Global Finance Journal最新文献_第2页

Digital economy, official promotion pressure, and firm innovation

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-22 DOI: 10.1016/j.gfj.2025.101078

Jianhui Mao , Bo Yu , Chao Guan

{"title":"Digital economy, official promotion pressure, and firm innovation","authors":"Jianhui Mao , Bo Yu , Chao Guan","doi":"10.1016/j.gfj.2025.101078","DOIUrl":"10.1016/j.gfj.2025.101078","url":null,"abstract":"<div><div>Currently, China's economic cycle is experiencing instability, and the pressure for economic growth is increasing. The digital economy is crucial for China's economic breakthrough and industrial transformation. Literature generally suggests that the digital economy can boost the economy at the macro level and improve the total factor productivity (TFP) of firms at the micro level. The significant role of the digital economy in promoting firm technological innovation highlights the importance of studying its impact on firm innovation. Using microdata from China's listed companies from 2013 to 2022 and <em>meso</em> data from prefecture-level cities, this paper innovatively incorporates the unique factor of official promotion pressure in China into the analytical framework, and empirically analyzes the impact of the digital economy on firm innovation and its underlying mechanisms using a panel model. The results show: (1) The digital economy effectively promotes firm innovation, and this conclusion holds after a series of robustness tests. (2) Official promotion pressure plays a key role in the digital economy's impact on firm innovation. The greater the promotion pressure on local officials, the more the digital economy fosters firm innovation. (3) The impact of the digital economy on firm innovation is heterogeneous. It significantly promotes innovation in large firms, emerging firms, eastern regions, and regions with a good business environment. However, its impact on small firms, established firms, central and western regions, and regions with poor business environments is weak or insignificant. (4) Mechanistically, the digital economy primarily promotes innovation by affecting firms with large financing scales and low levels of R&D investment. This paper recommends optimizing the performance appraisal system for local officials, formulating region-specific policies, and promoting the deep integration of the digital economy with firms to enhance their innovation capacity.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101078"},"PeriodicalIF":5.5,"publicationDate":"2025-01-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169348","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

Can sustainable financing facilitate the energy justice transformation? Evidence from developing countries in Asia

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-19 DOI: 10.1016/j.gfj.2025.101081

Yang Liu , Kangyin Dong , Rabindra Nepal

引用次数: 0

Balancing the books: The role of energy-related uncertainty in corporate leverage

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-17 DOI: 10.1016/j.gfj.2025.101077

Xinhui Huang , Lukai Yang

引用次数: 0

Asymmetric time-frequency risk spillovers between the Fourth Industrial Revolution assets and commodity futures: Is economic policy uncertainty a driving factor?

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-11 DOI: 10.1016/j.gfj.2025.101076

Xianfang Su , Yachao Zhao

{"title":"Asymmetric time-frequency risk spillovers between the Fourth Industrial Revolution assets and commodity futures: Is economic policy uncertainty a driving factor?","authors":"Xianfang Su , Yachao Zhao","doi":"10.1016/j.gfj.2025.101076","DOIUrl":"10.1016/j.gfj.2025.101076","url":null,"abstract":"<div><div>This study examines the asymmetric time-frequency risk spillovers between the Fourth Industrial Revolution assets and commodity futures by utilizing a time-varying parameter vector autoregressive connectedness approach. The results indicate that financial technology stocks, artificial intelligence stocks, and blockchain stocks are net transmitters of spillovers in relation to energy, metal, and agriculture futures. Moreover, the spillover effect is asymmetric, with spillovers triggered by bad news dominating those sourced from good news. Also, risk spillovers are exceedingly intense in the short term in comparison with the medium term and long term. Further dynamic analyses show that the outbreak of the COVID-19 pandemic and the Russia-Ukraine conflict substantially enhanced risk spillovers. Finally, this study finds that economic policy uncertainty has a significantly positive impact on the asymmetric time-frequency spillover effects, indicating its role as a driving factor of spillover effects. These findings have great significance for investors and policymakers.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101076"},"PeriodicalIF":5.5,"publicationDate":"2025-01-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169333","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 R&D subsidies promote or inhibit firm R&D collaboration? An empirical analysis on the role of risk tolerance in China

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-07 DOI: 10.1016/j.gfj.2025.101075

Duan Liu , Tingfang Zhang , Yuntian Jiang , Hong Wan

引用次数: 0

Exploring a Quasi-absolute priority rule for pay-outs to operational creditors in bankruptcy resolutions: Evidence from India

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-05 DOI: 10.1016/j.gfj.2025.101074

S. Veena Iyer, Rohit Prasad

{"title":"Exploring a Quasi-absolute priority rule for pay-outs to operational creditors in bankruptcy resolutions: Evidence from India","authors":"S. Veena Iyer, Rohit Prasad","doi":"10.1016/j.gfj.2025.101074","DOIUrl":"10.1016/j.gfj.2025.101074","url":null,"abstract":"<div><div>We show that the Absolute Priority Rule (APR), which prioritizes financial creditors over operational creditors in the distribution of proceeds in liquidation, is inappropriate and unfair during resolution and deprives the latter of their share of value in the reorganized concern. Using data from bankruptcy resolution cases under the Indian Insolvency and Bankruptcy Code (IBC) 2016, we examine an alternate Quasi-APR rule for equitable distribution and find that while in the aggregate, the operational creditors get pay-outs not significantly different from this rule, there is intra-group divergence created by the liquidation premium (the excess of resolution proceeds over liquidation value of assets), and the operational creditors' claim size. The actual dynamics conform to opportunistic behaviour by the financial creditors, moderated by certain factors. In the spirit of the modified Creditors' Bargain Theory and the Values-based theory, we propose the quasi-APR rule as a transparent and pragmatic solution towards value-conservation of the asset and equity. We recommend the Quasi APR-based payout to be made the minimum payout for the OCs.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101074"},"PeriodicalIF":5.5,"publicationDate":"2025-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169332","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 change and corporate credit worthiness: International evidence

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2025-01-02 DOI: 10.1016/j.gfj.2024.101073

Harvey Nguyen , Anh Viet Pham , Man Duy (Marty) Pham , Mia Hang Pham

引用次数: 0

Artificial intelligence, digital finance, and green innovation

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-12-26 DOI: 10.1016/j.gfj.2024.101072

Yang Song , Yue Zhang , Zhipeng Zhang , Jean-Michel Sahut

{"title":"Artificial intelligence, digital finance, and green innovation","authors":"Yang Song , Yue Zhang , Zhipeng Zhang , Jean-Michel Sahut","doi":"10.1016/j.gfj.2024.101072","DOIUrl":"10.1016/j.gfj.2024.101072","url":null,"abstract":"<div><div>The high risks and uncertainties inherent in green innovation present challenges for traditional financial tools. Against this backdrop, AI has the potential to enhance both corporate green innovation efforts and financial efficiency by leveraging its strengths in data analysis and risk prediction. Nevertheless, the specific impacts and underlying mechanisms of AI's influence remain insufficiently explored. This study employs a two-way fixed-effects model to analyze data from 688 Chinese A-share companies from 2011 to 2020 to explore how AI influences corporate green innovation mechanisms. Our findings reveal that AI drives green innovation, mainly by enhancing digital finance. Moreover, we investigate AI's facilitating effects on green innovation across four dimensions: digital finance coverage, corporate cash flow, corporate growth, and regional environmental quality. The results indicate that AI contributes significantly to green innovation, especially within regions characterized by advanced digital finance, firms with abundant free cash flow, high-growth companies, and areas with lower environmental quality. These findings provide useful guidance for businesses and policymakers seeking to harness AI and digital finance to effectively drive green innovation.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101072"},"PeriodicalIF":5.5,"publicationDate":"2024-12-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169347","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 institutional quality and trade openness enhance the role of financial openness in Eastern European financial development?

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-12-24 DOI: 10.1016/j.gfj.2024.101071

Hyun-Jung Nam , Jonathan A. Batten , Doojin Ryu

引用次数: 0

Real effects of media climate change concerns

IF 5.5 2区经济学

Global Finance Journal Pub Date : 2024-12-22 DOI: 10.1016/j.gfj.2024.101069

Fereshteh Mahmoudian, Jamal A. Nazari, Ehsan Poursoleyman

{"title":"Real effects of media climate change concerns","authors":"Fereshteh Mahmoudian, Jamal A. Nazari, Ehsan Poursoleyman","doi":"10.1016/j.gfj.2024.101069","DOIUrl":"10.1016/j.gfj.2024.101069","url":null,"abstract":"<div><div>This study addresses the calls in prior research for evidence on the real effects of preferences for climate change risk by investigating whether companies with opposing externalities—brown versus green companies—adjust their climate-related activities in response to exogenous shocks in public concern for climate change, as reflected in news articles. We find that although brown companies reduce their direct and indirect greenhouse gas (GHG) emissions, they do not invest heavily in climate projects, suggesting a preference for cost-effective measures. Further textual analysis reveals that brown companies tend to use less complex stand-alone reports when communicating with external stakeholders. However, although green companies have greater access to low-cost external financial resources during unexpected changes in public concern, we find no evidence that they use these resources to reduce direct GHG emissions. Instead, our findings indicate only limited participation in indirect GHG reduction initiatives, with no significant allocation of these financial resources to dedicated climate projects. This reluctance of green companies to undertake direct GHG reductions is consistent with ongoing anecdotal discussions regarding the challenges of achieving net-zero targets, prompting a call for further research into potential barriers to greener transitions.</div></div>","PeriodicalId":46907,"journal":{"name":"Global Finance Journal","volume":"64 ","pages":"Article 101069"},"PeriodicalIF":5.5,"publicationDate":"2024-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143169327","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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