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Urban sustainable development policy and corporate carbon emissions 城市可持续发展政策与企业碳排放
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108506
Ying Peng , Jun Liu , Yang Wang
{"title":"Urban sustainable development policy and corporate carbon emissions","authors":"Ying Peng ,&nbsp;Jun Liu ,&nbsp;Yang Wang","doi":"10.1016/j.frl.2025.108506","DOIUrl":"10.1016/j.frl.2025.108506","url":null,"abstract":"<div><div>Driving corporate carbon reduction is essential, yet most existing studies focus on regional-scale carbon mitigation effects of urban sustainability initiatives. This study investigates the impact of the <em>Sustainable Development Planning for National Resource-based Cities (2013–2020)</em> (SDP) on corporate carbon emissions, using data from A-share listed companies in China between 2010 and 2020. Employing the difference-in-differences (DID) method, we find that the SDP significantly reduces corporate carbon emissions in cities where it was implemented. Heterogeneity analysis reveals that the emission-reducing effect is more pronounced in Key Environmental Protection Cities, high-carbon industries, and among firms in the growth and maturity stages of the business cycle. Mechanism analysis further shows that the policy works mainly by strengthening environmental regulation at the government level and by improving green innovation quality at the firm level.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108506"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109571","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 ancient wisdom curb modern greenwash? CEO overconfidence and the moderating power of China's three teachings 古老的智慧能遏制现代的绿色清洗吗？CEO过度自信与中国的调节力三大教理
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108500
Dian Zhang, Zhichao Cheng
{"title":"Can ancient wisdom curb modern greenwash? CEO overconfidence and the moderating power of China's three teachings","authors":"Dian Zhang,&nbsp;Zhichao Cheng","doi":"10.1016/j.frl.2025.108500","DOIUrl":"10.1016/j.frl.2025.108500","url":null,"abstract":"<div><div>As firms in emerging economies navigate increasing environmental scrutiny, understanding the behavioral and cultural determinants of corporate greenwashing is critical. Using a large panel dataset of Chinese A-share firms from 2008 to 2022 with robust endogeneity controls, we find that CEO overconfidence significantly fuels corporate greenwashing, an effect found to be statistically significant primarily in non-high-tech and non-high-pollution firms, whereas it is insignificant in their high-tech and high-pollution counterparts. Our central finding then demonstrates the contrasting moderating roles of China's traditional 'Three Teachings': Confucianism substantially mitigates this detrimental linkage, Buddhist thought intensifies the effect, while Taoism appears inert. These patterns remain robust across endogeneity controls and sensitivity analyses, underscoring the complex nexus of managerial psychology, cultural heritage, and corporate environmental decision-making in emerging economies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108500"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155759","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
Firm-level geopolitical risk and working capital adjustment across the firm life cycle: Evidence from a middle-income economy 企业层面的地缘政治风险和整个企业生命周期的营运资本调整：来自中等收入经济体的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108494
Himansu Sekhar Sethi , Saumya Ranjan Dash
{"title":"Firm-level geopolitical risk and working capital adjustment across the firm life cycle: Evidence from a middle-income economy","authors":"Himansu Sekhar Sethi ,&nbsp;Saumya Ranjan Dash","doi":"10.1016/j.frl.2025.108494","DOIUrl":"10.1016/j.frl.2025.108494","url":null,"abstract":"<div><div>This study examines how firm-level geopolitical risk affects the speed of working capital adjustment in Indian firms, with a focus on business group affiliation and firm life cycle stages. We find that firm-level geopolitical risk decreases working capital speed of adjustment, reflecting heightened financial responsiveness to external uncertainty. Business group firms adjust faster, likely due to easier access to internal capital markets. Growth and mature-stage firms also show faster adjustment, while introduction and decline firms respond more cautiously, suggesting conservatism and resource slack.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108494"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155801","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 impact of new shareholding reduction regulations on corporate green innovation 新减持规定对企业绿色创新的影响
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108497
Di Zhang , Tao Bai , Chao Yin
{"title":"The impact of new shareholding reduction regulations on corporate green innovation","authors":"Di Zhang ,&nbsp;Tao Bai ,&nbsp;Chao Yin","doi":"10.1016/j.frl.2025.108497","DOIUrl":"10.1016/j.frl.2025.108497","url":null,"abstract":"<div><div>This paper systematically examines the impact mechanism of capital market institutional reforms on corporate green innovation by leveraging the 2017 share reduction regulations as a quasi-natural experiment and utilizing data from A-share listed companies in China from 2013 to 2023. The study finds that the share reduction regulations significantly enhance corporate green innovation levels; R&amp;D investment plays a partially mediating role in the transmission of policy effects, revealing a transmission chain of \"policy constraints → management decisions → innovation output\"; and the policy effects exhibit significant heterogeneity based on property rights.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108497"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145217232","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
Low-carbon urban policies, digital finance, and high-quality regional tourism 低碳城市政策、数字金融、高质量区域旅游
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108503
Huayi Ge, Ratneswary Rasiah, Hairu Gu
{"title":"Low-carbon urban policies, digital finance, and high-quality regional tourism","authors":"Huayi Ge,&nbsp;Ratneswary Rasiah,&nbsp;Hairu Gu","doi":"10.1016/j.frl.2025.108503","DOIUrl":"10.1016/j.frl.2025.108503","url":null,"abstract":"<div><div>This paper uses data from Chinese prefecture-level cities from 2007 to 2023 to examine the relationships among low-carbon city policies (LCCPs), digital finance, and the high-quality development of regional tourism (THQD). Results show a significant positive correlation between LCCP and THQD, with stronger effects in regions under stricter environmental regulation. Digital finance also mediates the relationship between LCCP and THQD, and this mediating role varies across regions with different levels of openness.These findings not only enrich the theoretical understanding of the policy-driven pathways for sustainable tourism transformation but also provide practical insights for policymakers to design differentiated and region-specific strategies that leverage both environmental governance and financial digitalization to promote high-quality tourism development.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108503"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145155755","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 biodiversity risk exposure affect corporate regulatory intensity? 生物多样性风险暴露如何影响企业监管强度？
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108493
Thanh Tat Tran , Khanh Hoang , Thanh Ngo , Thang Xuan Nguyen , Hien Thi Thu Tran
{"title":"How does biodiversity risk exposure affect corporate regulatory intensity?","authors":"Thanh Tat Tran ,&nbsp;Khanh Hoang ,&nbsp;Thanh Ngo ,&nbsp;Thang Xuan Nguyen ,&nbsp;Hien Thi Thu Tran","doi":"10.1016/j.frl.2025.108493","DOIUrl":"10.1016/j.frl.2025.108493","url":null,"abstract":"<div><div>This paper investigates the impact of biodiversity risk on corporate regulatory intensity of firms in the United States during 2007-2020. Using text-based measures of biodiversity risk and regulatory intensity extracted from corporate disclosures and public media, we provide empirical evidence of a positive impact of biodiversity risk exposure on corporate regulatory intensity. The finding suggests that more corporate exposure to biodiversity risk increases the regulatory intensity and cost of regulatory compliance. Further empirical analysis suggests that the impact of biodiversity risk exposure on regulatory intensity is less pronounced in firms with headquarters located in states with poorer institutions, and in vertically integrated firms.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108493"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145103326","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
Rural financial services and agricultural technological innovation 农村金融服务与农业科技创新
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108478
Lili Yang , Meiqi Li
{"title":"Rural financial services and agricultural technological innovation","authors":"Lili Yang ,&nbsp;Meiqi Li","doi":"10.1016/j.frl.2025.108478","DOIUrl":"10.1016/j.frl.2025.108478","url":null,"abstract":"<div><div>Agricultural technological innovation (ATI) is essential for modernizing China’s agriculture and revitalizing rural areas. This study aims to examine the impact of rural financial services on ATI and the conditions in which this relation operates. Empirical results indicate that improvements in rural financial services significantly enhance ATI at the prefecture level. A moderating effect analysis revealed that human capital and digital inclusive finance have a significant negative moderating effect on the positive relation between rural financial services and ATI. Heterogeneity analysis shows that rural financial services more effectively promote ATI in cities southeast of the Hu Huanyong Line and in those with low economic density.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108478"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145109572","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
Deviations from Benford’s law in asset valuations: Market prices vs. expert estimates 资产估值偏离本福德定律：市场价格vs.专家估计
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108492
Manuel Cano-Rodríguez
{"title":"Deviations from Benford’s law in asset valuations: Market prices vs. expert estimates","authors":"Manuel Cano-Rodríguez","doi":"10.1016/j.frl.2025.108492","DOIUrl":"10.1016/j.frl.2025.108492","url":null,"abstract":"<div><div>This paper examines whether asset valuations based on human judgment deviate more from Benford’s Law (BL) than those based on market prices. Using over 120 million observations from SEC N-PORT filings, this paper uses the fair value hierarchy (FV1, FV2, FV3) to examine how different degrees of human input in asset valuation affect conformity with BL. Aggregate analysis shows that, although level 1 fair value valuations, based on market prices, conform more closely to Benford’s Law, deviations for expert-driven estimates—levels 2 and 3 fair value estimates—are remarkably modest. In the asset-category analysis, some FV1 values deviate more than their FV2 or FV3 counterparts. These findings caution against assuming that market prices always conform to BL or that expert-driven estimates necessarily diverge.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108492"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145103327","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
Financial risk under differences in legal efficiency: An analysis of the moderating effect of judicial transparency 法律效率差异下的金融风险：司法透明度的调节效应分析
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108480
Bin Li , Li Li
{"title":"Financial risk under differences in legal efficiency: An analysis of the moderating effect of judicial transparency","authors":"Bin Li ,&nbsp;Li Li","doi":"10.1016/j.frl.2025.108480","DOIUrl":"10.1016/j.frl.2025.108480","url":null,"abstract":"<div><div>With the rapid development of China's financial system and the intensification of regional disparities, the prevention and control of financial risks is facing new institutional challenges. Based on provincial panel data from China spanning 2011 to 2023, this paper empirically examines the impact of rule of law efficiency on financial risks and introduces judicial transparency to explore its moderating role in the relationship between rule of law efficiency and financial risks. The study finds that rule of law efficiency has a significant negative effect on financial risks. In addition, judicial transparency not only helps to reduce financial risks, but also plays a moderating role in the relationship between rule of law efficiency and financial risks. Heterogeneity analysis shows that the negative effect of rule of law efficiency on financial risks is more pronounced in regions with low population density and low levels of social consumption. This paper provides empirical evidence and policy implications for improving regional financial governance systems and the construction of the rule of law environment.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108480"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106390","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 ESG incidents matter for corporate cost of debt? Evidence from China ESG事件对企业债务成本有影响吗？来自中国的证据
IF 6.9 2区 经济学
Finance Research Letters Pub Date : 2025-09-18 DOI: 10.1016/j.frl.2025.108459
Linqi Du, Na Lu
{"title":"Do ESG incidents matter for corporate cost of debt? Evidence from China","authors":"Linqi Du,&nbsp;Na Lu","doi":"10.1016/j.frl.2025.108459","DOIUrl":"10.1016/j.frl.2025.108459","url":null,"abstract":"<div><div>We investigate the impact of ESG incidents on corporate cost of debt financing using RepRisk incident data matched with Chinese A-share listed firms from 2007–2022. Our results show that ESG incidents significantly increase debt costs by approximately 70 basis points. Mechanism analysis reveals that ESG incidents affect debt costs through four channels: increasing credit risk, damaging banking relationships, reducing information quality, and weakening operating performance. The effects are more pronounced for firms with weak ESG performance, state ownership, and non-polluting industry operations. ESG incidents also constrain debt financing capacity, particularly for long-term financing. ESG pillar analysis reveals that social and governance incidents primarily drive the increased debt costs. Our findings highlight the financial materiality of ESG risk management and provide novel insights for sustainable finance development in emerging markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"86 ","pages":"Article 108459"},"PeriodicalIF":6.9,"publicationDate":"2025-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145106848","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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