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Does CBDC launch increase tax collection? empirical evidence from China 中国的经验证据：启动 CBDC 是否会增加税收？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-18 DOI: 10.1016/j.frl.2024.106486
Muhammad Umar
{"title":"Does CBDC launch increase tax collection? empirical evidence from China","authors":"Muhammad Umar","doi":"10.1016/j.frl.2024.106486","DOIUrl":"10.1016/j.frl.2024.106486","url":null,"abstract":"<div><div>This study explores the impact of the introduction of Central Bank Digital Currency (CBDC) on tax collection. Using data from Chinese provinces between 2000 and 2021, it examines how the pilot launch of CBDC has influenced provincial tax revenues. A difference-in-differences estimation method is employed for the analysis. The empirical findings show that the adoption of CBDC in pilot provinces has led to higher tax collection compared to those that did not implement the pilot. A detailed analysis further reveals that this impact is more pronounced in smaller provinces. Furthermore, the CBDC launch has positively impacted on the collection of value-added tax (VAT), corporate income tax, and personal income taxes. These results provide empirical evidence of the CBDC's effect on tax collection and offer important insights for policymakers.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106486"},"PeriodicalIF":7.4,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704384","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
Relationship between government subsidies and audit quality: Unveiling the role of ownership structure 政府补贴与审计质量之间的关系：揭示所有权结构的作用
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-18 DOI: 10.1016/j.frl.2024.106488
Ze Zhou , Cuifang Yuan , Fei Ren , Pengjia Che
{"title":"Relationship between government subsidies and audit quality: Unveiling the role of ownership structure","authors":"Ze Zhou ,&nbsp;Cuifang Yuan ,&nbsp;Fei Ren ,&nbsp;Pengjia Che","doi":"10.1016/j.frl.2024.106488","DOIUrl":"10.1016/j.frl.2024.106488","url":null,"abstract":"<div><div>This study examines the relationship between government subsidies and audit quality using panel data from Chinese A-share listed companies from 2018 to 2022. It further investigates the moderating effects of ownership structure, specifically ownership concentration and institutional ownership. The empirical findings show that government subsidies improve audit quality. However, the higher the ownership concentration, the weaker the positive relationship between government subsidies and audit quality. Furthermore, institutional investors’ relatively high equity holdings reduce the promotional impact of government subsidies on audit quality.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106488"},"PeriodicalIF":7.4,"publicationDate":"2024-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704385","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
Legal infrastructures for firm innovation: Effects of intellectual property protection in the era of digital economy 企业创新的法律基础设施：数字经济时代知识产权保护的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-17 DOI: 10.1016/j.frl.2024.106343
Bingru Yuan, Weibo Li
{"title":"Legal infrastructures for firm innovation: Effects of intellectual property protection in the era of digital economy","authors":"Bingru Yuan,&nbsp;Weibo Li","doi":"10.1016/j.frl.2024.106343","DOIUrl":"10.1016/j.frl.2024.106343","url":null,"abstract":"<div><div>This paper, using a sample of A-share firms in China from 2018 to 2022, demonstrates a positive influence of intellectual property protection on firm innovation and reveals that digital transformation mediates this relationship, amplifying the innovation impetus provided by robust intellectual property regimes. Notably, the positive effect of intellectual property protection on firm innovation is found to be weaker high-tech industries than that in non-high-tech industries. These findings highlight the nuanced role of intellectual property legal frameworks in fostering innovation and the evolving dynamics of digital transformation across different industry contexts.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106343"},"PeriodicalIF":7.4,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704387","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
National innovation policy, entrepreneurial activity, managerial ability and green innovation of agribusinesses 国家创新政策、创业活动、管理能力和农业企业的绿色创新
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-17 DOI: 10.1016/j.frl.2024.106481
Yu Zhong, Jie Yao
{"title":"National innovation policy, entrepreneurial activity, managerial ability and green innovation of agribusinesses","authors":"Yu Zhong,&nbsp;Jie Yao","doi":"10.1016/j.frl.2024.106481","DOIUrl":"10.1016/j.frl.2024.106481","url":null,"abstract":"<div><div>This study examines the impact of national innovation policy on the breakthrough green innovation capabilities of agribusiness firms. Despite the global shift toward sustainable development and innovation-driven strategies, research on the mechanisms through which national policies influence green innovation in the agricultural sector is limited. By investigating the mediating role of urban entrepreneurial activity and the moderating effect of managerial ability, this study provides novel insights into the complex relationships among policy, entrepreneurship, and innovation in agribusiness. The findings contribute to the theoretical understanding of green innovation capabilities and offer valuable insights for policymakers to promote sustainable development in the agricultural sector. Furthermore, this study unveils asymmetric effects across ownership types and regions, emphasizing the need for targeted policy interventions. By bridging these research gaps, this study significantly advances the knowledge of green innovation in agribusiness and informs evidence-based policymaking for an increasingly sustainable future.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106481"},"PeriodicalIF":7.4,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142718542","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 diversified M&As improve R&D activity? Evidence from Chinese listed companies
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-17 DOI: 10.1016/j.frl.2024.106465
Songsheng Mao , Gongyan Yang
{"title":"Do diversified M&As improve R&D activity? Evidence from Chinese listed companies","authors":"Songsheng Mao ,&nbsp;Gongyan Yang","doi":"10.1016/j.frl.2024.106465","DOIUrl":"10.1016/j.frl.2024.106465","url":null,"abstract":"<div><div>Using the sample merger and acquisition (M&amp;A) data of China's A-share listed companies from 2007 to 2022, this study adopts the multiphase difference-in-differences (DID) methodology to examine the heterogeneity of diversified M&amp;A activities and their effects on enterprise innovation efficiency. Findings indicate that diversified M&amp;As hinder the advancement of firms’ innovation efficiency. Diversified M&amp;As have a heterogeneous impact on enterprise innovation. Specifically, young enterprises, enterprises with limited cash flow, and enterprises in highly competitive industries experience a greater negative impact on innovation efficiency. Furthermore, long-term diversified operations with minimal business changes and a substantial decrease in leverage ratio harm innovation efficiency. These conclusions broaden the understanding of M&amp;A's innovative effects and provide a practical foundation for domestic enterprises’ M&amp;A decision-making.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106465"},"PeriodicalIF":7.4,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142759432","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
Enterprise marketing models: Mechanisms of digital transformation 企业营销模式：数字化转型机制
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-17 DOI: 10.1016/j.frl.2024.106485
Yang Cheng , Jingyi Zhao
{"title":"Enterprise marketing models: Mechanisms of digital transformation","authors":"Yang Cheng ,&nbsp;Jingyi Zhao","doi":"10.1016/j.frl.2024.106485","DOIUrl":"10.1016/j.frl.2024.106485","url":null,"abstract":"<div><div>Digital transformation has elicited new development paths for enterprise marketing models with information technology's rapid development and popularization. Based on data from Chinese A-share listed companies from 2012 to 2022, findings indicate that digital transformation promoted enterprise marketing model transformation, which was more significant in private, large-scale, and labor-intensive enterprises. Digital transformation can achieve this shift through digital technology innovation and human capital. This study provides a decision-making basis for enterprises to adapt to the digital era by adjusting marketing strategies.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"72 ","pages":"Article 106485"},"PeriodicalIF":7.4,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142722514","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
Government disclosure specificity and stock price synchronicity: Evidence from local government work reports in China 政府信息披露的特殊性与股票价格的同步性：来自中国地方政府工作报告的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-17 DOI: 10.1016/j.frl.2024.106463
Manning Gong , Chunfang Cao , Yuheng Zhang
{"title":"Government disclosure specificity and stock price synchronicity: Evidence from local government work reports in China","authors":"Manning Gong ,&nbsp;Chunfang Cao ,&nbsp;Yuheng Zhang","doi":"10.1016/j.frl.2024.106463","DOIUrl":"10.1016/j.frl.2024.106463","url":null,"abstract":"<div><div>Using machine learning methods to conduct a textual analysis of city government work reports in China, we measure the specificity of government disclosures and examine whether this specificity affects stock pricing efficiency. We find that more specific forward-looking information disclosed by local governments is associated with lower stock price synchronicity among local listed companies. This effect is more pronounced for companies operating in environments with high economic policy uncertainty.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106463"},"PeriodicalIF":7.4,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704394","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
Repo haircuts: Market practices and the impact of minimum requirements on leverage 回购利率：市场惯例和最低要求对杠杆的影响
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-17 DOI: 10.1016/j.frl.2024.106484
Michael Grill , Felix Hermes , Michael Wedow
{"title":"Repo haircuts: Market practices and the impact of minimum requirements on leverage","authors":"Michael Grill ,&nbsp;Felix Hermes ,&nbsp;Michael Wedow","doi":"10.1016/j.frl.2024.106484","DOIUrl":"10.1016/j.frl.2024.106484","url":null,"abstract":"<div><div>We use transaction-level data on the euro area repo market to assess the calibration of the Financial Stability Board's (FSB) recommended minimum haircut framework and its impact on leverage in non-bank financial institutions. We find that market haircuts are currently not in line with the framework. Therefore, a market failure exists that needs to be addressed by regulation, such as the minimum haircut framework. In assessing its potential impact, we find that it would affect larger and more leveraged entities the most, indicating its capability to make a meaningful contribution to addressing risks from leverage in non-bank financial institutions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106484"},"PeriodicalIF":7.4,"publicationDate":"2024-11-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704522","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
Are cryptocurrencies priced in the cross-section? A portfolio approach 加密货币是横截面定价的吗？投资组合方法
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-16 DOI: 10.1016/j.frl.2024.106437
Vincent K. Assamoi , Adelphe Ekponon , Zihan Guo
{"title":"Are cryptocurrencies priced in the cross-section? A portfolio approach","authors":"Vincent K. Assamoi ,&nbsp;Adelphe Ekponon ,&nbsp;Zihan Guo","doi":"10.1016/j.frl.2024.106437","DOIUrl":"10.1016/j.frl.2024.106437","url":null,"abstract":"<div><div>We use portfolio sorting to examine cryptocurrency returns in connection to other asset classes. Using the 110 cryptocurrencies with the highest market capitalization from September 2014 to June 2021, we consider 23 financial and uncertainty factors. We find that cryptocurrencies have a strong relationship with measures of uncertainty, equity markets, foreign exchange, and precious metals. Our results provide evidence that cryptocurrencies are related to other assets through portfolio sorting, complementing studies that have found that factors related to the cryptocurrency market itself can explain their prices.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106437"},"PeriodicalIF":7.4,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704391","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
Institutional investor networks centrality and firms’ debt maturity mismatch 机构投资者网络中心性与企业债务期限错配
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2024-11-16 DOI: 10.1016/j.frl.2024.106482
Tingting Liu , Ziang Chen , Junrui Zhang , Brian Lucey
{"title":"Institutional investor networks centrality and firms’ debt maturity mismatch","authors":"Tingting Liu ,&nbsp;Ziang Chen ,&nbsp;Junrui Zhang ,&nbsp;Brian Lucey","doi":"10.1016/j.frl.2024.106482","DOIUrl":"10.1016/j.frl.2024.106482","url":null,"abstract":"<div><div>Institutional investors with a more central position in the network occupy a significant number of structural holes, thereby gaining a relative advantage in network influence, prominence, and prestige. This paper focuses on China, a typical relational society, to investigate the effect of institutional investor networks centrality on firms’ maturity mismatch. Drawing upon data from A-share Chinese listed firms between 2007 and 2020, we find that the higher centrality within institutional investor networks is associated with lower firms’ debt maturity mismatch. This effect is further enhanced by frequent site visits. In addition, heterogeneity analyses reveal that the documented relationship is more pronounced in non-SOEs and firms with higher levels of financing constraints. The results hold after the robustness tests and endogeneity tests.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"71 ","pages":"Article 106482"},"PeriodicalIF":7.4,"publicationDate":"2024-11-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142704524","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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