International Journal of Finance & Economics最新文献

Corporate Climate Risk Disclosure and Institutional Investor Holdings 企业气候风险披露与机构投资者持股

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-07-14 DOI: 10.1002/ijfe.70014

Feng Zhao, Siting Geng, He Xiao

{"title":"Corporate Climate Risk Disclosure and Institutional Investor Holdings","authors":"Feng Zhao, Siting Geng, He Xiao","doi":"10.1002/ijfe.70014","DOIUrl":"https://doi.org/10.1002/ijfe.70014","url":null,"abstract":"<div>\u0000 \u0000 <p>This study investigates the impact of corporate climate risk disclosure on institutional investor shareholdings. The empirical results show that the disclosure of climate risk increases institutional investor ownership. The economic mechanism behind this finding is that climate risk disclosure reduces stock price crash risk, improves stock performance and promotes corporate reputation. Heterogeneous tests indicate that the positive relationship between the disclosure of climate risk exposure and institutional investor ownership is more pronounced for firms with a higher analyst following, non-state-owned firms, and after the 2015 New Environmental Protection Law. Further analyses show that institutional investors specifically focus on firms' disclosures on climate-related technology opportunities and strategic transformation information. This study is among the first to provide market-wide empirical evidence in the emerging market on how institutional investor ownership is affected by corporate climate risk disclosure, which further contributes to the mixed findings of how the financial market perceives climate risk information.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 2","pages":"1754-1779"},"PeriodicalIF":2.8,"publicationDate":"2026-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147683757","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Caught in a Debt Trap: Financial Distress and Corporate Production Decisions 陷入债务陷阱：财务困境与企业生产决策

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-07-21 DOI: 10.1002/ijfe.70016

Yanan Li, Wenjun Wang

引用次数: 0

Unveiling the Double-Edged Sword: Assessing the Impact of Venture Capital Market Competition on Startup Success in China 揭开双刃剑：评估风险投资市场竞争对中国创业公司成功的影响

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-06-19 DOI: 10.1002/ijfe.70001

Weiping Liang, Xiangyi Zhou, Wei Huang

引用次数: 0

The Financial Accelerator Mechanism: Time-Varying Frequency-Dependent Evidence From the C&I Loan Market 金融加速机制：来自C&I贷款市场的时变频率证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-08-26 DOI: 10.1002/ijfe.70017

Marco Gallegati, Edoardo Gaffeo

{"title":"The Financial Accelerator Mechanism: Time-Varying Frequency-Dependent Evidence From the C&I Loan Market","authors":"Marco Gallegati, Edoardo Gaffeo","doi":"10.1002/ijfe.70017","DOIUrl":"https://doi.org/10.1002/ijfe.70017","url":null,"abstract":"<div>\u0000 \u0000 <p>Empirical identification of the financial accelerator mechanism using aggregate data has proven difficult due to measurement challenges and the unobservability of the external finance premium, defined as the wedge between the cost of external finance and the opportunity cost of internal funds. We address this challenge by developing a novel empirical strategy which exploits the frequency-dependent properties of the financial accelerator and uses survey-based credit standards—rather than interest rate spreads—as a proxy for the external finance premium. The time-frequency analysis of U.S. commercial and industrial loan market data—comprising loan growth, rate spreads, credit standards, and aggregate net worth—over a period marked by significant regulatory and structural changes in the financial system, provides three main results. First, credit standards provide a more informative proxy for the external finance premium than loan rate spreads. Second, the relationship between net worth and credit conditions is frequency-dependent, with the strongest effects concentrated at business cycle frequencies (4–10 years). Third, the financial accelerator becomes empirically relevant only after the early 1990s, coinciding with the onset of financial deregulation and increasing agency frictions. These findings suggest that the strength and observability of the financial accelerator mechanism are both frequency- and time-dependent, becoming more pronounced in the post-deregulation era of U.S. financial history.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 2","pages":"1822-1832"},"PeriodicalIF":2.8,"publicationDate":"2026-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686129","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Firm Digitalisation Empowers ESG Performance-Evidence From China 企业数字化助力ESG绩效——来自中国的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-07-17 DOI: 10.1002/ijfe.70019

Lin Wang, Lingyao Kong, Huixiang Zeng

{"title":"Firm Digitalisation Empowers ESG Performance-Evidence From China","authors":"Lin Wang, Lingyao Kong, Huixiang Zeng","doi":"10.1002/ijfe.70019","DOIUrl":"https://doi.org/10.1002/ijfe.70019","url":null,"abstract":"<div>\u0000 \u0000 <p>With the deepening of the concept of green development, it is important to explore how firm digitalisation improves the environmental, social responsibility, and corporate governance (ESG) performance of firms to achieve sustainable development. This study examines the impact of firm digitalisation on ESG performance and its mechanisms using sample data of Chinese A-share listed firms from 2011 to 2023. The results show that firm digitalisation can significantly improve ESG performance, and both management ability as an internal governance mechanism and institutional investors as an external governance mechanism can reinforce this improvement. A mechanism test reveals that improvements in the quality of internal control, total factor productivity, and information transparency are potential channels. Moreover, the effect of digitalisation on ESG performance is more significant for firms with a low supplier concentration and high government subsidies. The effect of digitalisation on ESG performance improvement is more significant for firms located in regions with a high environmental regulation intensity and a good level of digital economy development. In addition, compared to the corporate governance (G) dimension, digitalisation is more effective in improving environmental (E) and social responsibility (S) performance. This study, based on stakeholder theory and upper echelons theory, reveals the mechanisms and boundaries through which firm digitalisation enhances ESG performance, providing a reference for leveraging digital technologies to empower ESG governance and promote high-quality corporate development.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 2","pages":"1860-1879"},"PeriodicalIF":2.8,"publicationDate":"2026-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147686304","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Appeasing Stockholders at the Expense of Stakeholders: Do Contingencies Matter? 以利益相关者为代价安抚股东：偶然性重要吗？

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-07-04 DOI: 10.1002/ijfe.70008

Ali Uyar, Cemil Kuzey, Habiba Al-Shaer, Abdullah S. Karaman

{"title":"Appeasing Stockholders at the Expense of Stakeholders: Do Contingencies Matter?","authors":"Ali Uyar, Cemil Kuzey, Habiba Al-Shaer, Abdullah S. Karaman","doi":"10.1002/ijfe.70008","DOIUrl":"https://doi.org/10.1002/ijfe.70008","url":null,"abstract":"<div>\u0000 \u0000 <p>In this study, we investigate whether dividend growth is associated with both sustainability reporting and assurance. In doing so, we aim to highlight whether appeasing stockholders more may damage stakeholder communication or not. Besides, we explore whether firm growth opportunity, free cash flow and firm risk moderate between dividend growth and sustainability reporting and assurance. We hope to shed light on firm strategies balancing the stockholders' and stakeholders' interests concurrently. We fetched the data for the period between 2002 and 2019 and ran country-industry-year fixed-effects logistic regression. The findings indicate that dividend growth diminishes the likelihood of disseminating a sustainability report and assuring the sustainability report; however, this significant link is validated in the recent period (i.e., 2011–2019) rather than the earlier period (i.e., 2002–2010). Furthermore, while firms paying greater dividends with higher growth opportunities avoid assurance practice only, risky firms avoid both sustainability reporting and report assurance. Contrary to expectations, free cash flow does not significantly influence sustainability reporting and assurance practices of the firms paying greater dividends relative to the prior period. However, further analyses revealed a very significant difference between Anglo-Saxon versus non-Anglo-Saxon countries.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 2","pages":"1660-1681"},"PeriodicalIF":2.8,"publicationDate":"2026-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147683334","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 Fund Herding Help Stabilise Fund Flows? An Investigation in a Fund Mutual-Holding Network Framework 基金聚集有助于稳定资金流动吗？基金互持网络框架研究

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-06-26 DOI: 10.1002/ijfe.70004

Shuai Lu, Shouwei Li, Peter Teirlinck

引用次数: 0

ESG and Firm Value: The Moderating Effects of Corporate Transparency and Institutional Environment ESG与企业价值：公司透明度和制度环境的调节作用

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-06-25 DOI: 10.1002/ijfe.70005

Qing Li, Chengcheng Liu, Yu-En Lin

引用次数: 0

Hedging With Gold, Correlation Cycles and Risk Aversion: Evidence From Global Economic Sectors 黄金对冲、相关周期和风险厌恶：来自全球经济部门的证据

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-07-07 DOI: 10.1002/ijfe.70006

Geoffrey M. Ngene, Ann Nduati Mungai, M. Kabir Hassan

{"title":"Hedging With Gold, Correlation Cycles and Risk Aversion: Evidence From Global Economic Sectors","authors":"Geoffrey M. Ngene, Ann Nduati Mungai, M. Kabir Hassan","doi":"10.1002/ijfe.70006","DOIUrl":"https://doi.org/10.1002/ijfe.70006","url":null,"abstract":"<div>\u0000 \u0000 <p>We investigate (i) the variation of gold's hedging, safe haven and diversification properties across dynamic correlation cycles and 11 global sector equities, and (ii) the joint impact of risk aversion and global crisis events on asymmetric dynamic conditional correlation (ADCC) between gold and each sector. Contrary to evidence based on linear models, we find that (i) gold is consistently a strong hedge in the low ADCC cycle and largely an effective diversifier at moderate ADCC cycles. (ii) Gold is predominantly a strong safe haven during low and moderate ADCC quantiles. (iii) Risk aversion is inversely related to sector-gold ADCC, especially in the lower ADCC quantiles. Moreover, crisis events such as COVID-19, the global financial crisis (GFC) and the European sovereign debt crisis (ESDC) amplify the impact of risk aversion on ADCC. (iv) Investors derive a marginal utility loss for hedging defensive sectors such as healthcare, consumer staples and utilities, requiring relatively lower gold allocation than cyclical sectors. Our results have important implications for dynamic portfolio allocation and risk management decisions.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 2","pages":"1606-1626"},"PeriodicalIF":2.8,"publicationDate":"2026-04-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"147683476","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Dynamic Persistence of Shocks to Stock Prices in Emerging Markets: Non-Normal Distributions, Structural Changes and Asymmetry 新兴市场股票价格冲击的动态持续性：非正态分布、结构变化和不对称性

IF 2.8 3区经济学

International Journal of Finance & Economics Pub Date : 2026-04-13 Epub Date: 2025-06-23 DOI: 10.1002/ijfe.70002

Saban Nazlioglu, Ilhan Kucukkaplan, Sevket Pazarci, Asim Kar, Osman Varol

引用次数: 0