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Impact of CEO turnover on analyst earnings forecasts: A communication disruption perspective CEO离职对分析师收益预测的影响：一个沟通中断的视角
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-15 DOI: 10.1016/j.frl.2025.107772
Mengshu Hao
{"title":"Impact of CEO turnover on analyst earnings forecasts: A communication disruption perspective","authors":"Mengshu Hao","doi":"10.1016/j.frl.2025.107772","DOIUrl":"10.1016/j.frl.2025.107772","url":null,"abstract":"<div><div>This study examines how CEO turnover affects analyst earnings forecasts in Chinese A-share listed firms, focusing on communication disruptions in China’s evolving disclosure environment. Using a difference-in-differences approach, external CEO succession is found to significantly increase forecast errors and optimism due to increased information asymmetry, whereas internal succession causes less disruption. Prior analyst coverage of the new CEO’s former firm mitigates these effects, enhancing accuracy and reducing bias. Over time, analysts revise optimistic forecasts toward greater accuracy. These findings emphasize the CEO’s role in information disclosure and offer guidance for enhancing communication during leadership transitions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107772"},"PeriodicalIF":7.4,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144364583","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 does intelligent transformation enhance the security of industrial and supply chains? 智能转型如何增强产业链和供应链的安全性？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-14 DOI: 10.1016/j.frl.2025.107769
Heqi Zeng , Li Wen
{"title":"How does intelligent transformation enhance the security of industrial and supply chains?","authors":"Heqi Zeng ,&nbsp;Li Wen","doi":"10.1016/j.frl.2025.107769","DOIUrl":"10.1016/j.frl.2025.107769","url":null,"abstract":"<div><div>Based on provincial panel data from China spanning 2011 to 2022, this paper explores the impact of intelligent transformation on the security of industrial and supply chains, as well as its underlying mechanisms. The results indicate that intelligent transformation significantly enhances the security of industrial and supply chains. This positive effect is particularly pronounced in regions with higher levels of economic development and more advanced infrastructure. Furthermore, intelligent transformation further strengthens industrial and supply chain security by improving technological innovation capabilities and promoting industrial structural upgrading.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107769"},"PeriodicalIF":7.4,"publicationDate":"2025-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144321072","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
Hedging dynamics between oil and clean energy stock indices amid the Russia-Ukraine war and geopolitical turmoil 在俄乌战争和地缘政治动荡中，石油和清洁能源股票指数之间的对冲动态
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-14 DOI: 10.1016/j.frl.2025.107753
Kakali Kanjilal , Manas Paul , Sajal Ghosh
{"title":"Hedging dynamics between oil and clean energy stock indices amid the Russia-Ukraine war and geopolitical turmoil","authors":"Kakali Kanjilal ,&nbsp;Manas Paul ,&nbsp;Sajal Ghosh","doi":"10.1016/j.frl.2025.107753","DOIUrl":"10.1016/j.frl.2025.107753","url":null,"abstract":"<div><div>Geopolitical turmoil, such as the Russia-Ukraine war, compels a renewed examination of the interaction and hedging effectiveness between clean and dirty energy assets. While prior studies focus on crude oil prices, we employ oil and clean energy indexes from 24.02.2022 to 07.06.2024, in a novel integrated mean-variance model. Accounting for geopolitical risks, investor fear, and carbon prices, we find oil price surges reduce clean energy returns, with no feedback. The model delivers 70 % hedging effectiveness versus 49 % for the variance-only approach. Findings highlight the reinforcement of oil’s financial role and the weakening of clean energy investment amid global instability.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107753"},"PeriodicalIF":7.4,"publicationDate":"2025-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144305006","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 upgrading in the global value chain on embodied carbon emissions: Does technological progress matter? 全球价值链升级对隐含碳排放的影响：技术进步重要吗？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-14 DOI: 10.1016/j.frl.2025.107763
Fujia Yang , Tianyu Li , Yadong Qi
{"title":"The impact of upgrading in the global value chain on embodied carbon emissions: Does technological progress matter?","authors":"Fujia Yang ,&nbsp;Tianyu Li ,&nbsp;Yadong Qi","doi":"10.1016/j.frl.2025.107763","DOIUrl":"10.1016/j.frl.2025.107763","url":null,"abstract":"<div><div>We utilize a dataset of 56 industries in 43 countries from 2000 to 2014 to estimate the impact of upgrading in the global value chain on embodied carbon emissions in trade, and whether this impact can be achieved by technological progress. Our results show that upgrading in the global value chain can reduce the embodied carbon emissions, and this impact varies across country types and industry types. The mechanism test proves that upgrading in the global value chain can decrease embodied carbon emissions by promoting technological progress.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107763"},"PeriodicalIF":7.4,"publicationDate":"2025-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144305009","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
Does the participation of female directors enhance corporate social responsibility and risk taking? 女性董事的参与是否增强了企业的社会责任和风险承担能力？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-14 DOI: 10.1016/j.frl.2025.107767
Liuqing Li, Jiani Kang
{"title":"Does the participation of female directors enhance corporate social responsibility and risk taking?","authors":"Liuqing Li,&nbsp;Jiani Kang","doi":"10.1016/j.frl.2025.107767","DOIUrl":"10.1016/j.frl.2025.107767","url":null,"abstract":"<div><div>This paper investigates the impact of female board directors on corporate social responsibility and risk-taking behavior using A-share listed companies as the research sample. The results show that the participation of female directors contributes to the fulfillment of corporate social responsibility and an increase in risk-taking levels. Specifically, enhancing corporate transparency is the pathway through which female directors improve corporate social responsibility, while their influence on risk-taking behavior strengthens as financial stability improves. Finally, the study conducts a heterogeneity analysis, revealing that the development environment faced by a company leads to variations in the role of female directors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107767"},"PeriodicalIF":7.4,"publicationDate":"2025-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144305004","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
Intellectual property protection and corporate investment efficiency: An analysis of the moderating effect based on financial technology transfer 知识产权保护与企业投资效率：基于金融技术转移的调节效应分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-14 DOI: 10.1016/j.frl.2025.107766
Jiaying Wu, Yu Yang
{"title":"Intellectual property protection and corporate investment efficiency: An analysis of the moderating effect based on financial technology transfer","authors":"Jiaying Wu,&nbsp;Yu Yang","doi":"10.1016/j.frl.2025.107766","DOIUrl":"10.1016/j.frl.2025.107766","url":null,"abstract":"<div><div>Based on data from Chinese A-share listed companies and regional data in China from 2012 to 2023, this paper explores the relationship between intellectual property protection, financial technology transfer, and corporate investment efficiency. The research findings indicate that intellectual property protection enhances corporate investment efficiency; financial technology transfer positively moderates the effect of intellectual property protection on corporate investment efficiency; and the moderating effect of financial technology transfer exhibits heterogeneity between profit-making and non-profit-making enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107766"},"PeriodicalIF":7.4,"publicationDate":"2025-06-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144321070","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
Litigation and Stock Price Crash Risk under Securities Regulation 证券监管下的诉讼与股价崩盘风险
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-13 DOI: 10.1016/j.frl.2025.107701
Changyun Hu, Yanfang Zeng
{"title":"Litigation and Stock Price Crash Risk under Securities Regulation","authors":"Changyun Hu,&nbsp;Yanfang Zeng","doi":"10.1016/j.frl.2025.107701","DOIUrl":"10.1016/j.frl.2025.107701","url":null,"abstract":"<div><div>Based on the data of A-share listed companies in Shanghai and Shenzhen from 2007 to 2020, the mechanism of litigation's influence on the risk of stock price collapse is empirically examined. We find that litigation can effectively inhibit share price crash risk, and there is heterogeneity like property rights. The higher the external attention and internal governance, the stronger the governance effect of litigation; the extended analysis examines the market response to litigation under the new Securities Law, and the new regulation strengthens the response of crash risk to litigation events and has regulatory spillover effects. The conclusions of this paper are based on the institutional background of the new Securities Law, which is of great significance for deepening administrative enforcement reform and strengthening judicial supervision, improving the new securities civil litigation system and enhancing the quality of listed companies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107701"},"PeriodicalIF":7.4,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144305007","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 spillover effect of ESG performance in supply Chain networks: An empirical analysis from chinese listed companies 供应链网络中ESG绩效的溢出效应——基于中国上市公司的实证分析
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-13 DOI: 10.1016/j.frl.2025.107768
Hongduo Sun , Hongyun Shang
{"title":"The spillover effect of ESG performance in supply Chain networks: An empirical analysis from chinese listed companies","authors":"Hongduo Sun ,&nbsp;Hongyun Shang","doi":"10.1016/j.frl.2025.107768","DOIUrl":"10.1016/j.frl.2025.107768","url":null,"abstract":"<div><div>This study analyzes how corporate ESG performance influences supply chain spillovers using 2013–2023 data from Chinese A-share listed companies. The results show that: The higher the ESG performance of a company, the better the ESG performance of its upstream suppliers and downstream customers; A company can improve its ESG performance by enhancing the green perceptions of executives in upstream and downstream companies in the supply chain and by alleviating the financing constraints of the upstream and downstream companies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107768"},"PeriodicalIF":7.4,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144321069","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
Minimum wage, labor productivity, and employment promotion 最低工资、劳动生产率和促进就业
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-13 DOI: 10.1016/j.frl.2025.107764
Bing Hou , Weiming Pang , Wenjie Li
{"title":"Minimum wage, labor productivity, and employment promotion","authors":"Bing Hou ,&nbsp;Weiming Pang ,&nbsp;Wenjie Li","doi":"10.1016/j.frl.2025.107764","DOIUrl":"10.1016/j.frl.2025.107764","url":null,"abstract":"<div><div>This paper selects the panel data of 31 provinces, autonomous regions, and cities from 2012 to 2022 as a sample and adopts the method of empirical analysis to deeply explore the intrinsic connection between minimum wage standard, labor productivity, and employment promotion. An appropriate increase in the minimum wage standard and labor productivity can effectively promote employment growth. However, this effect shows variability across regions. A region's income level can strengthen the minimum wage standard's positive employment promotion effect.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107764"},"PeriodicalIF":7.4,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144305020","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 does common institutional ownership affect business models innovation? 共同机构所有权如何影响商业模式创新？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-06-13 DOI: 10.1016/j.frl.2025.107765
Junrui Li , Lei Liu
{"title":"How does common institutional ownership affect business models innovation?","authors":"Junrui Li ,&nbsp;Lei Liu","doi":"10.1016/j.frl.2025.107765","DOIUrl":"10.1016/j.frl.2025.107765","url":null,"abstract":"<div><div>In the process of exploring how common institutional ownership affects the business model innovation of enterprises, this paper finds that there is a positive correlation between the two, and the path of action is to improve the dynamic capabilities of enterprises and reduce transaction costs. At the same time, the research shows that the promoting effect of common institutional ownership on the business model innovation of enterprises is more significant in the situations of non-state-owned enterprises, joint shareholding by stable institutional investors, a high level of development of the digital economy, and intense competition in the product market. This research provides guidance for enterprises to improve their corporate governance structure at the micro level, and offers references for the government to formulate regulatory policies for the capital market at the macro level.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"84 ","pages":"Article 107765"},"PeriodicalIF":7.4,"publicationDate":"2025-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144305010","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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