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Can CSR in banking reduce corruption? 银行业的企业社会责任能减少腐败吗？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107939
Mohammad Bitar , Hassan Obeid , Imane El Ouadghiri , Jonathan Peillex
{"title":"Can CSR in banking reduce corruption?","authors":"Mohammad Bitar ,&nbsp;Hassan Obeid ,&nbsp;Imane El Ouadghiri ,&nbsp;Jonathan Peillex","doi":"10.1016/j.frl.2025.107939","DOIUrl":"10.1016/j.frl.2025.107939","url":null,"abstract":"<div><div>This study examines the impact of bank involvement in corporate social responsibility (CSR) on corruption. Using a sample of banks from 40 countries, the results show that CSR initiatives significantly reduce corruption, with consistent findings across tests. Mechanism analysis reveals that CSR mitigates corruption by strengthening regulatory frameworks, improving stakeholder protection, diversifying resources, and enhancing transparency. These findings emphasize the importance of integrating CSR into banking strategies and regulatory requirements to address social and environmental priorities and combat corruption.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107939"},"PeriodicalIF":7.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596881","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
Artificial intelligence adoption and corporate financial risk 人工智能应用与企业财务风险
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107938
Shuai Liu, Lihui Gao, Mengzhu Chen
{"title":"Artificial intelligence adoption and corporate financial risk","authors":"Shuai Liu,&nbsp;Lihui Gao,&nbsp;Mengzhu Chen","doi":"10.1016/j.frl.2025.107938","DOIUrl":"10.1016/j.frl.2025.107938","url":null,"abstract":"<div><div>Artificial intelligence (AI) is a critical driver of competitive advantage. Using data from China’s A-share listed companies (2010–2022), this study finds that AI adoption significantly reduces corporate financial risk through structural, resource-based, and technological channels—especially in nonhigh-tech firms and industries with lower uncertainty.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107938"},"PeriodicalIF":7.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144605641","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
Climate risk attention and nonlinear stock market responses: Evidence from an emerging market 气候风险关注与非线性股市反应：来自新兴市场的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107941
Yinglong Zhang, Songsong Li, Xiaoqian Zhu
{"title":"Climate risk attention and nonlinear stock market responses: Evidence from an emerging market","authors":"Yinglong Zhang,&nbsp;Songsong Li,&nbsp;Xiaoqian Zhu","doi":"10.1016/j.frl.2025.107941","DOIUrl":"10.1016/j.frl.2025.107941","url":null,"abstract":"<div><div>Climate change is increasingly shaping financial markets, particularly in developing economies with evolving institutional frameworks and disclosure practices. This study constructs four firm-level climate attention indices—Aggregate, Physical Risk, Transition Risk, and Opportunity—based on over 117,000 Chinese-language earnings calls and broker reports. Using a keyword discovery method enhanced by natural language processing (NLP), we quantify climate-related disclosure intensity across A-share listed firms. Huber robust regressions within an event-study framework reveal a significant inverted U-shaped relationship between climate attention and cumulative abnormal returns (CARs), especially over longer event windows. Among the four dimensions, transition risk attention elicits the strongest and most persistent market responses. Moreover, the effects vary systematically by ownership type, carbon intensity, policy regime, and geographic region. These findings provide novel micro-level evidence on how investors in emerging markets process climate disclosures, offering implications for disclosure regulation, sustainable finance, and capital market reforms in low- and middle-income countries (LMICs).</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107941"},"PeriodicalIF":7.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144606082","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
Understanding financial stability through the lens of geopolitical risk in China: The influence of policy uncertainty on climate change 从地缘政治风险的角度看中国的金融稳定：政策不确定性对气候变化的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107944
Mohammad Haseeb , Muhammad Usman , Fei Fan
{"title":"Understanding financial stability through the lens of geopolitical risk in China: The influence of policy uncertainty on climate change","authors":"Mohammad Haseeb ,&nbsp;Muhammad Usman ,&nbsp;Fei Fan","doi":"10.1016/j.frl.2025.107944","DOIUrl":"10.1016/j.frl.2025.107944","url":null,"abstract":"<div><div>The global political and economic landscape is rapidly evolving, with increasing geopolitical risks and climate-related fluctuations. This study analyzes the impact of geopolitical risk, economic and trade policy uncertainty, and disaggregated financial development on greenhouse gas (GHG) emissions in China from 1997–M1 to 2024–M12, using quantile-on-quantile regression and cross-quantilogram methods. The empirical findings reveal that geopolitical risk has a mixed impact on emissions, depending on economic conditions. Also, economic policy uncertainty consistently raises emissions, similarly trade policy uncertainty is positively associated with emissions, especially at higher quantiles. Moreover, financial development generally increases emissions, with financial institutions amplifying this effect. However, financial market development reduces emissions at lower quantiles but increases them at higher ones, signifying a dual influences. To effectively tackle climate change, China should embrace a holistic policy approach that weaves together economic, financial, and geopolitical strategies. This includes adopting carbon pricing and green subsidies, steering investments through strong ESG standards, expanding access to climate finance, and deepening international cooperation to drive a just and inclusive low-carbon transition.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107944"},"PeriodicalIF":7.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144655666","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
Talking Trump and tanking markets 谈论特朗普和暴跌的市场
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107846
Yuqi Zheng , Brian Lucey
{"title":"Talking Trump and tanking markets","authors":"Yuqi Zheng ,&nbsp;Brian Lucey","doi":"10.1016/j.frl.2025.107846","DOIUrl":"10.1016/j.frl.2025.107846","url":null,"abstract":"<div><div>This study investigates the impact of Trump-related events, measured by the urgency around his mentions in central bank speeches, on volatility in the clean energy market. Using advanced textual analysis, we construct event-related variables and assess their significance through Extreme Bounds Analysis (EBA). Based on the EBA results, we identify Urgency and Commitment as the two key factors, selected from the top and bottom percentiles of robustness rankings. These variables form the basis of an event study framework used to assess the causal impact of policy signals on abnormal market returns This approach enables us to assess not only whether Trump-related policy speeches influence the clean energy market, but also when and under what level of commitment such influence occurs. Importantly, central bank speeches that express high urgency may initially cause uncertainty or caution rather than immediate market action. This delayed response highlights the need to consider both the timing and tone of policy communication when evaluating market reactions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107846"},"PeriodicalIF":7.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596875","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
When one asks, many follow: Influence of individual investors direct communication to enterprise on corporate financialization 一问多同：个人投资者与企业直接沟通对企业金融化的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107919
Chuanxin Xu , Xingchen Li
{"title":"When one asks, many follow: Influence of individual investors direct communication to enterprise on corporate financialization","authors":"Chuanxin Xu ,&nbsp;Xingchen Li","doi":"10.1016/j.frl.2025.107919","DOIUrl":"10.1016/j.frl.2025.107919","url":null,"abstract":"<div><div>With the development of technology, individual investors can communicate directly with the company, and the interactive content can be observed by other investors. We explore the influence of this direct communication on corporate financialization. The results show that individual investors' voices can significantly restrain corporate financialization, reducing financing constraints and management shortsightedness are important influencing mechanisms. The quality of communication and the timeliness of enterprise response is also negatively related to corporate financialization, but excessive attention to investors' returns in the communication process will aggravate the financial behavior of enterprises. This conclusion confirms the supervision effect of individual investors on enterprises and helps enterprises strengthen protection of retail investors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107919"},"PeriodicalIF":7.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613197","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
Copula-based dynamic networks for forecasting stock market volatility 基于copula的动态网络预测股票市场波动
IF 10.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107918
Shahab Nankali, Laleh Tafakori, Mahdi Jalili, Xiaolu Hu
{"title":"Copula-based dynamic networks for forecasting stock market volatility","authors":"Shahab Nankali, Laleh Tafakori, Mahdi Jalili, Xiaolu Hu","doi":"10.1016/j.frl.2025.107918","DOIUrl":"https://doi.org/10.1016/j.frl.2025.107918","url":null,"abstract":"This study enhances volatility forecasting by integrating copula-based methods with a dynamic network log- ARCH model. The D-vine copula quantile regression and copula entropy methods, which capture nonlinear dependencies and select key predictors, are used to construct a high-dimensional financial network. The model incorporates time-lagged volatility and information from neighboring stocks, enabling efficient risk propagation. Applied to Dow Jones Index constituents (2012–2024), our approach improves forecasting accuracy while reducing reliance on hyperparameters. We also find that the low-volatility premium coincides with lower downside risk, with low- and high-volatility stocks exhibiting equal or lower return standard deviations across all networks. Notably, the copula-based network identifies stocks that enhance alpha while mitigating portfolio risk, offering a robust tool for portfolio construction and risk management.","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"6 1","pages":""},"PeriodicalIF":10.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144613168","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
Economic policy uncertainty and stock market reactions to earnings announcements: Evidence from China 经济政策的不确定性和股市对财报的反应：来自中国的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-09 DOI: 10.1016/j.frl.2025.107942
Jiangtao Bai , He Song , Haojie Wang , Yuetong Liu
{"title":"Economic policy uncertainty and stock market reactions to earnings announcements: Evidence from China","authors":"Jiangtao Bai ,&nbsp;He Song ,&nbsp;Haojie Wang ,&nbsp;Yuetong Liu","doi":"10.1016/j.frl.2025.107942","DOIUrl":"10.1016/j.frl.2025.107942","url":null,"abstract":"<div><div>Economic policy uncertainty (EPU) exacerbates the information asymmetry between companies and investors. This paper uses Chinese A-share listed companies from 2007 to 2021 as the research sample and employs the event study method to investigate the relationship between economic policy uncertainty and stock market reactions to earnings announcements. We find that economic policy uncertainty decreases (increases) investors’ sensitivity to positive (negative) earnings news. We further reveal that investor sentiment can mitigate the impact of economic policy uncertainty on stock market reactions to earnings announcements. These findings can provide practical insights for financial regulators and policymakers.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107942"},"PeriodicalIF":7.4,"publicationDate":"2025-07-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144605646","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 mechanisms of green finance reform and digital transformation on regional industrial innovation and entrepreneurship: Evidence from a quasi-natural experiment 绿色金融改革与数字化转型对区域产业创新创业的影响机制：来自准自然实验的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-08 DOI: 10.1016/j.frl.2025.107933
Shifei Zhao , Jianwu Liu , Guizhong Jiang
{"title":"The mechanisms of green finance reform and digital transformation on regional industrial innovation and entrepreneurship: Evidence from a quasi-natural experiment","authors":"Shifei Zhao ,&nbsp;Jianwu Liu ,&nbsp;Guizhong Jiang","doi":"10.1016/j.frl.2025.107933","DOIUrl":"10.1016/j.frl.2025.107933","url":null,"abstract":"<div><div>Drawing upon data from Chinese prefecture-level cities spanning the period from 2007 to 2023, this paper empirically examines the intrinsic relationships and mechanisms among green financial reform, digital transformation, and regional industrial innovation and entrepreneurship using baseline regression, difference-in-differences, and mediation effect models. The results indicate that green financial reform significantly promotes regional industrial innovation and entrepreneurship; digital transformation also has a positive effect and plays a mediating role in this relationship, with heterogeneous effects across regions with different urbanization levels. It is worth noting that the synergistic effects of green financial reform and digital transformation are also evident in the fields of education and sports. For example, green loans are used to support low-carbon renovations of campuses and educational informatization projects, while digital technologies are leveraged to empower innovation in the sports industry and upgrade public fitness service models. This research enriches academic understanding in these fields and provides valuable theoretical and practical insights for policymaking.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107933"},"PeriodicalIF":7.4,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144662705","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
Energy transformation, green finance, and energy utilization efficiency 能源转型、绿色金融、能源利用效率
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-08 DOI: 10.1016/j.frl.2025.107914
Ting Li , Xiaoqiang Zheng , Zhiwen Li
{"title":"Energy transformation, green finance, and energy utilization efficiency","authors":"Ting Li ,&nbsp;Xiaoqiang Zheng ,&nbsp;Zhiwen Li","doi":"10.1016/j.frl.2025.107914","DOIUrl":"10.1016/j.frl.2025.107914","url":null,"abstract":"<div><div>This study examines the impact of China’s <em>New energy demonstration city</em> policy on the efficiency of urban energy use. This study demonstrates that the policy significantly promotes energy efficiency by improving human capital, with green finance further amplifying this effect. Heterogeneity analysis reveals that non-resource-based cities and those outside the Yangtze River Economic Belt tend to benefit more.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107914"},"PeriodicalIF":7.4,"publicationDate":"2025-07-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596282","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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