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ESG performance and sustainability concerns exposure 环境、社会和公司治理绩效与可持续发展问题
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-06 DOI: 10.1016/j.frl.2024.106434
Thanh Nam Vu
{"title":"ESG performance and sustainability concerns exposure","authors":"Thanh Nam Vu","doi":"10.1016/j.frl.2024.106434","DOIUrl":"10.1016/j.frl.2024.106434","url":null,"abstract":"<div><div>This paper analyzes stock returns' sensitivity to the newly introduced sustainability concerns index based on media indicators from LSEG MarketPsych for the US market from 2010 to 2023. While the results demonstrate that better ESG performance mitigates equities' sensitivity to sustainability concerns in society, the effects are mainly driven by firms' governance rather than environmental or social performance. This study underscores the vital role of good governance and management among ESG criteria for firms in promoting the stability of stock returns to changes in public concerns regarding sustainability issues.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106434"},"PeriodicalIF":7.4,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660553","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
Beyond threats: Extreme heatwaves and economic resilience in China 超越威胁：中国的极端热浪与经济恢复能力
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-06 DOI: 10.1016/j.frl.2024.106427
Xinya Wang , Huixiao Guo , Youwei Li , Shupei Huang
{"title":"Beyond threats: Extreme heatwaves and economic resilience in China","authors":"Xinya Wang ,&nbsp;Huixiao Guo ,&nbsp;Youwei Li ,&nbsp;Shupei Huang","doi":"10.1016/j.frl.2024.106427","DOIUrl":"10.1016/j.frl.2024.106427","url":null,"abstract":"<div><div>This study demonstrates extreme heatwaves have a positive impact on economic resilience in China at the provincial level, utilizing high spatial resolution temperature data. This effect may be attributed to heightened climate policy uncertainty and shifts in public climate perception. Furthermore, our findings reveal that these effects are particularly pronounced in the eastern regions of China and in provinces with large economic scales but relatively small agriculture output values.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106427"},"PeriodicalIF":7.4,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660563","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
Biodiversity risk and firm efficiency 生物多样性风险和公司效率
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-06 DOI: 10.1016/j.frl.2024.106414
Yulin Li, Xiaohui Liu, Jean Canil, Chee Seng Cheong
{"title":"Biodiversity risk and firm efficiency","authors":"Yulin Li,&nbsp;Xiaohui Liu,&nbsp;Jean Canil,&nbsp;Chee Seng Cheong","doi":"10.1016/j.frl.2024.106414","DOIUrl":"10.1016/j.frl.2024.106414","url":null,"abstract":"<div><div>This study examines the impact of biodiversity risk exposure on firm efficiency. Analyzing 23,750 firm-year observations from 2001 to 2020, we identify a significant negative relationship between biodiversity risk and firm efficiency. Our research indicates that increased external financing needs and higher capital costs, driven by biodiversity risk, are key channels contributing to reduced firm efficiency. Firms with higher biodiversity risk exposure demonstrate lower efficiency, especially those with greater idiosyncratic volatility. These findings highlight the economic costs and operational challenges posed by biodiversity risk, offering new insights into its direct impact on firm efficiency.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106414"},"PeriodicalIF":7.4,"publicationDate":"2024-11-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660653","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
Climate policy uncertainty and earnings management 气候政策的不确定性与收益管理
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-05 DOI: 10.1016/j.frl.2024.106393
Viet Tran
{"title":"Climate policy uncertainty and earnings management","authors":"Viet Tran","doi":"10.1016/j.frl.2024.106393","DOIUrl":"10.1016/j.frl.2024.106393","url":null,"abstract":"<div><div>I investigate how climate policy uncertainty (CPU) influences earnings management (EM). The analysis reveals that high levels of CPU are associated with a reduction in the absolute value of abnormal discretionary accruals. This relationship remains robust across two instrumental variable approaches, several internal and external governance factors, and various alternative measures of EM. Additionally, I find that the negative association between CPU and EM is more pronounced in firms with a higher likelihood of financial distress, greater institutional investor monitoring, and stronger corporate social responsibility (CSR) practices.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106393"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660559","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
Effects of digital economic antitrust policy on enhancing corporate innovation performance 数字经济反垄断政策对提高企业创新绩效的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-05 DOI: 10.1016/j.frl.2024.106385
Xiaofen Wang , Jing Yu , Jing Di
{"title":"Effects of digital economic antitrust policy on enhancing corporate innovation performance","authors":"Xiaofen Wang ,&nbsp;Jing Yu ,&nbsp;Jing Di","doi":"10.1016/j.frl.2024.106385","DOIUrl":"10.1016/j.frl.2024.106385","url":null,"abstract":"<div><div>By employing a difference-in-differences (DID) model, this study comprehensively examined the interplay between China's enforcement of anti-monopoly policies in the digital economy sector and its impact on corporate innovation performance. We selected listed companies operating within this industry from 2012 to 2022. The findings underscore the significant positive contribution of anti-monopoly policies in strengthening innovation performance among the sample firms and shed light on the crucial role of anti-monopoly measures in fortifying intellectual property protection mechanisms. This fosters an environment conducive to even higher levels of corporate innovation, providing a comprehensive understanding of the dynamics at play.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106385"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660576","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 finance policies, resource allocation, and corporate social responsibility 绿色金融政策、资源分配和企业社会责任
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-05 DOI: 10.1016/j.frl.2024.106392
Yanqiong Liu , Xiaoling Li
{"title":"Green finance policies, resource allocation, and corporate social responsibility","authors":"Yanqiong Liu ,&nbsp;Xiaoling Li","doi":"10.1016/j.frl.2024.106392","DOIUrl":"10.1016/j.frl.2024.106392","url":null,"abstract":"<div><div>This paper utilizes data from Chinese A-share listed companies from 2010 to 2019, using the Green Finance Innovation Pilot Zone as a quasi-natural experiment to deeply explore the impact of this policy on corporate social responsibility, and analyzes the effects of the policy from the perspectives of financing scale and financing costs. The findings indicate that the establishment of Green Finance Innovation Pilot Zones significantly promotes corporate social responsibility and affects the allocation of financial resources through mechanisms such as increasing financing costs and reducing financing scales. Under the strict regulation of the external green finance environment, companies' willingness and ability to undertake social responsibilities have significantly improved; this effect is particularly notable among secondary industry firms and high-tech enterprises.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106392"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660471","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
Stock-Term market impact of major cyber-attacks: Evidence for the ten most exposed insurance firms to cyber risk 重大网络攻击对股市的长期影响：暴露于网络风险最大的十家保险公司的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-05 DOI: 10.1016/j.frl.2024.106361
António Miguel Martins , Nuno Moutinho
{"title":"Stock-Term market impact of major cyber-attacks: Evidence for the ten most exposed insurance firms to cyber risk","authors":"António Miguel Martins ,&nbsp;Nuno Moutinho","doi":"10.1016/j.frl.2024.106361","DOIUrl":"10.1016/j.frl.2024.106361","url":null,"abstract":"<div><div>The main focus of this paper is to study empirically the impact of major cyberattacks in the market value of the ten most exposed insurers to cyber risk. Using an event study for 53 global cyberattacks, we observe a negative and statistically significant stock price reaction for insurers around the cyberattack disclosure dates. The increase in the assessed probability of an increase in future payments tends to prevail over the increase in demand and/or premiums caused by the disclosure of global major cyberattacks. The results of our analysis also show a higher negative stock market reaction for small insurers and when involves financial information loss.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106361"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660467","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 transformation and ESG performance: The chain mediating role of technological innovation and financing constraints 数字化转型与环境、社会和公司治理绩效：技术创新和融资约束的连锁中介作用
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-05 DOI: 10.1016/j.frl.2024.106387
Jian Xu, Jian Yin
{"title":"Digital transformation and ESG performance: The chain mediating role of technological innovation and financing constraints","authors":"Jian Xu,&nbsp;Jian Yin","doi":"10.1016/j.frl.2024.106387","DOIUrl":"10.1016/j.frl.2024.106387","url":null,"abstract":"<div><div>This paper aims to examine the impact of corporate digital transformation on environmental, social, and governance (ESG) performance of Chinese listed enterprises during 2018–2022. We also explore the chain mediating role of technological innovation and financing constraints. The paper suggests a positive relationship between digital transformation and ESG performance, and this impact is more prominent in private-owned enterprises, in large enterprises, and in high-tech and heavy-polluted industries. In addition, technological innovation and financing constraints have a chain mediating role in the influence of digital transformation on ESG performance. The findings will aid companies in improving ESG performance and achieving digital maturity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106387"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660557","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
Human capital disclosures and institutional ownership 人力资本披露和机构所有权
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-05 DOI: 10.1016/j.frl.2024.106384
Linh Thompson
{"title":"Human capital disclosures and institutional ownership","authors":"Linh Thompson","doi":"10.1016/j.frl.2024.106384","DOIUrl":"10.1016/j.frl.2024.106384","url":null,"abstract":"<div><div>We examine the effects of human capital disclosures on ownership structure. Firms which are highly intangible experienced an increase in institutional ownership concentration subsequent to the introduction of human capital disclosure rule. Using a differences-in-differences empirical design, we document that these firms also engaged in more earnings management. Collectively, these findings highlight the role of information disclosures in shaping ownership structure and corporate behaviors.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106384"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660558","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 equity pledges on analysts earnings forecasts 股权质押对分析师盈利预测的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-05 DOI: 10.1016/j.frl.2024.106380
Xiaoguang Gao , Juncheng Luo , Qiang Zhao
{"title":"Impact of equity pledges on analysts earnings forecasts","authors":"Xiaoguang Gao ,&nbsp;Juncheng Luo ,&nbsp;Qiang Zhao","doi":"10.1016/j.frl.2024.106380","DOIUrl":"10.1016/j.frl.2024.106380","url":null,"abstract":"<div><div>This study conducts an in-depth analysis of the relationship between the equity pledge phenomenon and analysts’ earnings forecast behavior using China's A-share listed companies from 2017 to 2022 as the research sample. Findings indicate that the existence of equity pledges increases the error range, optimism, and disagreement among analysts when making earnings forecasts. However, for non-state-owned enterprises, companies with a relatively high proportion of institutional shareholders, and those with better transparency, the impact of equity pledges on analysts’ forecasting behavior shows a weakening trend.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106380"},"PeriodicalIF":7.4,"publicationDate":"2024-11-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142660555","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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