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Digital inclusive finance empowering high-quality development of public services 数字普惠金融助力公共服务高质量发展
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-05 DOI: 10.1016/j.frl.2025.107899
Yingzi Cao, Dangchen Sui
{"title":"Digital inclusive finance empowering high-quality development of public services","authors":"Yingzi Cao,&nbsp;Dangchen Sui","doi":"10.1016/j.frl.2025.107899","DOIUrl":"10.1016/j.frl.2025.107899","url":null,"abstract":"<div><div>This paper examines the impact of digital inclusive finance on the high-quality development of public services in China, focusing on 30 provinces from 2011 to 2022. The research indicates that digital inclusive finance and its three sub-dimensions significantly promote the high-quality development of public services in China. Further analysis reveals that this impact exhibits nonlinear characteristics and has a single-threshold feature. Additionally, digital inclusive finance demonstrates a pronounced negative spatial spillover effect on the high-quality development of public services in China. These conclusions suggest that China should implement differentiated development strategies tailored to local conditions.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107899"},"PeriodicalIF":7.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596878","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
Climate physical risks and corporate supply chain resilience: How do investor sentiment and risk-taking behaviors influence supply chain operations? 气候物理风险与企业供应链弹性：投资者情绪和冒险行为如何影响供应链运营？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-05 DOI: 10.1016/j.frl.2025.107903
Xiao Guo , Rongxin Li
{"title":"Climate physical risks and corporate supply chain resilience: How do investor sentiment and risk-taking behaviors influence supply chain operations?","authors":"Xiao Guo ,&nbsp;Rongxin Li","doi":"10.1016/j.frl.2025.107903","DOIUrl":"10.1016/j.frl.2025.107903","url":null,"abstract":"<div><div>Climate change poses a significant challenge to the normal functioning of supply chains. This study explores the impact using data from Chinese listed companies. Benchmark regressions indicate that escalating climate physical risks significantly reduce supply chain resilience. Mechanism analysis reveals that investor sentiment, managerial stock incentives, and corporate risk-taking behaviors can mitigate this suppressive effect. Furthermore, heterogeneity analysis shows that the disruptive impact of climate physical risks on supply chains is more pronounced in firms with low profitability and less analyst attention.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107903"},"PeriodicalIF":7.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144572129","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
Forecasting nonlinear green bond yields in China: Deep learning for improved accuracy and policy awareness 中国非线性绿色债券收益率预测：深度学习提高准确性和政策意识
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-05 DOI: 10.1016/j.frl.2025.107889
Lei Wang , Yan Wang , Jining Wang , Lean Yu
{"title":"Forecasting nonlinear green bond yields in China: Deep learning for improved accuracy and policy awareness","authors":"Lei Wang ,&nbsp;Yan Wang ,&nbsp;Jining Wang ,&nbsp;Lean Yu","doi":"10.1016/j.frl.2025.107889","DOIUrl":"10.1016/j.frl.2025.107889","url":null,"abstract":"<div><div>This study develops a convolutional neural network bidirectional long short-term memory model with an attention mechanism to forecast yields in China’s green bond market. The model incorporates macroeconomic indicators, financial variables, policy factors, and issuer heterogeneity to enhance predictive accuracy. Empirical results show the model outperforms traditional approaches in point forecasting. It also offers superior robustness under identical confidence levels, increasing its utility for risk management and policy assessment in green finance. It is a practical tool for regulators, investors, and issuers.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107889"},"PeriodicalIF":7.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144572298","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, human capital and firm-level total factor productivity 人工智能、人力资本与企业全要素生产率
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-05 DOI: 10.1016/j.frl.2025.107897
Liying Lei , Hui Feng , Jingjing Ren
{"title":"Artificial intelligence, human capital and firm-level total factor productivity","authors":"Liying Lei ,&nbsp;Hui Feng ,&nbsp;Jingjing Ren","doi":"10.1016/j.frl.2025.107897","DOIUrl":"10.1016/j.frl.2025.107897","url":null,"abstract":"<div><div>Based on data from China's A-share listed enterprises between 2014 and 2023, this paper delves into the impact of artificial intelligence (AI) technology on enterprises' total factor productivity (TFP) and its mechanism of action. The study finds that AI technology significantly enhances enterprise TFP by optimizing production processes, improving management decision-making efficiency, and other pathways, emerging as a critical driver of high-quality enterprise development. Further mechanism tests reveal that human capital plays an important mediating role in AI-driven TFP improvement, where AI technology increases the proportion of highly skilled labor, achieving capital-skill complementarity to boost productivity.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107897"},"PeriodicalIF":7.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144605643","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
Local government debt governance and urban economic resilience 地方政府债务治理与城市经济韧性
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-05 DOI: 10.1016/j.frl.2025.107905
Xiaojun Liu , Fang Yang , Chao Xie
{"title":"Local government debt governance and urban economic resilience","authors":"Xiaojun Liu ,&nbsp;Fang Yang ,&nbsp;Chao Xie","doi":"10.1016/j.frl.2025.107905","DOIUrl":"10.1016/j.frl.2025.107905","url":null,"abstract":"<div><div>Urban economic resilience is critical for developing resilient and safe cities. An analysis of data from 291 Chinese cities from 2009 to 2022 reveals that effective local government debt management improves resilience by increasing infrastructure investment and upgrading industrial structures. This impact is more pronounced in regions northwest of the Hu Huanyong Line and in areas with limited fiscal resources.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107905"},"PeriodicalIF":7.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144579987","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
Sustainability under fire: How China-US tensions impact corporate ESG performance? 可持续发展受到抨击：中美关系紧张如何影响企业的ESG绩效？
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-05 DOI: 10.1016/j.frl.2025.107882
Feiyun Sha , Jiawei Meng , Xiaoyu Zheng , Yaqi Jiang
{"title":"Sustainability under fire: How China-US tensions impact corporate ESG performance?","authors":"Feiyun Sha ,&nbsp;Jiawei Meng ,&nbsp;Xiaoyu Zheng ,&nbsp;Yaqi Jiang","doi":"10.1016/j.frl.2025.107882","DOIUrl":"10.1016/j.frl.2025.107882","url":null,"abstract":"<div><div>This study examines how China–United States geopolitical tensions affect corporate environmental, social, and governance (ESG) performance, investigating two moderating mechanisms: data assets (DTAs) and government digital incentives (GDIs). Using 17,846 firm–year observations of Chinese listed companies spanning 2010–2022, we find that escalating bilateral tensions significantly deteriorate corporate sustainability performance. This correlation remains robust across instrumental variable estimation, Heckman correction, and propensity score matching approaches. However, firms’ DTAs and GDIs serve as protective mechanisms, mitigating the adverse effects of geopolitical volatility on ESG commitments. Disaggregated ESG factor analysis reveals differential impacts, showing that environmental performance improves during tensions while social and governance components deteriorate. Heterogeneity analyses demonstrate that state-owned enterprises are insulated from geopolitical effects, while private firms experience significant sustainability decline. These findings demonstrate how international political conflicts influence corporate sustainability frameworks and how digital capabilities function as strategic shields during geopolitical uncertainty. This study provides valuable insights into sustainability governance in volatile geopolitical times.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107882"},"PeriodicalIF":7.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144579988","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 “captive” spin-offs create value? Evidence from Korea “专属”的分拆能创造价值吗？来自朝鲜的证据
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-05 DOI: 10.1016/j.frl.2025.107826
Hyung Cheol Kang , Sangwon Lee
{"title":"Do “captive” spin-offs create value? Evidence from Korea","authors":"Hyung Cheol Kang ,&nbsp;Sangwon Lee","doi":"10.1016/j.frl.2025.107826","DOIUrl":"10.1016/j.frl.2025.107826","url":null,"abstract":"<div><div>“Captive” spin-offs, in which the spun-off entity becomes a wholly-owned subsidiary of the parent, account for a vast majority of spin-off activities in Korea. Many practitioners have claimed that such spin-offs can be used by the firm’s controlling owner as a means of expropriating minority shareholders. We empirically show that, on average, a captive spin-off is followed by substantial decreases in both the stock price and operating performance of the parent firm, which is even more so the case when there is a significant conflict of interest between the controlling owner and minority shareholders.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107826"},"PeriodicalIF":7.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144572300","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
Top managers’ decisions to implement or impede green supply chain management practices: A behavioral agency theory perspective 高层管理者实施或阻碍绿色供应链管理实践的决策：行为代理理论视角
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-05 DOI: 10.1016/j.frl.2025.107904
Mingxing Xu , Ruoshan Yu , Huiting Chen , Xishu Zhang
{"title":"Top managers’ decisions to implement or impede green supply chain management practices: A behavioral agency theory perspective","authors":"Mingxing Xu ,&nbsp;Ruoshan Yu ,&nbsp;Huiting Chen ,&nbsp;Xishu Zhang","doi":"10.1016/j.frl.2025.107904","DOIUrl":"10.1016/j.frl.2025.107904","url":null,"abstract":"<div><div>Green supply chain management (GSCM) is increasingly recognized as a key pathway to corporate sustainability, yet its adoption is hindered by high costs and uncertain returns, which heighten managers’ sensitivity to downside risks. This study applies the behavioral agency model to investigate the role of top managers’ risk bearing—stemming from cash compensation and stock options—in shaping the adoption of GSCM practices. We use data from A-share listed firms in China during 2014 to 2022 and find that higher risk bearing reduces managers’ willingness to adopt GSCM. This effect is intensified under conditions of high managerial myopia and environmental uncertainty but attenuates when these factors are low. These findings offer insights for firms and policymakers in designing strategies that align managerial incentives with sustainable supply chain practices.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107904"},"PeriodicalIF":7.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144587512","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
Tax incentive policies, market competition, and corporate innovation 税收优惠政策、市场竞争与企业创新
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-05 DOI: 10.1016/j.frl.2025.107896
Yining Wang , Ning Zhou , Jie Gao , Ping Jiang , Ximu Yan , Mi Zhang , Lusha Chen
{"title":"Tax incentive policies, market competition, and corporate innovation","authors":"Yining Wang ,&nbsp;Ning Zhou ,&nbsp;Jie Gao ,&nbsp;Ping Jiang ,&nbsp;Ximu Yan ,&nbsp;Mi Zhang ,&nbsp;Lusha Chen","doi":"10.1016/j.frl.2025.107896","DOIUrl":"10.1016/j.frl.2025.107896","url":null,"abstract":"<div><div>This study is based on relevant data from publicly listed companies in China between 2011 and 2023, exploring through empirical analysis the specific effects of tax incentive policies and market competition on corporate innovation levels. The analysis results indicate that both tax incentive policies and market competition can significantly enhance corporate innovation levels; at the same time, market competition plays a significant moderating role between tax incentive policies and corporate innovation levels. Furthermore, compared to state-owned enterprises, the facilitative effect of tax incentive policies on the innovation levels of private enterprises is particularly prominent.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107896"},"PeriodicalIF":7.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144596876","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
US-China tension and stock market performance in US and China: New insights from time-varying quantile causality method 中美紧张局势与中美股市表现：时变分位数因果关系方法的新见解
IF 7.4 2区 经济学
Finance Research Letters Pub Date : 2025-07-05 DOI: 10.1016/j.frl.2025.107888
Cheng Peng , Huimin Deng , Jiaquan Xie , Xiang Liu
{"title":"US-China tension and stock market performance in US and China: New insights from time-varying quantile causality method","authors":"Cheng Peng ,&nbsp;Huimin Deng ,&nbsp;Jiaquan Xie ,&nbsp;Xiang Liu","doi":"10.1016/j.frl.2025.107888","DOIUrl":"10.1016/j.frl.2025.107888","url":null,"abstract":"<div><div>Applying the time-varying quantile Granger causality framework, this study analyzes the impact of US-China Tension (UCT) on stock markets in the US and China, where both distributional heterogeneity and time-varying impact dynamics are identified. The empirical results are summarized as follows. Firstly, Chinese stock markets have stronger responsiveness to UCT relative to U.S. markets. Secondly, the UCT has a gradually increasing influence on Chinese stock markets, which exhibits the significant time-varying features. Thirdly, US stock market is more susceptible to positive news regarding US-China relations while showing delayed responses to deteriorating ties, demonstrating the asymmetric characteristic. Finally, the UCT reveals both the negative correlations and a counterintuitive positive relationship with Chinese stock markets.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"85 ","pages":"Article 107888"},"PeriodicalIF":7.4,"publicationDate":"2025-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144605645","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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