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Universal Owner and Impact of Its Engagement Program: An Analysis of Engagement Records of Japan's GPIF 通用所有者及其参与项目的影响：对日本GPIF参与记录的分析
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-03-30 DOI: 10.1111/irfi.70068
Masahiro Shibata, Kazunori Suzuki
{"title":"Universal Owner and Impact of Its Engagement Program: An Analysis of Engagement Records of Japan's GPIF","authors":"Masahiro Shibata,&nbsp;Kazunori Suzuki","doi":"10.1111/irfi.70068","DOIUrl":"10.1111/irfi.70068","url":null,"abstract":"<p>Using 26,792 GPIF engagements across 21 funds (2017–2022), we provide empirical evidence on institutional investor stewardship effectiveness. Through propensity score matching and difference-in-differences analysis, we find that climate engagements significantly reduce greenhouse gas intensity and improve firm valuation, while governance engagements enhance shareholder returns, increase board independence, and reduce cross-shareholdings. Engagements target large-cap companies with lower controlling ownership. Our findings demonstrate that Japan's Government Pension Investment Fund, as a universal owner, drives measurable improvements in corporate governance, sustainability, and financial performance through structured asset manager engagements with investee companies.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-03-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70068","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686384","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 Influence of Economic and Political Positions of the United States on Sovereign Credit Ratings 美国经济和政治立场对主权信用评级的影响
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-03-29 DOI: 10.1111/irfi.70070
Wenni Lei, Dongzhou Mei, Songmin Wei
{"title":"The Influence of Economic and Political Positions of the United States on Sovereign Credit Ratings","authors":"Wenni Lei,&nbsp;Dongzhou Mei,&nbsp;Songmin Wei","doi":"10.1111/irfi.70070","DOIUrl":"10.1111/irfi.70070","url":null,"abstract":"<div>\u0000 \u0000 <p>This study gathered rating data from diverse countries and regions between 1995 and 2022 to assess the influence of the level of political and economic interactions with the United States on credit ratings. It employs a random-effects ordered logit model for empirical analysis. The findings reveal that for countries aligned with the United States or members of the Organization for Economic Cooperation and Development, sovereign credit ratings reflect their economic alliance with the United States. Specifically, higher levels of direct investment and bilateral trade with the United States correlate with enhanced sovereign credit ratings. Conversely, for other countries, sovereign credit ratings primarily reflect the United States' political stance. This is evident when a lower human rights index, indicating serious human rights concerns perceived by the United States, results in a downgrade of the sovereign credit rating.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 2","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686368","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
Emerging Market Internationalization and Corporate ESG Engagement 新兴市场国际化与企业ESG参与
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-03-20 DOI: 10.1111/irfi.70071
Yubin Li, Can Chen, Xianghua You, Yushi Wang, Zhaodong (Ken) Zhong
{"title":"Emerging Market Internationalization and Corporate ESG Engagement","authors":"Yubin Li,&nbsp;Can Chen,&nbsp;Xianghua You,&nbsp;Yushi Wang,&nbsp;Zhaodong (Ken) Zhong","doi":"10.1111/irfi.70071","DOIUrl":"https://doi.org/10.1111/irfi.70071","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the impacts of stock market internationalization on corporate ESG efforts in emerging markets. We employ a staggered difference-in-difference approach, focusing on the phased inclusion of Chinese firms in the MSCI Emerging Market index. The findings reveal that companies improve their ESG performance and disclosure quality after the inclusion. Notably, the effect of inclusion on firms' disclosure practices is more substantial than on their actual ESG operations. These impacts are particularly pronounced in non-state-owned enterprises and companies with weaker governance. Also, inclusion leads to a significant rise in foreign investment and analyst attention, indirectly improving corporate ESG engagement.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-03-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147567650","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 Bidder Complexity Affect Market Reactions to M&A Decisions? 竞买者复杂性是否影响市场对并购决策的反应？
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-03-16 DOI: 10.1111/irfi.70066
Rajib Chowdhury, John A. Doukas
{"title":"Does Bidder Complexity Affect Market Reactions to M&A Decisions?","authors":"Rajib Chowdhury,&nbsp;John A. Doukas","doi":"10.1111/irfi.70066","DOIUrl":"https://doi.org/10.1111/irfi.70066","url":null,"abstract":"<p>We examine whether and how bidder complexity influences investor reactions to merger and acquisition (M&amp;A) announcements. Using an established measure of complexity, we find a significant positive relationship between acquiring firm complexity and cumulative abnormal returns (CAR). This suggests that investors perceive more complex firms as capable and value-enhancing participants in M&amp;A activities. The association is particularly strong for bidders with high operating risk, greater R&amp;D intensity, and larger firm size. We also find that complex bidders tend to offer higher takeover premiums. Overall, our study contributes to the literature by demonstrating that bidder complexity is an important determinant of market reactions to M&amp;A announcements.</p>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-03-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/irfi.70066","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147566451","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
Stock Market Liberalization, Foreign Investors, and Firm Labor Investment: Evidence From China 股票市场自由化、外国投资者与企业劳动力投资：来自中国的证据
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-03-12 DOI: 10.1111/irfi.70069
Changyu Hu, Zhan Jiang, Xiaojia Zheng, Bing Zhu
{"title":"Stock Market Liberalization, Foreign Investors, and Firm Labor Investment: Evidence From China","authors":"Changyu Hu,&nbsp;Zhan Jiang,&nbsp;Xiaojia Zheng,&nbsp;Bing Zhu","doi":"10.1111/irfi.70069","DOIUrl":"https://doi.org/10.1111/irfi.70069","url":null,"abstract":"<div>\u0000 \u0000 <p>Analyzing the Shanghai-Hong Kong and Shenzhen-Hong Kong Stock Connect (SHSZ-HK Connect) programs as quasi-natural experiments, our study reveals that stock market liberalization increases labor investment efficiency. The effect is more pronounced in firms with higher foreign ownership, as liberalization enhances their information environment and reduces capital costs. However, the impact is weaker in regions with higher minimum wages, highlighting the importance of labor market conditions in shaping outcomes. Additionally, firms exposed to liberalization promote labor investment efficiency through human capital upgrading by recruiting high-skilled workers and enhancing employee training to improve labor productivity.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147565263","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
Exchange Rate Pass-Through, Inflation, and Energy Prices: The Role of Central Bank Intervention and Liquidity Conditions 汇率传递、通货膨胀和能源价格：中央银行干预和流动性条件的作用
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-03-04 DOI: 10.1111/irfi.70067
Ameet Kumar Banerjee, Ahmet Sensoy, John W. Goodell, H. K. Pradhan
{"title":"Exchange Rate Pass-Through, Inflation, and Energy Prices: The Role of Central Bank Intervention and Liquidity Conditions","authors":"Ameet Kumar Banerjee,&nbsp;Ahmet Sensoy,&nbsp;John W. Goodell,&nbsp;H. K. Pradhan","doi":"10.1111/irfi.70067","DOIUrl":"https://doi.org/10.1111/irfi.70067","url":null,"abstract":"<div>\u0000 \u0000 <p>Considering the complex linkages between exchange rate pass-through, energy prices, and inflation, involving monetary policy interactions in inflation-targeting and non-targeting economies, we examine the effect of exchange rate pass-through, the central bank's inflation management, and money on aggregate energy price for a sample of 25 countries using panel VAR and Bayesian VAR techniques. Results show that exchange rate pass-through, inflation, oil prices, and liquidity are causally linked, with oil prices impacting inflation, liquidity, and policy rates. We also find that countries that enforce inflation targeting in monetary policy can better manage sudden inflation by a readjustment in policy rates. The findings have insightful consequences for policy-making authorities.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-03-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147563258","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
Do Executives Exhibit Fixed Effects on Firm-Level Stock Price Crash Risk? Evidence From CEOs and CFOs 高管对公司股价崩盘风险是否表现出固定效应？来自ceo和cfo的证据
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-02-13 DOI: 10.1111/irfi.70056
Yu Zhou, Jiaxin Liu, Yakun Wang, Ting Chen
{"title":"Do Executives Exhibit Fixed Effects on Firm-Level Stock Price Crash Risk? Evidence From CEOs and CFOs","authors":"Yu Zhou,&nbsp;Jiaxin Liu,&nbsp;Yakun Wang,&nbsp;Ting Chen","doi":"10.1111/irfi.70056","DOIUrl":"https://doi.org/10.1111/irfi.70056","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates whether individual CEOs and CFOs have fixed effects on firm-level future stock price crash risk. We find that both CEOs and CFOs exhibit such fixed effects, and these effects remain robust across various tests. Additionally, we observe that CEOs' fixed effects are stronger than those of CFOs. And there is some marginal evidence that the executives' fixed effects are less pronounced in firms with better information environment quality. Finally, consistent with the influence of managers' fixed effects, we find that CEOs' professional qualifications (e.g., MBA, JD, and CPA) and CFOs' family status and military experience are associated with stock price crash risk.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147268976","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
Mandatory Information Disclosure Regulation and Corporate Cash Holdings: Evidence From a Quasi-Natural Experiment 强制性信息披露制度与企业现金持有量：来自准自然实验的证据
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-02-13 DOI: 10.1111/irfi.70065
Xiang Zhang, Rui Xu, Hung T. Nguyen, Han Zhou
{"title":"Mandatory Information Disclosure Regulation and Corporate Cash Holdings: Evidence From a Quasi-Natural Experiment","authors":"Xiang Zhang,&nbsp;Rui Xu,&nbsp;Hung T. Nguyen,&nbsp;Han Zhou","doi":"10.1111/irfi.70065","DOIUrl":"https://doi.org/10.1111/irfi.70065","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper examines the impact of mandatory information disclosure regulation on corporate cash holding decisions, a fundamental component of working capital management. Using industry-specific information disclosure guidelines as a quasi-natural experiment that introduces shocks to disclosure practices across different sectors, we find that the implementation of these regulations leads to a significant reduction in corporate cash holdings. We identify two mechanisms underlying this effect. Specifically, the implementation of the information disclosure regulation lowers agency costs and reduces the operational risks faced by firms, leading to lower cash holdings. Heterogeneity analysis shows that the negative relation between information disclosure regulation and corporate cash holdings is stronger among firms facing greater financial constraints, those with more effective internal controls, firms in highly competitive industries, and those operating in high-tech sectors. The reduction in corporate cash holdings driven by information disclosure regulation enhances firms' sustainable development capacity and alleviates underinvestment problems, supporting more efficient resource allocation and effective working capital management.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147268975","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 Price of Trust: How CEO Behavioral Integrity Shapes the Cost of Equity Capital 信任的代价：CEO行为诚信如何塑造权益资本成本
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-02-08 DOI: 10.1111/irfi.70060
Hao Sun, Yuki Gong, Sing Lui So, Willa Li
{"title":"The Price of Trust: How CEO Behavioral Integrity Shapes the Cost of Equity Capital","authors":"Hao Sun,&nbsp;Yuki Gong,&nbsp;Sing Lui So,&nbsp;Willa Li","doi":"10.1111/irfi.70060","DOIUrl":"https://doi.org/10.1111/irfi.70060","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the relationship between CEO behavioral integrity (BI)—defined as the consistency between a leader's words and actions—and a firm's implied cost of equity capital (COEC). Drawing on the managerial style literature, we conceptualize BI as a distinct, communication-based trait that reflects the credibility of executive decision-making. Using textual analysis, we construct a proxy for CEO BI from the causal and explanatory language contained in shareholder letters of S&amp;P 500 firms between 2013 and 2018. The results reveal a significant negative association between CEO BI and COEC across seven alternative measures. This relation remains robust after addressing endogeneity through both a CEO-turnover falsification test and an instrumental-variable approach based on peer-industry BI. The effect is more pronounced when the information environment is less transparent, firm-level risk is higher, and CEOs possess greater power. Further analysis indicates that aggressive earnings management and lower accounting quality mediate the effect, suggesting that BI operates through information-risk channels. Overall, the findings show that shareholders demand a higher risk premium and incur greater monitoring costs when CEOs exhibit low behavioral integrity, underscoring the market's valuation of managerial credibility as a priced governance attribute.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-02-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146256280","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
Environmental Regulation and Corporate Carbon Emission Reduction: A Supply Chain Spillover Perspective 环境规制与企业碳减排：一个供应链溢出的视角
IF 2.6 4区 经济学
International Review of Finance Pub Date : 2026-02-01 DOI: 10.1111/irfi.70061
Yu Shen, Chenghua Luan, Xinwei Xu
{"title":"Environmental Regulation and Corporate Carbon Emission Reduction: A Supply Chain Spillover Perspective","authors":"Yu Shen,&nbsp;Chenghua Luan,&nbsp;Xinwei Xu","doi":"10.1111/irfi.70061","DOIUrl":"https://doi.org/10.1111/irfi.70061","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines whether environmental regulation targeting downstream customers induces carbon emission reductions among upstream suppliers, using data from China's A-share listed firms. The results reveal that environmental regulation generates a significant carbon reduction spillover effect across the supply chain via regulation pressure transmission. Key mechanisms driving this effect include green reputation pressure, supply chain stability pressure, and operational pressure. Moreover, the resulting emission reduction spillover reinforces supply chain relationships. These findings offer valuable insights for promoting green and low-carbon transformation throughout supply chains and contribute to the design of integrated environmental policies.</p>\u0000 </div>","PeriodicalId":46664,"journal":{"name":"International Review of Finance","volume":"26 1","pages":""},"PeriodicalIF":2.6,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"146135981","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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