International Journal of Finance & Economics最新文献_第3页

How Does Fair Value Measurement Affect Corporate Financing Constraints? Evidence From China 公允价值计量如何影响企业融资约束？来自中国的证据

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-11-27 DOI: 10.1002/ijfe.70075

Jinying Liu, Qianru Hu

引用次数: 0

Higher-Order Moment Spillovers Among Global ESG Stock Markets: The Impacts of Geopolitical Risks, Sustainability Uncertainty and Climate Policy Uncertainty 全球ESG股票市场的高阶矩溢出效应：地缘政治风险、可持续性不确定性和气候政策不确定性的影响

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-22 DOI: 10.1002/ijfe.70089

Jinxin Cui, Aktham Maghyereh

{"title":"Higher-Order Moment Spillovers Among Global ESG Stock Markets: The Impacts of Geopolitical Risks, Sustainability Uncertainty and Climate Policy Uncertainty","authors":"Jinxin Cui, Aktham Maghyereh","doi":"10.1002/ijfe.70089","DOIUrl":"https://doi.org/10.1002/ijfe.70089","url":null,"abstract":"<div>\u0000 \u0000 <p>This paper investigates higher-order moment risk spillovers across global ESG stock markets and examines their driving factors, with important implications for risk management and regulatory design. By integrating the Autoregressive Conditional Density (ARCD) model with a Time-Varying Parameter Vector Autoregression (TVP-VAR) extended joint spillover method, we document a clear risk spillover transmission hierarchy with progressively decreasing connectedness from volatility (65.53%) to skewness (46.17%) to kurtosis (43.08%). Our findings reveal distinctive regional patterns: while developed ESG markets dominate volatility transmission, European emerging ESG markets emerge as influential transmitters of higher-moment risks. Time-varying analysis demonstrates differentiated responses to major crises across risk dimensions. Through the time-varying parameter structural vector auto-regression with stochastic volatility (TVP-SV-VAR) approach, we show that geopolitical risks (GPR), sustainability uncertainty (ESGUI), and climate policy uncertainty (CPU) impact ESG moment-based spillovers with varying intensity across different crisis contexts. These findings suggest that investors should adopt multi-moment risk assessment frameworks beyond traditional volatility measures, while policymakers need differentiated regulatory approaches that account for regional variations in ESG risk dynamics and incorporate higher-moment spillovers into financial stability monitoring.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"3273-3306"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148534403","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

Investor Site Visits, Discussion Contents, and Analyst Forecasts: A Machine Learning Approach 投资者现场访问、讨论内容和分析师预测：机器学习方法

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-11-04 DOI: 10.1002/ijfe.70094

Jinyu Liang, Xiaogang Bi

引用次数: 0

Climate Change Laws and European Stock Markets: An Event Analysis 气候变化法律与欧洲股票市场：事件分析

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-08 DOI: 10.1002/ijfe.70073

Theodoros Bratis, Georgios P. Kouretas, Evangelos Salachas

{"title":"Climate Change Laws and European Stock Markets: An Event Analysis","authors":"Theodoros Bratis, Georgios P. Kouretas, Evangelos Salachas","doi":"10.1002/ijfe.70073","DOIUrl":"https://doi.org/10.1002/ijfe.70073","url":null,"abstract":"<p>Under the context of the climate change we assess the impact of EU's legislative initiative on European stock markets. Specifically, we focus on its impact on energy and Environmental Social Governance (ESG) sectors for equity returns and volatility for a representative basket of EU countries (participating also in Eurozone) as well as countries outside Eurozone/EU. We derive a cross-country event analysis for the European green deal (willingness to implement and legal adoption on EU level as long-term strategy) and national climate laws. Moreover, we assess the efficient market hypothesis (EMH). Second, we expect the announcement effect of the law implementation to have an impact on industry sectoral stock markets' volatility. The EMH is initially exhibited and announcement-dependent; stock market is pricing announcements inefficiently. We find negative cumulative abnormal returns (CARs) both in the ESG, energy industry sector indexes. Abnormal return (AR) volatility is found per se at the announcement day. The magnitude and sign for abnormal returns as well as cumulative abnormal returns are announcement-dependent. Heterogeneity is present since ESG (green index) appears to exhibit more statistically significant cumulative abnormal returns than the energy index.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"3027-3058"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.70073","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148533031","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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 Impact of Integrity Culture on Technology Innovation in Chinese Listed Companies: Evidence From Machine Learning 诚信文化对中国上市公司技术创新的影响：来自机器学习的证据

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-25 DOI: 10.1002/ijfe.70088

Yongbo Luo, Qiming Zhong, Chien-Chiang Lee

引用次数: 0

The Role of Media Institutions in Economic Growth: Evidence From a Panel of Developing Countries 媒体机构在经济增长中的作用：来自发展中国家小组的证据

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-11-03 DOI: 10.1002/ijfe.70093

Nicholas Apergis, Mehdi Hasan, Anu Jossan

{"title":"The Role of Media Institutions in Economic Growth: Evidence From a Panel of Developing Countries","authors":"Nicholas Apergis, Mehdi Hasan, Anu Jossan","doi":"10.1002/ijfe.70093","DOIUrl":"https://doi.org/10.1002/ijfe.70093","url":null,"abstract":"<div>\u0000 \u0000 <p>Over the past two decades, the internet has become a crucial driver of development, contributing to productivity gains in many countries. However, despite its growing significance, there is a substantial gap in research about the impact of media quality and accessibility on economic growth. The previous research focused on high-income countries, often lacking theoretical depth and key control variables. The current study uses freedom on the net indicator and internet penetration data, from 2013 to 2023, to estimate how they both affect economic growth in 15 emerging economies. The analysis implements a dynamic panel regression originating from a modified Cobb–Douglas production function. Using the panel General Method of Moments and panel Granger causality tests, the findings reveal a positive impact of Internet penetration on economic growth, indicating that an increase in the number of Internet users correlates with stronger economic performance. Additionally, there is a positive association between internet freedom and economic growth, suggesting that countries with higher levels of internet freedom and less censorship experience more robust economic growth. The results are significant for policymakers since they signify the importance of their efforts to enhance access to the internet as this strategy can increase transparency bringing down government expenditure and corruption. At the same time, the findings point out the need for highly educated people in terms of online safety measures, as well as their higher responsibility to safeguard vulnerable citizens from mis and disinformation.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"3340-3359"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148532793","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

Insider Ownership and Investment Efficiency 内部人持股与投资效率

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-15 DOI: 10.1002/ijfe.70084

Bibek Bhatta

{"title":"Insider Ownership and Investment Efficiency","authors":"Bibek Bhatta","doi":"10.1002/ijfe.70084","DOIUrl":"https://doi.org/10.1002/ijfe.70084","url":null,"abstract":"<p>This study examines the relationship between insider ownership and investment efficiency in Indian publicly listed firms, utilising panel data spanning 2001 to 2015. It explores how agency conflicts contribute to suboptimal capital investment decisions. Our analysis reveals that increased insider ownership is associated with reduced investment efficiency, primarily due to tendencies towards overinvestment rather than underinvestment. This pattern suggests that insiders may favour personal or empire-building interests over shareholder value maximisation. Notably, the presence of independent directors on the board serves as a significant counterbalance, mitigating these inefficiencies. These findings hold when tested with different metrics for capital investment and investment opportunities. This research contributes to the literature by detailing the complex influence of ownership structure on investment behaviour and underscores the critical role of governance mechanisms, particularly board independence, in aligning investments with value creation. The insights are especially pertinent for developing economies with similar investor protection frameworks.</p>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"3184-3200"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1002/ijfe.70084","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148533749","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":3,"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

Beyond the Bin: The Effect of Waste Reduction on Real Earnings Management 在垃圾桶之外：减少浪费对真实盈余管理的影响

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-18 DOI: 10.1002/ijfe.70083

Faten Lakhal, Assil Guizani, Khaled Ghozzi, Khaled Hussainey

引用次数: 0

Alternative Price Dynamics and Valuation of Flexible Strategies 可选价格动态和灵活策略的估值

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-11-06 DOI: 10.1002/ijfe.70090

Cristina Bertolosi, Gianluca Fusai, Ioannis Kyriakou

引用次数: 0

Permanent and Transitory Volatility Spillovers Between Conventional and Islamic Stock Indices During the SARS-CoV-2 Pandemic 新冠肺炎大流行期间传统和伊斯兰股票指数之间的永久和短暂波动溢出效应

IF 3.7 3区经济学

International Journal of Finance & Economics Pub Date : 2026-07-17 Epub Date: 2025-10-25 DOI: 10.1002/ijfe.70081

Mustafa Özer, Michael Frömmel, Darko B. Vuković, Melik Kamişli

{"title":"Permanent and Transitory Volatility Spillovers Between Conventional and Islamic Stock Indices During the SARS-CoV-2 Pandemic","authors":"Mustafa Özer, Michael Frömmel, Darko B. Vuković, Melik Kamişli","doi":"10.1002/ijfe.70081","DOIUrl":"https://doi.org/10.1002/ijfe.70081","url":null,"abstract":"<div>\u0000 \u0000 <p>This study examines the existence and nature of volatility spillovers between conventional and Islamic stocks indices in the context of the SARS-CoV-2 pandemic. By augmenting the Hafner and Herwartz methodology with the integration of Fourier terms in the test equations, we identify both unidirectional and bidirectional volatility spillovers, predominantly of a permanent nature, across these indices. The results suggest that the SARS-CoV-2 pandemic has challenged the traditional perception of Islamic stocks as safe havens. The robustness tests, incorporating the traditional Hafner and Herwartz and frequency domain causality tests, confirm the validity of our main findings by demonstrating that volatility spillovers between Islamic and conventional stock markets are persistent across 27 out of 38 countries, with the Fourier-augmented Hafner and Herwartz test providing superior detection of spillovers compared to traditional methods. The study has significant implications for individual investors, market professionals and policymakers, underscoring the need for caution when considering safe havens during periods of market instability.</p>\u0000 </div>","PeriodicalId":47461,"journal":{"name":"International Journal of Finance & Economics","volume":"31 3","pages":"3120-3138"},"PeriodicalIF":3.7,"publicationDate":"2026-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148522758","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