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Clan culture and carbon emission intensity 宗族文化与碳排放强度
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-07-24 DOI: 10.1111/irfi.70034
Qing He, Tianyu Yao, Liang Guo, Chi Zhang
{"title":"Clan culture and carbon emission intensity","authors":"Qing He,&nbsp;Tianyu Yao,&nbsp;Liang Guo,&nbsp;Chi Zhang","doi":"10.1111/irfi.70034","DOIUrl":"https://doi.org/10.1111/irfi.70034","url":null,"abstract":"<p>This study introduces a novel perspective by examining the influence of clan culture on carbon emission intensity (CEI) in Chinese cities. Clan culture, as a traditional social organization, shapes the informal institutions within modern Chinese society. Empirical findings reveal that the strength of clan culture is significantly negatively correlated with local carbon emission intensity, with a one standard deviation increase in clan culture strength corresponding to a 10.21% reduction in CEI. Additionally, we find that clan culture amplifies the effectiveness of environmental regulations, especially after the 2017 green finance reforms and innovation, fostering environmentally conscious behaviors in communities. Our investigation further highlights that clan culture limits carbon-intensive industries, enhances government environmental awareness, improves policy implementation, and promotes green innovation. All these findings highlight the critical role of cultural factors in addressing environmental challenges and advancing sustainable practices.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-07-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144688116","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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 characteristics and incentive effect of environmental regulation 企业特征与环境规制的激励效应
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-07-21 DOI: 10.1111/irfi.70032
Chunyu Guo, Wenjie Ma, Cunyi Yang, Runze Yang
{"title":"Enterprise characteristics and incentive effect of environmental regulation","authors":"Chunyu Guo,&nbsp;Wenjie Ma,&nbsp;Cunyi Yang,&nbsp;Runze Yang","doi":"10.1111/irfi.70032","DOIUrl":"https://doi.org/10.1111/irfi.70032","url":null,"abstract":"<p>This study examines the incentive effects of environmental regulations—penalties, subsidies, and taxes—on corporate environmental investments, considering financing constraints and executives’ political connections. Findings reveal that penalties and taxes are more effective for firms with weaker financing constraints, while subsidies benefit those facing greater constraints. Political connections weaken the impact of penalties but enhance subsidy access and effects. Tax compulsion strengthens incentives for politically connected firms, and tax rebate policy amplify penalties’ effectiveness. Executive compensation also channels penalties’ influence. The study highlights the complementary nature of regulatory tools and advocates a multifaceted approach combining cost-based, reward-based, and market-driven measures to promote environmental transformation.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144672931","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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 effects of country governance quality on the stability of equity markets 国家治理质量对股票市场稳定性的影响
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-07-18 DOI: 10.1111/irfi.70033
David Y. Aharon, Ahmed S. Baig, R. Jared Delisle
{"title":"The effects of country governance quality on the stability of equity markets","authors":"David Y. Aharon,&nbsp;Ahmed S. Baig,&nbsp;R. Jared Delisle","doi":"10.1111/irfi.70033","DOIUrl":"https://doi.org/10.1111/irfi.70033","url":null,"abstract":"<p>We examine the impact of governance quality on the volatility of equity markets. Using a broad dataset of ADRs, we provide evidence that high quality governance in the home country is associated with reduced stock market volatility. The relationship is robust across various governance quality dimensions. To address endogeneity concerns, we examine the stability of Brazilian ADRs in response to a corruption event. The inverse governance-volatility relationship is clearly demonstrated by this event. The results support the conjecture that country governance quality is an important prerequisite for the stability of equity markets.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144657641","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Does carbon market add investment value in multi-asset portfolios? Evidence from hedge, safe haven, and portfolio performance 碳市场是否增加了多资产组合的投资价值？证据来自对冲、避险和投资组合的表现
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-07-16 DOI: 10.1111/irfi.70031
Haiying Wang, Ting Luo, Chonghui Jiang, Mingchen Sun
{"title":"Does carbon market add investment value in multi-asset portfolios? Evidence from hedge, safe haven, and portfolio performance","authors":"Haiying Wang,&nbsp;Ting Luo,&nbsp;Chonghui Jiang,&nbsp;Mingchen Sun","doi":"10.1111/irfi.70031","DOIUrl":"https://doi.org/10.1111/irfi.70031","url":null,"abstract":"<p>This study explores the investment value of China's carbon market by analyzing its diversification potential and contribution. Specifically, we first assess the diversification potential from perspectives including potential identification, diversification roles, improvement on efficient frontier, and optimal weight analyses using the DCC-GARCH and dummy variable regression models. We further explore the diversification contribution by comparing the portfolio performance with and without the carbon market under various asset allocation strategies. Our results confirm the diversification potential of the carbon market and demonstrate its roles as both a hedge and a safe haven during the past decade and several periods of extreme market downturns. We also show the significant role of the carbon market in reducing portfolio risks. However, its risk-reducing capacity is weaker than that of green bonds, despite its superior return-enhancing capabilities in certain cases. Attractively, the diversification contribution of the carbon market is more pronounced in both portfolio risk reduction and return enhancement during turbulent periods compared to tranquil ones. These findings are crucial for developing effective asset allocation and risk management strategies.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144635599","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Shareholding arrangement within controlling family and ESG performance: Insights from succession planning in Chinese family businesses 控股家族内部股权安排与ESG绩效：来自中国家族企业继任计划的启示
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-07-15 DOI: 10.1111/irfi.70028
Xin Jin, Gordon Yuan, Shan Wang, Junli Yu
{"title":"Shareholding arrangement within controlling family and ESG performance: Insights from succession planning in Chinese family businesses","authors":"Xin Jin,&nbsp;Gordon Yuan,&nbsp;Shan Wang,&nbsp;Junli Yu","doi":"10.1111/irfi.70028","DOIUrl":"https://doi.org/10.1111/irfi.70028","url":null,"abstract":"<p>This study examines how share allocation strategies during intergenerational succession affect the Environmental, Social, and Governance (ESG) performance of Chinese family businesses. Using data from 207 publicly listed Chinese family firms spanning 2009 to 2016 (totaling 1277 firm-year observations), we analyze the impact of the proportion and concentration of shares allocated to second-generation heirs on ESG outcomes. We apply a theoretical framework that integrates socioemotional wealth (SEW), agency, stewardship, and stakeholder theories to understand the role of equity allocation decisions in shaping firms' sustainability priorities. Our results indicate that increasing heirs' share proportions positively enhance ESG performance, while higher share concentration among family members negatively affects ESG outcomes. These findings remain consistent after multiple robustness checks and corrections for endogeneity. Furthermore, we demonstrate that traditional familism culture moderates these relationships, particularly influenced by founder characteristics, heirs' background, and the separation between ownership and management. This research provides new insights into the importance of internal share allocation decisions and cultural factors in promoting sustainable practices. Our findings contribute to existing literature by integrating multiple theoretical perspectives and offer practical guidance for family businesses and policymakers in China.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-07-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144634955","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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 value-at-risk for cryptocurrencies 预测加密货币的风险价值
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-07-14 DOI: 10.1111/irfi.70029
Michael Michaelides, Niraj Poudyal
{"title":"Forecasting value-at-risk for cryptocurrencies","authors":"Michael Michaelides,&nbsp;Niraj Poudyal","doi":"10.1111/irfi.70029","DOIUrl":"https://doi.org/10.1111/irfi.70029","url":null,"abstract":"<p>Value-at-Risk (VaR), the primary measure of downside risk in market risk management, relies heavily on the accuracy of volatility forecasts produced by risk models. This paper shows that, for forecasting the VaR of cryptocurrencies, the time-heterogeneous Student's <i>t</i> autoregressive model outperforms standard models commonly used by practitioners.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-07-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70029","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144624679","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
The power of spirit: CEOs' university mottos and corporate innovation 精神的力量：ceo的大学格言与企业创新
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-07-03 DOI: 10.1111/irfi.70030
Yimin Gong, Xinyu Li, Xianhang Qian, Cheng Colin Zeng
{"title":"The power of spirit: CEOs' university mottos and corporate innovation","authors":"Yimin Gong,&nbsp;Xinyu Li,&nbsp;Xianhang Qian,&nbsp;Cheng Colin Zeng","doi":"10.1111/irfi.70030","DOIUrl":"https://doi.org/10.1111/irfi.70030","url":null,"abstract":"<p>This paper investigates the impact of CEOs' university mottos on corporate innovation. We find that firms led by CEOs who graduated from universities with the word <i>innovation</i> in their mottos exhibit higher levels of innovation. This positive effect is more pronounced when the CEOs graduated from science and technology or national key universities, and when the firm operates in a high-tech sector or is a non-state-owned enterprise (non-SOE). Channel tests reveal that CEOs whose university mottos include the word <i>innovation</i> enhance corporate innovation through three crucial mechanisms: (1) increasing focus on research and development (R&amp;D), (2) allocating more resources to R&amp;D endeavors, and (3) cultivating a corporate culture that embraces high-risk ventures. Overall, our study illuminates the crucial role of CEOs' innovative mindsets, which are shaped by their university mottos, in driving corporate innovation.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-07-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144551155","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Adjusted air pollution exposure and corporate innovation investment: Evidence from China 调整后的空气污染暴露与企业创新投资：来自中国的证据
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-06-19 DOI: 10.1111/irfi.70027
Jie Liu, Jing Chi, M. Humayun Kabir, Bilal Hafeez
{"title":"Adjusted air pollution exposure and corporate innovation investment: Evidence from China","authors":"Jie Liu,&nbsp;Jing Chi,&nbsp;M. Humayun Kabir,&nbsp;Bilal Hafeez","doi":"10.1111/irfi.70027","DOIUrl":"https://doi.org/10.1111/irfi.70027","url":null,"abstract":"<p>Using a novel measure of air pollution exposure adjusted for the heterogeneity of exposures and the extent of local air pollution, we find a significant negative relationship between adjusted air pollution exposure and corporate innovation investment. This finding still holds after controlling for endogeneity and conducting a series of robustness tests. While the relationship is mediated through net operating cash flows and debt financing costs, we also find that firms with high adjusted air pollution exposure might have deteriorated productivity of R&amp;D personnel, which ultimately hinders innovation input and output. However, state ownership appears to mitigate this adverse effect of adjusted air pollution exposure. Furthermore, the adverse effects of air pollution exposure on innovation investment are more pronounced among firms that disclose environmental information, exhibit low managerial risk tolerance, operate in non-polluting industries, or are located in developed and less polluted regions. Additionally, the negative impact is particularly evident in the subsample of firms after the signing of the 2015 Paris Agreement. This study sheds light on the importance of adjusted air pollution exposure and its influence on corporate investment in China.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-06-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70027","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144323581","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Displacement of labor by capital: Its implication on stock liquidity 劳动力被资本取代：对股票流动性的影响
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-06-06 DOI: 10.1111/irfi.70026
Jang-Chul Kim, Sharif Mazumder, Qing Su
{"title":"Displacement of labor by capital: Its implication on stock liquidity","authors":"Jang-Chul Kim,&nbsp;Sharif Mazumder,&nbsp;Qing Su","doi":"10.1111/irfi.70026","DOIUrl":"https://doi.org/10.1111/irfi.70026","url":null,"abstract":"<p>This study investigates the impact of firms' potential to automate routine-task labor on stock liquidity. We demonstrate that firms with a high potential for automation (AP), characterized by a significant share of displaceable labor, experience a decline in stock liquidity. Our analysis shows that this association is particularly pronounced during positive technological shocks and heightened product market competition. Using the catastrophic 2011 Thai flooding as an exogenous shock to AP, we find evidence that the relationship between AP and liquidity is likely causal. The findings withstand rigorous testing, encompassing industry-level analysis, propensity score matching, and the utilization of alternative proxies for both displaceable labor and stock liquidity. This examination is augmented by the inclusion of additional control variables. These results contribute to a deeper understanding of the interplay between automation, market dynamics, and liquidity, offering valuable insights for investors, policymakers, and firms navigating the evolving technological innovation landscape.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144220195","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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
Incorporation in offshore financial centers: Naughty or Nice? 在离岸金融中心注册公司：好还是坏？
IF 1.8 4区 经济学
International Review of Finance Pub Date : 2025-06-03 DOI: 10.1111/irfi.70022
Warren Bailey, Edith X. Liu
{"title":"Incorporation in offshore financial centers: Naughty or Nice?","authors":"Warren Bailey,&nbsp;Edith X. Liu","doi":"10.1111/irfi.70022","DOIUrl":"https://doi.org/10.1111/irfi.70022","url":null,"abstract":"<p>We highlight the importance of law and regulation using firms incorporated in offshore financial centers (OFCs) that promise an efficient institutional environment but can also enable expropriation of minority shareholders. We find SEC action is more likely for these firms, which is consistent with lower investor valuation and our model's intuition. Our identification strategy using a Cayman Islands corporate law change, a related court decision, and increases in government scrutiny confirms that easier takeover provisions benefit minority shareholders. Thus, whether these unusual jurisdictions are beneficial or destructive depends on law, regulation, and firm, home country, and listing country characteristics.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144206481","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"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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