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Can value-added tax reform improve the export competitiveness? Evidence from China 增值税改革能提高出口竞争力吗？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: 2026-01-31 DOI: 10.1016/j.frl.2026.109595
Chao Meng , Yimei Zhang
{"title":"Can value-added tax reform improve the export competitiveness? Evidence from China","authors":"Chao Meng ,&nbsp;Yimei Zhang","doi":"10.1016/j.frl.2026.109595","DOIUrl":"10.1016/j.frl.2026.109595","url":null,"abstract":"<div><div>This study uses data of China’s A-share listed firms spanning 2012–2022 to analyze the effect of value-added tax (VAT) credit refunds on export competitiveness. Additionally, it explores the characteristics of heterogeneity, analyzing the connection between tax policy and competitiveness. Notably, VAT credit refunds significantly improve firms’ export competitiveness. Mediation effect test concludes that firms’ cash flow and research and development investment play a partial intermediary role between VAT credit refunds and firm export competitiveness. Heterogeneity analysis indicates that the improvement effect is more significant in firms issuing standard audit opinions; firms with financial backgrounds; firms with directors, supervisors, and senior executives; and firms without overseas backgrounds. This study provides empirical evidence and policy reference for improving the VAT credit refund policy and assisting firms enhance their export competitiveness.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"93 ","pages":"Article 109595"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146187308","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
Co-moving systems with explosive regressors and time-varying volatility: Evidence from the Spanish housing market 具有爆炸性回归量和时变波动的共同移动系统：来自西班牙房地产市场的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-28 DOI: 10.1016/j.frl.2026.109564
Omar Blanco-Arroyo , Vicente Esteve , María A. Prats
{"title":"Co-moving systems with explosive regressors and time-varying volatility: Evidence from the Spanish housing market","authors":"Omar Blanco-Arroyo ,&nbsp;Vicente Esteve ,&nbsp;María A. Prats","doi":"10.1016/j.frl.2026.109564","DOIUrl":"10.1016/j.frl.2026.109564","url":null,"abstract":"<div><div>This study investigates the co-explosivity between Spain’s nominal house price index and the housing credit-to-GDP ratio over the period 1971–2024, with particular emphasis on the housing bubble years from 1998 to 2008. Applying the framework proposed by <span><span>Chen et al. (2017)</span></span>, the analysis reveals an asymmetric relationship: house prices exhibit a stronger sensitivity to credit expansion than credit does to price increases, underscoring the disproportionate influence of credit on housing market dynamics. During the 1998–2008 bubble phase, the relationship becomes more symmetric, suggesting a feedback loop in which relaxed lending standards fueled housing demand, while rising prices reinforced further credit growth. This period is characterized by tighter coupling between the two variables, stronger co-movement, and faster correction dynamics—indicative of speculative lending behavior. The findings highlight the importance of monitoring credit conditions to better understand and manage housing market volatility.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109564"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146071790","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 regional green finance development on green transformation of enterprises 区域绿色金融发展对企业绿色转型的影响
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-19 DOI: 10.1016/j.frl.2025.109412
Shuai Huang , Yiqing Wang , Siqi Li , Dongliang Pan
{"title":"Impact of regional green finance development on green transformation of enterprises","authors":"Shuai Huang ,&nbsp;Yiqing Wang ,&nbsp;Siqi Li ,&nbsp;Dongliang Pan","doi":"10.1016/j.frl.2025.109412","DOIUrl":"10.1016/j.frl.2025.109412","url":null,"abstract":"<div><div>In the context of pursuing sustainable development, promoting green transformation of enterprises has become a core issue. Taking Chinese A-share listed companies from (2010–2023), this study constructs a composite index of regional green financial development covering seven dimensions, including green credit, investment, insurance, and others. It adopts the green innovation quality and green total factor productivity of enterprises as the measure of corporate green transformation and constructs a two-way fixed effect model to conduct empirical tests. It is found that regional green financial development can significantly promote the green transformation of enterprises, and this conclusion holds after a series of robustness tests. Mechanism testing reveals that green finance (GF) primarily promotes corporate green transformation by enhancing innovation capabilities and alleviating financing constraints. Heterogeneity analysis indicates that regional GF exerts a more pronounced effect on the green transformation of heavily polluting enterprises and non-state-owned enterprises. This study not only provides solid evidence for understanding the policy effects of GF but also provides important policy insights for regions to guide the green upgrading of industries.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109412"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145786062","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
Blockchain technology, big data evidence, and financial crime 区块链技术、大数据证据和金融犯罪
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2025-12-05 DOI: 10.1016/j.frl.2025.109259
Yuchi Zhang , Fupeng Duan
{"title":"Blockchain technology, big data evidence, and financial crime","authors":"Yuchi Zhang ,&nbsp;Fupeng Duan","doi":"10.1016/j.frl.2025.109259","DOIUrl":"10.1016/j.frl.2025.109259","url":null,"abstract":"<div><div>Based on data from listed companies between 2013 and 2023, this paper explores the relationship between the application of blockchain technology, the capabilities of big data evidence, and corporate financial crime. The study finds that higher levels of blockchain technology application correlate with lower rates of corporate financial crime; stronger big data evidence capabilities are associated with decreased financial crime; and big data evidence capabilities mediate the relationship between blockchain technology application and financial crime. Furthermore, this mediating role exhibits heterogeneity across companies with varying levels of financial leverage. The research conclusions provide new empirical support for the role of digital technology in financial governance and risk management.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"91 ","pages":"Article 109259"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145704982","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 media supervision enhance corporate environmental compliance? The roles of information transparency and financing constraints 媒体监督能促进企业环境合规吗？信息透明度与融资约束的作用
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.2026.109527
JiaLiang Guo , Chao Zhang
{"title":"Can media supervision enhance corporate environmental compliance? The roles of information transparency and financing constraints","authors":"JiaLiang Guo ,&nbsp;Chao Zhang","doi":"10.1016/j.frl.2026.109527","DOIUrl":"10.1016/j.frl.2026.109527","url":null,"abstract":"<div><div>Using panel data of Chinese A-share listed firms from 2011–2024, this study examines whether media supervision enhances corporate environmental compliance and explores its underlying mechanisms. Results show that media coverage significantly improves firms’ ESG performance by strengthening information transparency and public pressure. Moreover, media supervision promotes compliance indirectly by increasing information transparency and easing financing constraints. The effect is stronger for state-owned enterprises than for private firms, reflecting differences in social responsibility pressure and reputation incentives.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109527"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145995980","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
Artificial Intelligence startups and financial conditions: Evidence from Italy 人工智能创业公司和财务状况：来自意大利的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-27 DOI: 10.1016/j.frl.2026.109584
Elisa Giaretta, Francesco Zen
{"title":"Artificial Intelligence startups and financial conditions: Evidence from Italy","authors":"Elisa Giaretta,&nbsp;Francesco Zen","doi":"10.1016/j.frl.2026.109584","DOIUrl":"10.1016/j.frl.2026.109584","url":null,"abstract":"<div><div>Artificial intelligence (AI) startups play a crucial role in technological and economic development, yet their financing mechanisms remain underexplored. This study examines the funding of AI startups, analyzing a dataset of 9,000 Italian innovative startups, including 588 AI-focused ventures. Results indicate that AI startups present better financial conditions than their peers, specifically greater liquidity ratio, solvency ratio, current ratio and interest coverage. Further analyses highlight the factors that may influence investment decisions, such as skilled employees, R&amp;D intensity and a management team characterized by a greater presence of young people and a lower presence of women and foreigners.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109584"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146071484","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 and supply chain resilience of manufacturing firms 数字金融与制造业企业供应链弹性
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-29 DOI: 10.1016/j.frl.2026.109589
Haohua Liu, Qiang Pan
{"title":"Digital finance and supply chain resilience of manufacturing firms","authors":"Haohua Liu,&nbsp;Qiang Pan","doi":"10.1016/j.frl.2026.109589","DOIUrl":"10.1016/j.frl.2026.109589","url":null,"abstract":"<div><div>This study investigated the impact of digital finance on the supply chain resilience of manufacturing firms. The results indicate that digital finance significantly improves the supply chain resilience of manufacturing firms. Mechanistically, digital finance enhances the supply chain resilience of manufacturing firms through three channels: alleviating financing constraints, promoting digital transformation of firms, and boosting innovation capacity. Heterogeneity analysis suggests that this resilience-enhancing effect is more pronounced for large firms, firms with high financial risk, and firms in regions with improved digital infrastructure. The findings of this paper offer valuable insights into the relationship between digital finance and supply chain resilience, holding critical implications for both policymakers and corporate managers to formulate resilience strategies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109589"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146071785","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 infrastructure development and credit constraints 数字基础设施发展与信贷约束
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-01 DOI: 10.1016/j.frl.2025.109466
Xueliang Lv , Yutong Xue
{"title":"Digital infrastructure development and credit constraints","authors":"Xueliang Lv ,&nbsp;Yutong Xue","doi":"10.1016/j.frl.2025.109466","DOIUrl":"10.1016/j.frl.2025.109466","url":null,"abstract":"<div><div>The study focuses on the impact of digital infrastructure development on household credit constraints. Digital infrastructure can reduce information asymmetry, expand the reach of financial services, and enhance credit accessibility, making it an effective tool for alleviating credit constraints. This paper empirically examines the role of digital infrastructure in mitigating household credit constraints and clarifies the underlying mechanisms. The results show that digital infrastructure alleviates household credit constraints by improving credit accessibility and reducing information asymmetry. Furthermore, it operates through two channels—income and collateral. Specifically, digital infrastructure has both income-enhancing and long-tail effects: it helps ease credit constraints by increasing household income and is particularly effective in reducing credit constraints for low-income households and those lacking adequate collateral.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109466"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145895693","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 as a conditional risk buffer: Idiosyncratic volatility and tail losses across market regimes ESG作为有条件的风险缓冲：跨市场机制的特殊波动性和尾部损失
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2026-03-01 Epub Date: 2026-01-29 DOI: 10.1016/j.frl.2026.109588
An Thi Thuy Duong
{"title":"ESG as a conditional risk buffer: Idiosyncratic volatility and tail losses across market regimes","authors":"An Thi Thuy Duong","doi":"10.1016/j.frl.2026.109588","DOIUrl":"10.1016/j.frl.2026.109588","url":null,"abstract":"<div><div>This paper examines whether high ESG portfolios offer superior downside protection compared to low-ESG portfolios and the market conditions under which this advantage holds. Using annual ESG scores and daily U.S. stock returns (2018–2023), high- and low-ESG indices are constructed, and factor-neutral residual portfolios are derived after adjusting for Fama–French risk factors. A three-state Markov regime-switching model (MRSM) identifies low-, high-, and crash-volatility regimes, complemented by downside, Value-at-Risk (VaR), Conditional Value-at-Risk (CVaR), and Incremental CVaR (ICVaR) analyses. The results show that ESG integration enhances resilience but not returns: high-ESG portfolios display lower volatility and milder losses than low-ESG portfolios in non-crash regimes, while this advantage vanishes in crashes. Factor-neutral analysis attributes this resilience to reduced idiosyncratic risk rather than factor exposure. Downside and tail-risk measures further indicate that low-ESG portfolios amplify tail-risk. These results are robust to the battery of tests.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109588"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146071787","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 technology application, open finance, and the path to carbon neutrality: an empirical analysis based on China and Germany 绿色技术应用、开放金融与碳中和之路——基于中国和德国的实证分析
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.2026.109502
Tianshui Lin, Xiangtian Li
{"title":"Green technology application, open finance, and the path to carbon neutrality: an empirical analysis based on China and Germany","authors":"Tianshui Lin,&nbsp;Xiangtian Li","doi":"10.1016/j.frl.2026.109502","DOIUrl":"10.1016/j.frl.2026.109502","url":null,"abstract":"<div><div>This study conducts an empirical analysis using monthly panel data from China and Germany between January 2001 and December 2023 to explore the relationships among green technology application (GTA), open finance, and carbon neutrality (CN). The empirical results confirm that GTA has a significant positive effect on achieving CN. Further interaction analysis indicates that the interplay between GTA and open finance significantly promotes CN. In addition, this study examines the mediating role of R&amp;D investment in the relationship between GTA and CN. Through heterogeneity analysis, the study finds that the impact of GTA on CN varies significantly across countries at different stages of economic development. Further analysis reveals that green technology policy measures in China and Germany play a crucial role in advancing the CN process.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"92 ","pages":"Article 109502"},"PeriodicalIF":6.9,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146036615","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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