International Review of Finance最新文献_第2页

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, Gordon Yuan, Shan Wang, Junli Yu","doi":"10.1111/irfi.70028","DOIUrl":"https://doi.org/10.1111/irfi.70028","url":null,"abstract":"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.","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

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

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, Jing Chi, M. Humayun Kabir, Bilal Hafeez","doi":"10.1111/irfi.70027","DOIUrl":"https://doi.org/10.1111/irfi.70027","url":null,"abstract":"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&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.","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

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

引用次数: 0

Life-cycle planning model with stochastic volatility and recursive preferences 具有随机波动和递归偏好的生命周期规划模型

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-05-27 DOI: 10.1111/irfi.70025

Hao Wang, Dongdong Liu, Lin Xu, Ning Wang

{"title":"Life-cycle planning model with stochastic volatility and recursive preferences","authors":"Hao Wang, Dongdong Liu, Lin Xu, Ning Wang","doi":"10.1111/irfi.70025","DOIUrl":"https://doi.org/10.1111/irfi.70025","url":null,"abstract":"This study examines the optimal investment, consumption, and life insurance choices faced by a wage earner with recursive preferences within a finite time horizon. We posit that the financial market comprises a risk-free asset and a risky asset that follows a general stochastic volatility model. The objective of the wage earner is to identify optimal investment, consumption, and life insurance strategies that maximize the expected utility of discounted intertemporal consumption, legacy wealth, and terminal wealth throughout the uncertain lifespan. Using the dynamic programming principle, we derive the Hamilton-Jacobi-Bellman (HJB) equation to describe the optimal investment–consumption–insurance strategy and its corresponding value function. By solving the HJB equations, we derive the analytical solutions for the optimal strategy and value function in the cases of the exponential-polynomial form and the Heston's stochastic volatility model. Through numerical simulations, we investigate the impact of several parameters, providing further economic insights obtained in this study.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70025","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144148258","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

Aftermarket performance of emerging growth companies: The long-term effects of the JOBS act and the role of institutional investors 新兴成长型公司的后市场表现：JOBS法案的长期影响和机构投资者的作用

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-05-19 DOI: 10.1111/irfi.70024

Mengxi Chen, Liang Guo, Xu Niu

引用次数: 0

Examining the impact of domestic monetary policy on foreign portfolio investment flows to India

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-05-14 DOI: 10.1111/irfi.70023

Virender Kumar

{"title":"Examining the impact of domestic monetary policy on foreign portfolio investment flows to India","authors":"Virender Kumar","doi":"10.1111/irfi.70023","DOIUrl":"https://doi.org/10.1111/irfi.70023","url":null,"abstract":"While the determinants of foreign portfolio investment (FPI) flows to India have been extensively analyzed, research has largely failed to document the impact and the relative importance of domestic monetary policy shock vis-à-vis other variables in causing FPI flows to India. This study adds to the literature by empirically examining the impact of the domestic monetary policy shock on FPI flows to India using the structural VAR methodology. It further disaggregates the analysis of FPI flows into portfolio equity flows (PEF) and portfolio debt flows (PDF) to investigate whether a domestic monetary policy shock affects the two flows similarly or differently. The study finds that domestic monetary policy shock (measured through shocks to interest rate differential and domestic money supply growth) significantly influences FPI flows to India, explaining about 10.1% of the total variation in these flows. The disaggregated analysis of FPI also reveals similar results for both portfolio equity flows and portfolio debt flows; however, the impact of the domestic monetary policy shock is greater on the debt component of FPI (portfolio debt flows) than on the equity component of FPI (portfolio equity flows).","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143944452","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

Production promotion versus liquidity constraints: Agricultural production loans and farmers' staple crop storage behavior 生产促进与流动性约束：农业生产贷款与农民主粮储存行为

IF 1.8 4区经济学

International Review of Finance Pub Date : 2025-05-05 DOI: 10.1111/irfi.70020

Ziying Yang, Junjie Liu, Xinlong Tan

{"title":"Production promotion versus liquidity constraints: Agricultural production loans and farmers' staple crop storage behavior","authors":"Ziying Yang, Junjie Liu, Xinlong Tan","doi":"10.1111/irfi.70020","DOIUrl":"https://doi.org/10.1111/irfi.70020","url":null,"abstract":"Extensive research has documented the benefits of agricultural production loans, yet limited studies address the impacts of liquidity constraints during harvest season due to loan repayment obligations. This study examines how agricultural production loans influence farmers' crop storage decisions. Based on a theoretical two-period household model, we demonstrate that the net effect of such loans on grain storage behavior is ambiguous, contingent upon the relative dominance of liquidity constraint relief versus production enhancement incentives. Utilizing data from the China National Fixed-Point Survey (2004–2014), our empirical analysis using fixed-effect models corroborates the theoretical predictions. Specifically, we find that agricultural production loans negatively affect wheat storage and the storage-to-output ratio for wheat. Conversely, these loans positively correlate with storage levels and storage-to-output ratios for maize and soybeans. Additionally, our results indicate a negative impact on rice storage but no significant effect on the rice storage-to-output ratio. Further analysis reveals that, compared with wheat and rice, maize and soybeans have a higher output return of capital input. Furthermore, we find agricultural production loans raise household income and consumption.","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"25 2","pages":""},"PeriodicalIF":1.8,"publicationDate":"2025-05-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143908867","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