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News about biodiversity risk and excess value of diversification 关于生物多样性风险和多样化价值过高的新闻
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-10-05 DOI: 10.1111/irfi.70042
Amanjot Singh
{"title":"News about biodiversity risk and excess value of diversification","authors":"Amanjot Singh","doi":"10.1111/irfi.70042","DOIUrl":"https://doi.org/10.1111/irfi.70042","url":null,"abstract":"<p>This study investigates the excess value implications of news about biodiversity risk for investors of diversified firms using a sample of 1019 US firms from 2001 to 2023. In a given year, more positive news about biodiversity risk increases the value of diversified firms relative to a benchmark portfolio of single-segment firms, especially for large-diversified firms. This diversification premium effect, that is, the excess value of diversified firms, in response to positive news about biodiversity risk, is non-linear, robust to several alternative specifications, and exists regardless of internal capital market efficiency, number of business segments, excess net income, and the climate change exposure of diversified firms. Our study highlights the potent role of diversified firms in exploiting biodiversity protection-related investment opportunities, as investors attach a relative premium to such firms.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 4","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-10-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145228053","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 role of anchor investors in initial public offerings 锚定投资者在首次公开发行中的作用
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-09-04 DOI: 10.1111/irfi.70040
Ankit Singhal, Shalu Kalra, S. R. Vishwanatha
{"title":"The role of anchor investors in initial public offerings","authors":"Ankit Singhal,&nbsp;Shalu Kalra,&nbsp;S. R. Vishwanatha","doi":"10.1111/irfi.70040","DOIUrl":"https://doi.org/10.1111/irfi.70040","url":null,"abstract":"<p>Do capital market regulations improve the efficiency of allocation of capital to IPO firms? We answer this question by examining a regulation in India that allows IPO firms to seek investment from lead (anchor) institutional investors. Using a sample of 158 anchor investor-backed IPOs and 689 non-anchor IPOs from 2006 to 2020, we find that anchor-backed IPO firms are more profitable and sell at higher valuations. These IPOs raise more equity than non-anchor firms, and anchor-backed firms with higher productivity of capital raise more equity than other firms. We find that anchor-backed IPOs experience a significant improvement in profitability and Q over 4 years after the IPO. Anchor backing is associated with a lower probability of the stock being downgraded to lower categories of listing and less illiquidity. Our results suggest that capital market regulations can be effective in directing capital to firms with higher investment efficiency.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-09-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144934765","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
State ownership and green innovation in family firms 家族企业的国有制与绿色创新
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-09-01 DOI: 10.1111/irfi.70039
Ying Tang, Tingting Yang, Jinyu Chen, Zhiyong Li
{"title":"State ownership and green innovation in family firms","authors":"Ying Tang,&nbsp;Tingting Yang,&nbsp;Jinyu Chen,&nbsp;Zhiyong Li","doi":"10.1111/irfi.70039","DOIUrl":"https://doi.org/10.1111/irfi.70039","url":null,"abstract":"<p>This paper delves into the influence of state ownership on green innovation in family firms using a sample of Chinese listed companies from 2008 to 2021. Our results show that state ownership significantly promotes family firms' green innovation performance. Intergenerational succession, CEO's green experience, and Confucian cultural atmosphere moderate this positive relationship significantly. Channel tests indicate that state ownership positively affects green innovation in family firms by enhancing their corporate social responsibility, facilitating their access to external resources, and improving their internal control quality. Cross-sectional analysis shows that the promoting effect of state ownership on green innovation is more prominent among family firms in non-heavily polluting industries, those with higher levels of information transparency, and those facing lower levels of market competition. These findings provide new insights into the reverse mixed-ownership reform in China and offer valuable guidance for family firms in formulating effective green innovation strategies.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144923588","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
Cultural values and cross-country differences in responsible investing sectors 负责任投资部门的文化价值观和跨国差异
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-08-21 DOI: 10.1111/irfi.70035
Jędrzej Białkowski, Laura T. Starks, Moritz Wagner
{"title":"Cultural values and cross-country differences in responsible investing sectors","authors":"Jędrzej Białkowski,&nbsp;Laura T. Starks,&nbsp;Moritz Wagner","doi":"10.1111/irfi.70035","DOIUrl":"https://doi.org/10.1111/irfi.70035","url":null,"abstract":"<p>Given the large variations in the evolution and the size of the responsible investing (RI) mutual fund sectors across countries, we examine factors affecting their growth. We find that the size of a country's RI fund industry, whether measured relative to the size of the conventional fund industry, total equity market capitalization, or relative to the country's GDP, is strongly related to the country's cultural norms, as measured by dimensions from Hofstede, World Values Survey, or GLOBE. The RI fund sector also increases with the country's wealth, as measured by the GDP per capita.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70035","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888239","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
Geographical proximity and information advantage evidence from the Chinese seasoned equity offering market 地理邻近性和信息优势来自中国经验丰富的股票发行市场
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-08-21 DOI: 10.1111/irfi.70037
Yujia Wang, Qingbin Meng, Solomon Wang
{"title":"Geographical proximity and information advantage evidence from the Chinese seasoned equity offering market","authors":"Yujia Wang,&nbsp;Qingbin Meng,&nbsp;Solomon Wang","doi":"10.1111/irfi.70037","DOIUrl":"https://doi.org/10.1111/irfi.70037","url":null,"abstract":"<p>Studying the Chinese SEO market, we find that investors geographically closer to an SEO firm's headquarters tend to submit bids that align more closely with the final offer price and tend to win the auction with a higher likelihood, particularly for high-demand SEOs. This local advantage is especially pronounced when bidding on firms with high operational uncertainty, active earnings management, and limited visits from institutional investors and analysts. Additionally, local investors are more likely to conduct on-site visits to SEO firms before the offering process than their nonlocal counterparts. However, this local edge diminishes during the nationwide COVID-19 lockdown and with the establishment of efficient transportation links to SEO firms. Overall, the evidence suggests that proximity provides investors with a significant advantage to gain information.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144888240","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 impact of credit constraints and risk tolerance on self-employment: Accounting for the hidden majority 信贷约束和风险承受能力对自营职业的影响：占隐性多数
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-08-18 DOI: 10.1111/irfi.70038
Muhammad Nawaz, Michael D. Noel
{"title":"The impact of credit constraints and risk tolerance on self-employment: Accounting for the hidden majority","authors":"Muhammad Nawaz,&nbsp;Michael D. Noel","doi":"10.1111/irfi.70038","DOIUrl":"https://doi.org/10.1111/irfi.70038","url":null,"abstract":"<p>Small businesses are important drivers of economic activity and job creation but face significant credit constraints. This study examines the joint impact of credit constraints and risk tolerance on a household's decision to become self-employed using data from the 2022 Survey of Consumer Finance (SCF), and in a novel way. First, it uncovers and then accounts for the large numbers of households that are truly credit constrained yet systematically overlooked with traditional measures of credit constraints based on loan rejections. Three hidden groups are identified– underfunded borrowers, discouraged borrowers, and priced-out borrowers– which collectively make up an actual majority of credit constrained borrowers. Second, the study isolates and estimates the independent impact of credit constraints and risk tolerance on self-employment, avoiding a persistent common omitted variables problem in the literature. The results show that credit constraints and risk aversion significantly limit business activities. The exclusion biases are quantified.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-08-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70038","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144869843","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
CEOs' financial work experience and corporate supplier stability: Evidence from China ceo财务工作经验与企业供应商稳定性：来自中国的证据
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2025-07-30 DOI: 10.1111/irfi.70036
Yewei Liu, Xianhang Qian, Qian Wu
{"title":"CEOs' financial work experience and corporate supplier stability: Evidence from China","authors":"Yewei Liu,&nbsp;Xianhang Qian,&nbsp;Qian Wu","doi":"10.1111/irfi.70036","DOIUrl":"https://doi.org/10.1111/irfi.70036","url":null,"abstract":"<p>This paper examines the impact of CEOs' financial work experience on corporate supplier stability. We find that a firm's supplier stability decreases when it's CEO has financial work experience. The impact is more pronounced for firms with fewer local procurement and less analyst coverage, and firms with lower industry concentration and limited market power. We also find that the impact of financial work experience is weakened when the financial expert CEO is female or older. The investigation into influencing channels shows that CEOs' financial work experience decreases corporate supplier stability through an increase in corporate financial investments, a decrease in financial slack, and an increase in agency costs. Finally, we find that decreased supplier stability driven by CEOs' financial work experience increases corporate operating risk. Our findings highlight the costs of hiring financial expert CEOs from the perspective of supply chain.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 3","pages":""},"PeriodicalIF":2.6,"publicationDate":"2025-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144740157","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
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
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