","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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