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How can wage restriction order affect a firms' financialization?
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-02-01 DOI: 10.1016/j.frl.2024.106506
Yan Xie , Juan Zhang , Kun Zhang , Yixin Ren
{"title":"How can wage restriction order affect a firms' financialization?","authors":"Yan Xie ,&nbsp;Juan Zhang ,&nbsp;Kun Zhang ,&nbsp;Yixin Ren","doi":"10.1016/j.frl.2024.106506","DOIUrl":"10.1016/j.frl.2024.106506","url":null,"abstract":"<div><div>This paper employs Chinese A-share listed firms from 2011 to 2022 to investigate the correlation between the reform of the remuneration system, represented by the Wage Restriction Order, and the process of corporate financialization. The results emphasize that implementing the Wage Restriction Order can impede business financialization in terms of willingness and magnitude. Moreover, the Wage Restriction Order hinders corporate financialization by optimizing executives' compensation structure and reducing managers' short-sightedness. The diverse impacts of the Wage Restriction Order on corporate financialization arise from the labor costs mechanism.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106506"},"PeriodicalIF":7.4,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143146098","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 do financial markets price political uncertainty? Evidence from the 2024 United States presidential election
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-31 DOI: 10.1016/j.frl.2025.106879
Matthew Flynn, Augustine Tarkom
{"title":"How do financial markets price political uncertainty? Evidence from the 2024 United States presidential election","authors":"Matthew Flynn,&nbsp;Augustine Tarkom","doi":"10.1016/j.frl.2025.106879","DOIUrl":"10.1016/j.frl.2025.106879","url":null,"abstract":"<div><div>This study examines the relationship between perceived election outcomes and financial markets by analyzing the unique case of a United States presidential candidate with direct corporate interests. Focusing on Donald Trump's media company (DJT) and his 2024 presidential election odds from betting markets, we document robust evidence of market interdependence across multiple empirical specifications. Our findings reveal that while betting markets efficiently incorporate new political information, financial markets demonstrate systematic delays in price adjustment, suggesting the presence of information processing frictions. These results provide novel insights into the differential speed and efficiency of political information processing across market types.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"75 ","pages":"Article 106879"},"PeriodicalIF":7.4,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143125363","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 transition incentives with loan guarantees
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-31 DOI: 10.1016/j.frl.2025.106850
Wenyang Xu, Zhaojun Yang, Nanhui Zhu
{"title":"ESG transition incentives with loan guarantees","authors":"Wenyang Xu,&nbsp;Zhaojun Yang,&nbsp;Nanhui Zhu","doi":"10.1016/j.frl.2025.106850","DOIUrl":"10.1016/j.frl.2025.106850","url":null,"abstract":"<div><div>This paper develops a model of ESG transition in a loan–guarantee framework. By incorporating tax subsidies with loan guarantees, the financial stress due to the transition is alleviated. We find that the ESG ongoing input makes the transition postponed such that ESG transition investment threshold first increases and then decreases with the tax subsidy rate. At a sufficiently low transition cost, a higher risk induces a lower firm value; if the cost exceeds a threshold, a higher risk conversely results in a higher firm value. Our model provides empirical implications, which are helpful for governments to design ESG-related incentive policies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"75 ","pages":"Article 106850"},"PeriodicalIF":7.4,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143125364","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
Do climate risks matter for intersectoral systemic risk spillovers? Evidence from China
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-30 DOI: 10.1016/j.frl.2025.106873
Xin Hu , Bo Zhu
{"title":"Do climate risks matter for intersectoral systemic risk spillovers? Evidence from China","authors":"Xin Hu ,&nbsp;Bo Zhu","doi":"10.1016/j.frl.2025.106873","DOIUrl":"10.1016/j.frl.2025.106873","url":null,"abstract":"<div><div>This study examines how climate physical risk (CPR) and climate transition risk (CTR) influence systemic risk spillovers across China's economic and financial sectors. Using a quantile connectedness approach, we estimate the intersectoral risk spillovers. The results show that CTR significantly exacerbates these spillovers, particularly in energy-intensive sectors, while CPR's impact is less pronounced. Moreover, we uncover an interaction between CPR and CTR and show that CTR's effects intensify during periods of heightened economic policy uncertainty. These findings reveal climate risks' critical threat to economic and financial stability and suggest developing prudential regulations to mitigate climate-induced systemic risk.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"75 ","pages":"Article 106873"},"PeriodicalIF":7.4,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143176815","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 financial openness mitigate carbon emissions? Evidence from a cross-country study
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-29 DOI: 10.1016/j.frl.2025.106875
Xiaobo Fang , Dahai Fu , Yushi Xian , Ying Zhang
{"title":"Does financial openness mitigate carbon emissions? Evidence from a cross-country study","authors":"Xiaobo Fang ,&nbsp;Dahai Fu ,&nbsp;Yushi Xian ,&nbsp;Ying Zhang","doi":"10.1016/j.frl.2025.106875","DOIUrl":"10.1016/j.frl.2025.106875","url":null,"abstract":"<div><div>This study empirically investigates the impact of financial openness on carbon emission intensities at the country-level. Utilizing a fixed effects model and a comprehensive dataset across more than 100 countries from 1971 to 2019, we find that financial openness significantly reduces carbon emission intensities. The results are robust to various sensitivity analyses and control for potential endogeneity issues. The analysis of dynamic effects indicates that financial openness has a long-term reducing effect on carbon emissions. We also explore the mechanisms through which financial openness affects carbon emissions, including energy structure transformation and economic transition.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"75 ","pages":"Article 106875"},"PeriodicalIF":7.4,"publicationDate":"2025-01-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143125285","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
Risk spillovers between the BRICS and the U.S. staple grain futures markets
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-28 DOI: 10.1016/j.frl.2025.106835
Ying-Hui Shao , Yan-Hong Yang , Wei-Xing Zhou
{"title":"Risk spillovers between the BRICS and the U.S. staple grain futures markets","authors":"Ying-Hui Shao ,&nbsp;Yan-Hong Yang ,&nbsp;Wei-Xing Zhou","doi":"10.1016/j.frl.2025.106835","DOIUrl":"10.1016/j.frl.2025.106835","url":null,"abstract":"<div><div>This study examines spillover effects in the BRICS staple grain futures markets and their linkages with the U.S. markets. Results show that contemporaneous spillovers dominate, while net spillovers are driven by lagged connectedness. Systemic risk is lower in intra-BRICS markets than in those including the U.S., highlighting the U.S. grain market’s significant influence. Brazilian and U.S. grains, excluding rice, are key net spillover contributors, while South African grains serve as major net receivers. Spillovers between soybeans are the strongest. Our findings have implications for policymakers aiming to mitigate systemic risks and for investors managing grain futures portfolios amid geopolitical events.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"75 ","pages":"Article 106835"},"PeriodicalIF":7.4,"publicationDate":"2025-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143125345","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
Macroeconomic determinants of the stock market: A comparative study of Anglosphere and BRICS
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-28 DOI: 10.1016/j.frl.2025.106869
Andreas Humpe , David G. McMillan , Alfred Schöttl
{"title":"Macroeconomic determinants of the stock market: A comparative study of Anglosphere and BRICS","authors":"Andreas Humpe ,&nbsp;David G. McMillan ,&nbsp;Alfred Schöttl","doi":"10.1016/j.frl.2025.106869","DOIUrl":"10.1016/j.frl.2025.106869","url":null,"abstract":"<div><div>This study examines and compares the macroeconomic determinants of stock markets in BRICS (Brazil, Russia, India, China, and South Africa) and Anglosphere (Australia, Canada, New Zealand, the United Kingdom, and the United States) countries given their different economic structures. Using quarterly data from 1995Q3 to 2023Q3, we employ a panel Autoregressive Distributed Lag (ARDL) cointegration approach to analyse the long-run relations between real stock prices and the key macroeconomic variables of real GDP, consumer price index (CPI), policy rates, and money supply. Our findings show that in Anglosphere countries, there is a significant positive elastic long-run relation between stock prices and real GDP, and a significant negative elastic relation with CPI. Thus, economic growth enhances stock market performance while inflation adversely affects it in these developed economies. For BRICS countries, we identify a significant positive inelastic long-run relation between stock prices and CPI, indicating that stock markets in these emerging economies act as an inflation hedge. Policy rates and money supply are not significant for either group. These results highlight that different macroeconomic dynamics influence stock markets across developed and emerging economies, implying different risk characteristics. The Anglosphere stock markets are driven by the competing macroeconomic effects arising from GDP and CPI, whereas for the BRICS stock markets, inflationary conditions are of primary importance. The study offers insights for investors and policymakers regarding asset allocation strategies and the formulation of policies tailored to different economic blocs.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"75 ","pages":"Article 106869"},"PeriodicalIF":7.4,"publicationDate":"2025-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143175816","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
Government-led green supply chain demonstration and corporate maturity mismatch: Evidence from China
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-28 DOI: 10.1016/j.frl.2025.106870
Muyan Liu , Lu Shen , Yuehan Yan
{"title":"Government-led green supply chain demonstration and corporate maturity mismatch: Evidence from China","authors":"Muyan Liu ,&nbsp;Lu Shen ,&nbsp;Yuehan Yan","doi":"10.1016/j.frl.2025.106870","DOIUrl":"10.1016/j.frl.2025.106870","url":null,"abstract":"<div><div>This paper employs a difference-in-differences methodology to examine the impact of government-led green supply chain management (GSCM) certification on corporate maturity mismatch. The results demonstrate that GSCM certification significantly alleviates maturity mismatch. The effect is more pronounced for non-state-owned firms, firms with low-quality environmental information disclosure and those subject to weak environmental regulations. Mechanism analysis indicates that enhanced access to long-term loans and extended debt maturity structures are the primary channels through which GSCM certification mitigates maturity mismatch. These findings highlight the critical role of government-led green certification initiatives in addressing corporate maturity mismatch and reducing credit discrimination.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"75 ","pages":"Article 106870"},"PeriodicalIF":7.4,"publicationDate":"2025-01-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143175813","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
Impact of enterprise artificial intelligence on social responsibility: Evidence from text analysis
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-27 DOI: 10.1016/j.frl.2025.106868
Ying Yang , Ran An , Jie Song
{"title":"Impact of enterprise artificial intelligence on social responsibility: Evidence from text analysis","authors":"Ying Yang ,&nbsp;Ran An ,&nbsp;Jie Song","doi":"10.1016/j.frl.2025.106868","DOIUrl":"10.1016/j.frl.2025.106868","url":null,"abstract":"<div><div>In this study, the researchers created an artificial intelligence (AI) keyword dictionary using 2010–2021 microdata from listed Chinese firms and Python's text recognition method. Examining the frequency of AI-related keywords’ use in corporate annual reports, the study assessed their AI development level to empirically investigate the impact of AI development on corporate social responsibility (CSR). Results show that AI can significantly improve CSR. Heterogeneity analysis showed pronounced correlation between AI and CSR in heavily polluting non-state-owned enterprises operating within highly competitive industries. This study enriches the relevant research on CSR and provides a theoretical foundation for enterprises to advance their AI technology implementation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"75 ","pages":"Article 106868"},"PeriodicalIF":7.4,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143175626","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 financial innovation and industrial structure upgrading reduce regional criminal activity levels?
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-01-27 DOI: 10.1016/j.frl.2025.106862
Huasheng Huang , Xiaoli Xu , Shilin Du
{"title":"Can financial innovation and industrial structure upgrading reduce regional criminal activity levels?","authors":"Huasheng Huang ,&nbsp;Xiaoli Xu ,&nbsp;Shilin Du","doi":"10.1016/j.frl.2025.106862","DOIUrl":"10.1016/j.frl.2025.106862","url":null,"abstract":"<div><div>Using data from 31 provinces in China from 2010 to 2022, this study examines the impact of financial innovation and industrial structure upgrading on regional criminal crime levels. Empirical findings demonstrate that financial innovation can diminish regional crime rates, and industrial structure upgrading can similarly reduce regional crime levels. Moreover, industrial structure upgrading mediates the relationship between financial innovation and regional crime levels. The influence of financial innovation on criminal activity levels differs across different regions. Finally, a threshold effect of economic development level exists on the impact of financial innovation on regional crime levels.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"75 ","pages":"Article 106862"},"PeriodicalIF":7.4,"publicationDate":"2025-01-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143175627","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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