发布求助
文献互助 智能选刊 最新文献

Finance Research Letters最新文献

筛选
英文 中文
Media attention and financial returns to ESG performance 媒体关注和ESG绩效的财务回报
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-06 DOI: 10.1016/j.frl.2026.109471
Lei Zhang , Jie Chen , Hongrui Zeng
{"title":"Media attention and financial returns to ESG performance","authors":"Lei Zhang ,&nbsp;Jie Chen ,&nbsp;Hongrui Zeng","doi":"10.1016/j.frl.2026.109471","DOIUrl":"10.1016/j.frl.2026.109471","url":null,"abstract":"<div><div>This study investigates the impact of corporate environmental, social, and governance (ESG) practices on firm performance and the moderating role of media attention in this relationship. Using panel data from Chinese A-share listed firms, strong ESG engagement significantly improves economic value added (EVA) and overall financial performance. Media attention amplifies this positive effect by enhancing information transparency, strengthening stakeholder oversight, and reinforcing reputational incentives. Additional analyses reveal that the ESG-performance relationship is more pronounced among nonstate-owned enterprises and firms operating in less energy-intensive industries, indicating that ownership structure and industry characteristics condition the economic value of ESG initiatives.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109471"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145902438","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
Executive digital backgrounds and firm investment efficiency 高管数字化背景与企业投资效率
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-16 DOI: 10.1016/j.frl.2026.109528
Hong Yang , Yuzhen Pan
{"title":"Executive digital backgrounds and firm investment efficiency","authors":"Hong Yang ,&nbsp;Yuzhen Pan","doi":"10.1016/j.frl.2026.109528","DOIUrl":"10.1016/j.frl.2026.109528","url":null,"abstract":"<div><div>Digital technologies have substantially reshaped corporate decision-making processes. This research aims to explore how executives’ digital backgrounds influence firms’ investment outcomes. Grounded in a large dataset of listed Chinese companies between 2016 and 2024, we found robust evidence that companies led by executives with digital backgrounds exhibit significantly higher investment efficiency, especially among technology-intensive firms and those surrounded by higher information asymmetry. The positive relation persists after a battery of econometric tests. Further analyses reveal that data-driven decision-making and alternative financing options serve as key mechanisms. Overall, this study advances the burgeoning research on management teams and corporate investment.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109528"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995226","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 government governance, supply chain finance empowerment, and enterprise innovation efficiency 数字政府治理、供应链金融赋权与企业创新效率
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-15 DOI: 10.1016/j.frl.2026.109521
Yiyu Wang , Zixuan Wang , Zhaojun Meng
{"title":"Digital government governance, supply chain finance empowerment, and enterprise innovation efficiency","authors":"Yiyu Wang ,&nbsp;Zixuan Wang ,&nbsp;Zhaojun Meng","doi":"10.1016/j.frl.2026.109521","DOIUrl":"10.1016/j.frl.2026.109521","url":null,"abstract":"<div><div>Utilizing a panel dataset of A-share listed firms on the Shanghai and Shenzhen Stock Exchanges from 2013 to 2023, this study systematically investigates the mechanisms and boundary conditions through which digital government governance (DGG) affects enterprise innovation efficiency. The study finds: there is a significant positive correlation between DGG and enterprise innovation efficiency, and this conclusion remains robust after parallel trend tests, PSM-DID, and a series of robustness checks; the positive impact of DGG on enterprise innovation efficiency exhibits heterogeneity between firms with low fixed-asset ratios and those with high fixed-asset ratios; supply chain finance empowerment acts as a significant mediating channel linking DGG to innovation efficiency; however, this mediating role is evident only in industries characterized by high technological intensity and is statistically insignificant in low-tech-intensity sectors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109521"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995229","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
ESG and bank loan cost ESG和银行贷款成本
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-17 DOI: 10.1016/j.frl.2025.109395
Chih-Liang Liu, Chih-Kai Tsui
{"title":"ESG and bank loan cost","authors":"Chih-Liang Liu,&nbsp;Chih-Kai Tsui","doi":"10.1016/j.frl.2025.109395","DOIUrl":"10.1016/j.frl.2025.109395","url":null,"abstract":"<div><div>This study examines whether Environmental, Social, and Governance (ESG) performance influences bank lending conditions. Using 2916 firm-loan observations from 2016 to 2023 in Taiwan, we find that superior ESG performance significantly reduces loan interest rates and collateral requirements. Comprehensive ESG scores demonstrate substantial effects on both lending dimensions, with social responsibility proving most influential for interest rate reductions and environmental performance most effective for collateral relief. Exploiting the COVID-19 pandemic as an exogenous shock through difference-in-differences methodology, we provide causal evidence that ESG performance functions as crisis-resilience insurance. High-ESG firms secured considerable interest rate and collateral advantages during the pandemic, with governance quality emerging as the most influential dimension during crisis periods. Our findings advance sustainable finance literature by providing the first comprehensive analysis of ESG effects across multiple lending dimensions simultaneously.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109395"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145784409","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
Social credit system construction and corporate rent-seeking: Evidence from China 社会信用体系建设与企业寻租：来自中国的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-24 DOI: 10.1016/j.frl.2026.109574
Peng Liu , Jianfei Shen , Hualong Li
{"title":"Social credit system construction and corporate rent-seeking: Evidence from China","authors":"Peng Liu ,&nbsp;Jianfei Shen ,&nbsp;Hualong Li","doi":"10.1016/j.frl.2026.109574","DOIUrl":"10.1016/j.frl.2026.109574","url":null,"abstract":"<div><div>Existing research lacks empirical evidence on whether the construction of the social credit system (SCS) curbs corporate rent‑seeking. This study uses Chinese A‑share firms (2010–2023), treating the phased rollout of “SCS Construction Model Cities” (Credit model cities) as a quasi‑natural experiment and applying a multi‑period difference‑in‑differences (DID) design. Results show SCS construction significantly reduces corporate rent‑seeking, robust to various checks. Mechanism tests indicate SCS acts by improving the information environment and enhancing market competition. Corporate digital transformation positively moderates this effect. Heterogeneity analysis finds stronger effects in regions with weak institutions (low fiscal transparency, low innovation capacity). The study provides a theoretical perspective on how formal institutions curb corporate rent‑seeking in the digital era.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109574"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146185537","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 marketing, social media sentiment, and corporate cash flow 数字营销、社会媒体情感和企业现金流
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-20 DOI: 10.1016/j.frl.2026.109538
Yang Zhang , Manru Jiang
{"title":"Digital marketing, social media sentiment, and corporate cash flow","authors":"Yang Zhang ,&nbsp;Manru Jiang","doi":"10.1016/j.frl.2026.109538","DOIUrl":"10.1016/j.frl.2026.109538","url":null,"abstract":"<div><div>This paper utilizes panel data from non-financial listed companies in the A-share market from 2015 to 2023 to construct a two-way fixed effects model that explores the impact of digital marketing, social media sentiment, and their interactions on corporate cash flow. Empirical results indicate that: digital marketing significantly enhances corporate cash flow; social media sentiment positively moderates the relationship between digital marketing and operating cash flow; there exists a marginal diminishing return of the relationship between digital marketing and corporate cash flow, characterized as an inverted \"U\" shape; the moderating effect of social media sentiment in the relationship between digital marketing and operating cash flow exhibits heterogeneity across companies with different operational leverage.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109538"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146014271","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 social capital combat corporate greenwashing? evidence from China 社会资本能对抗企业的“漂绿”吗？来自中国的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-09 DOI: 10.1016/j.frl.2026.109500
Yicheng Kuai , Mengmeng Guo
{"title":"Can social capital combat corporate greenwashing? evidence from China","authors":"Yicheng Kuai ,&nbsp;Mengmeng Guo","doi":"10.1016/j.frl.2026.109500","DOIUrl":"10.1016/j.frl.2026.109500","url":null,"abstract":"<div><div>We investigate whether social capital constrains corporate greenwashing, using the historical placement of revolutionary base areas in China as a source of plausibly exogenous variation in local norms. Using data from 2009 to 2023, we find that firms in regions with high social capital exhibit significantly less greenwashing. This effect operates through improved internal governance and external monitoring. The impact of social capital is more pronounced for firms without political connections, firms with strong managerial green awareness, and in heavily polluting and highly concentrated industries. Furthermore, we demonstrate that social capital promotes actual environmental performance. Our findings provide robust evidence that deep-rooted informal institutions are a critical governance mechanism for promoting corporate environmental authenticity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109500"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145973647","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 subsidies policy, artificial intelligence investment, and corporate green innovation bubbles 绿色信贷补贴政策、人工智能投资与企业绿色创新泡沫
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-23 DOI: 10.1016/j.frl.2026.109569
Qiaoyan Sheng , Yan Lv
{"title":"Green credit subsidies policy, artificial intelligence investment, and corporate green innovation bubbles","authors":"Qiaoyan Sheng ,&nbsp;Yan Lv","doi":"10.1016/j.frl.2026.109569","DOIUrl":"10.1016/j.frl.2026.109569","url":null,"abstract":"<div><div>The green credit subsidies policy, as an important combination of fiscal and financial instruments, is exerting a profound impact on corporate green innovation activities. This study treats the policy as a quasi-natural experiment to examine its effects on corporate green innovation bubbles and the underlying mechanisms. The findings indicate that implementing the green credit subsidies policy can significantly curb corporate green innovation bubbles. Mechanism analysis shows that improving environmental information disclosure quality and financing availability are the key channels through which the policy suppresses green innovation bubbles, and artificial intelligence investment plays a significant moderating role in these channels. Further moderation analysis reveals that the higher the level of artificial intelligence investment, the stronger the inhibitory effect of the green credit subsidies policy on green innovation bubbles. Heterogeneity analysis finds that the policy’s suppressive effect is more pronounced in non-state-owned enterprises, non-heavy-pollution industries, and regions with lower government environmental attention.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109569"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146033959","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 dynamics of managerial myopia across CEO tenure stages CEO任期内管理近视的动态
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-21 DOI: 10.1016/j.frl.2026.109552
Bao Qi , Jianxiang Liu , Fan Hu
{"title":"The dynamics of managerial myopia across CEO tenure stages","authors":"Bao Qi ,&nbsp;Jianxiang Liu ,&nbsp;Fan Hu","doi":"10.1016/j.frl.2026.109552","DOIUrl":"10.1016/j.frl.2026.109552","url":null,"abstract":"<div><div>Managerial myopia, the excessive focus on short-term performance over long-term value, remains a key challenge in corporate governance. While scholars suggest myopia may vary across CEO tenure stages, direct empirical evidence remains scarce. Using data from Chinese A-share listed firms (2010–2023) and a lexicon-based textual analysis of MD&amp;A reports, this study quantifies managerial myopia and examines its dynamics over CEO tenure. Results show that myopia is significantly higher in both early and late tenure stages, with the late-tenure effect pronounced only before planned departures but not in cases of unexpected turnover. These patterns are accompanied by significant reductions in physical capital investment and R&amp;D expenditure, underscoring the adverse impact of myopia on long-term investment. This study provides novel text-based evidence on the tenure–myopia relationship, enriches the literature on managerial behavior, and offers practical implications for executive incentives and tenure design.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109552"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146033956","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 government attention to new quality productive forces affect corporate labor income share? 政府对新型优质生产力的关注如何影响企业劳动收入占比？
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-30 DOI: 10.1016/j.frl.2026.109590
Nutao Yu, Cao Peng, Kejin Chen
{"title":"How does government attention to new quality productive forces affect corporate labor income share?","authors":"Nutao Yu,&nbsp;Cao Peng,&nbsp;Kejin Chen","doi":"10.1016/j.frl.2026.109590","DOIUrl":"10.1016/j.frl.2026.109590","url":null,"abstract":"<div><div>This paper takes listed companies on the Shanghai and Shenzhen Chinese A-share markets from year 2011 to 2022 as the research sample, quantifies government attention to new quality productive forces through the frequency of related terms in local government work reports, and examines its impact effect and mechanism on the labor income share within the jurisdiction. The study finds that the increase in government attention to new quality productive forces significantly raises the labor income share of enterprises, and this conclusion remains valid after a series of robustness tests. Mechanism testing reveals that government attention to new quality productive forces enhances the labor income share by promoting increased corporate R&amp;D investment and human capital adjustments. Heterogeneity analysis finds that the promotion effect is more pronounced for enterprises that are non-state-owned, in the manufacturing sector, or located in high marketization regions. The conclusions of this paper can provide certain policy implications for the government to develop new quality productive forces and increase the labor income share of enterprises to some extent.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109590"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146089524","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信
小红书