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Board gender diversity and organization capital
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107254
Chu-Bin Lin , Zhengyang Qi , Yi-Wen Chen , Yicheng Sun
{"title":"Board gender diversity and organization capital","authors":"Chu-Bin Lin ,&nbsp;Zhengyang Qi ,&nbsp;Yi-Wen Chen ,&nbsp;Yicheng Sun","doi":"10.1016/j.frl.2025.107254","DOIUrl":"10.1016/j.frl.2025.107254","url":null,"abstract":"<div><div>This study examines the effects of board gender diversity on firms’ investment in organization capital (OC), drawing on a comprehensive dataset of US public firms from 2000 to 2019. The main findings suggest that firms with greater board gender diversity tend to allocate more resources toward OC. Our results remain robust when employing an instrumental variable approach and propensity score matching with difference-in-differences analysis to address endogeneity concerns. Furthermore, we find that board gender diversity amplifies the positive effects of OC on firm value. Our investigation provides new evidence of the positive relationship between board gender diversity and firm value.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107254"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143714639","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
Transmission effects of real estate risk on municipal bond spreads
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107245
Yan Ding , Changzheng Li , Sisi Ye
{"title":"Transmission effects of real estate risk on municipal bond spreads","authors":"Yan Ding ,&nbsp;Changzheng Li ,&nbsp;Sisi Ye","doi":"10.1016/j.frl.2025.107245","DOIUrl":"10.1016/j.frl.2025.107245","url":null,"abstract":"<div><div>Using data from the Shanghai Stock Exchange, Shenzhen Stock Exchange, Interbank Dealers Association, and National Development and Reform Commission spanning 2014–2022 as well as the difference-in-difference technique, this study examines the transmission effect of real estate risk events on municipal bond spreads. Findings reveal that municipal investment bond spreads in risk-sensitive areas increase significantly after a real estate risk event. However, this impact is mitigated by strengthening the government's guarantee ability. Furthermore, this study highlights that real estate risk events have a greater impact on low-credit-rated municipal investment bonds than on high-credit-rated ones, with potential implications for financial market stability and government credit.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107245"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143666319","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
Environmental responsibility governance: Local environmental legislation influence on corporate environmental investment decisions
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107250
Yuge Hu , Yifei Dong , Pradeep Paraman
{"title":"Environmental responsibility governance: Local environmental legislation influence on corporate environmental investment decisions","authors":"Yuge Hu ,&nbsp;Yifei Dong ,&nbsp;Pradeep Paraman","doi":"10.1016/j.frl.2025.107250","DOIUrl":"10.1016/j.frl.2025.107250","url":null,"abstract":"<div><div>This study examines the impact of local environmental legislation on corporate environmental investment, using data from Chinese A-share listed companies from 2011 to 2022. The findings reveal that stricter local environmental regulations significantly encourage firms to increase environmental investments. This effect is further amplified by environmental fines, which serve as a mediating mechanism. Additionally, the quality of internal corporate controls enhances the effectiveness of these regulations. A heterogeneity analysis shows that the positive influence of local environmental legislation on corporate environmental investment is more pronounced in state-owned enterprises and firms operating in economically developed regions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107250"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683232","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 finance, managerial ability, and corporate financing costs
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107235
Jiayue Xie , Shengnan Wang , Lu Chen , Yan Liu
{"title":"Digital finance, managerial ability, and corporate financing costs","authors":"Jiayue Xie ,&nbsp;Shengnan Wang ,&nbsp;Lu Chen ,&nbsp;Yan Liu","doi":"10.1016/j.frl.2025.107235","DOIUrl":"10.1016/j.frl.2025.107235","url":null,"abstract":"<div><div>This study uses data from the Chinese A-share market from 2012 to 2022 to examine the inherent relationship between corporate financing costs and digital finance. Findings reveal that digital finance greatly suppresses the costs of equity financing and debt financing. Improving managerial skills has a certain reinforcing effect on the aforementioned effects. The inhibitory effect of the depth of digital finance utilization on debt financing costs has not been fully realized.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107235"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143684667","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
Opportunities for higher education for children, financial literacy and household capital
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107236
Junwei Ni , Yidan Gao
{"title":"Opportunities for higher education for children, financial literacy and household capital","authors":"Junwei Ni ,&nbsp;Yidan Gao","doi":"10.1016/j.frl.2025.107236","DOIUrl":"10.1016/j.frl.2025.107236","url":null,"abstract":"<div><div>Using data from the China Family Panel Studies, this paper examines the impact of family capital—comprising economic and cultural capital—on children's access to higher education. It also investigates the moderating role of financial literacy in this relationship and the differences between urban and rural areas. The findings indicate that both economic and cultural capital have significant positive effects on children's access to higher education, with financial literacy further strengthening this relationship. Moreover, the influence of family capital on higher education opportunities is greater for children with urban household registration than for those in rural areas. Given these findings, policymakers and families should recognize the importance of these factors and implement effective measures to promote educational equity and social mobility. Such measures may include increasing investment in rural education and enhancing families’ economic stability, cultural awareness, and financial literacy.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107236"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683957","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
FinTech literature reviews: A hybrid approach
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107249
Dharen Kumar Pandey
{"title":"FinTech literature reviews: A hybrid approach","authors":"Dharen Kumar Pandey","doi":"10.1016/j.frl.2025.107249","DOIUrl":"10.1016/j.frl.2025.107249","url":null,"abstract":"<div><div>Using a hybrid literature review incorporating the TCCM (Theory, Context, Characteristics, Methodology) framework in bibliometric analysis, this study maps 68 Financial Technology (FinTech) literature reviews from top-ranked ABDC-listed journals, to reveal significant growth and scholarly attention since 2018. While highlighting influential journals and authors, it provides insights into different theories, contexts, characteristics, and methodologies adopted by researchers. <em>India</em> and the <em>United States</em> lead contributions, while the <em>United Kingdom</em> garners the highest citations. Network analysis unveils five thematic clusters, highlighting <em>regulatory issues, blockchain, innovation, financial inclusion</em> and <em>sustainability</em> topics. Future research should integrate <em>FinTech</em> with <em>ESG, Islamic finance</em>, and <em>financial inclusion</em>.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107249"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767568","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
From rules to results: How the ecological rule of law drives corporate pollution reduction
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107242
Chuanfei Wang , Pu Sun
{"title":"From rules to results: How the ecological rule of law drives corporate pollution reduction","authors":"Chuanfei Wang ,&nbsp;Pu Sun","doi":"10.1016/j.frl.2025.107242","DOIUrl":"10.1016/j.frl.2025.107242","url":null,"abstract":"<div><div>Robust ecological and environmental legal protections are vital for reducing pollution intensity, which is essential for balancing high-quality economic development and ecological benefits. Using the establishment of environmental courts in China as a quasi-natural experiment, this study examines how the ecological rule of law affects corporate pollution and the underlying mechanism. It employs a multiperiod propensity score matching–difference-in-differences model and analyzes data from Chinese A-share listed companies from 2007 to 2022. Results indicate that environmental courts significantly reduce corporate pollution intensity by encouraging green investor behavior. Heterogeneity analysis shows that this is particularly evident in resource-based cities. This study contributes to the literature on the influence of environmental courts on corporations, offering theoretical insights and empirical evidence for fostering ecological protection alongside economic development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107242"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683238","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
Recruitment compensation gaps and firm value
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107205
Haocheng Yue , Jingcheng Li
{"title":"Recruitment compensation gaps and firm value","authors":"Haocheng Yue ,&nbsp;Jingcheng Li","doi":"10.1016/j.frl.2025.107205","DOIUrl":"10.1016/j.frl.2025.107205","url":null,"abstract":"<div><div>Using recruitment information data of listed companies obtained from job platforms from 2014 to 2023, we examine the impact of recruitment compensation gaps on firm value. These findings indicate that compensation gaps in recruitment are not a manifestation of unfairness; rather, they exert a positive effect on companies, enhancing firm value. Further analysis concludes that the positive impact is pronounced for firms with higher market competition intensity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107205"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143739201","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
Exploring the risk-taking effects of industry–finance integration
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107247
Ying Cheng , Liang Qiao , Chaodan Yang , Chao Li , Wei Zhang , Haiying Chen
{"title":"Exploring the risk-taking effects of industry–finance integration","authors":"Ying Cheng ,&nbsp;Liang Qiao ,&nbsp;Chaodan Yang ,&nbsp;Chao Li ,&nbsp;Wei Zhang ,&nbsp;Haiying Chen","doi":"10.1016/j.frl.2025.107247","DOIUrl":"10.1016/j.frl.2025.107247","url":null,"abstract":"<div><div>This study examines nonfinancial Chinese firms listed on the A-share market that held at least a 5 % stake in financial institutions between 2012 and 2022. It explores the impact of industry–finance integration on corporate risk-taking levels. Findings indicate that adopting an integrated production and finance strategy increases firms’ risk-taking capacity. Moreover, this integration helps alleviate financing constraints, further amplifying their willingness to take risks. Notably, the positive effect of industry–finance integration on risk-taking is particularly evident among nonstate-owned enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"78 ","pages":"Article 107247"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143683966","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 effect of employee stock ownership plans on enhancing corporate innovation
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-03-18 DOI: 10.1016/j.frl.2025.107233
Xiaohan Sun , Yongyu Lu , Shan Tian
{"title":"The effect of employee stock ownership plans on enhancing corporate innovation","authors":"Xiaohan Sun ,&nbsp;Yongyu Lu ,&nbsp;Shan Tian","doi":"10.1016/j.frl.2025.107233","DOIUrl":"10.1016/j.frl.2025.107233","url":null,"abstract":"<div><div>This study investigates the impact of employee stock ownership plans (ESOPs) on corporate innovation performance in China using a sample of A-share listed companies that implemented ESOPs from 2015 to 2022. The findings indicate that ESOPs significantly enhance corporate innovation performance. This positive effect is due to reduced agency costs and narrowed pay gaps. The study proposes and tests three hypotheses to explore the mechanisms underlying the relationship between ESOPs and innovation performance. The empirical results confirm that ESOPs foster shared ownership, align interests with corporate goals, and promote collaboration and innovation.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"79 ","pages":"Article 107233"},"PeriodicalIF":7.4,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143705946","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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