Quarterly Review of Economics and Finance最新文献_第6页

Bank lending channel under high policy rate volatility: Evidence from Türkiye 政策利率高波动下的银行贷款渠道：来自日本央行的证据

IF 3.1 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-12-01 Epub Date: 2025-09-30 DOI: 10.1016/j.qref.2025.102058

Ufuk Can , Turalay Kenc , Emrah Ismail Cevik

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引用次数: 0

The impact of government behavior on debt market expectations 政府行为对债务市场预期的影响

IF 3.1 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-12-01 Epub Date: 2025-10-19 DOI: 10.1016/j.qref.2025.102063

Helder Ferreira de Mendonça , Daniel Pereira dos Anjos , Ricardo Ramalhete Moreira

引用次数: 0

Short- and long-term effects of ESG pillars on credit risk ESG支柱对信用风险的短期和长期影响

IF 3.1 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-12-01 Epub Date: 2025-10-30 DOI: 10.1016/j.qref.2025.102075

I-Ling Chen , Chia-Chien Chang

引用次数: 0

Clear or confusing? How financial report readability and tone are associated with dividend payouts in Indian corporations 清楚还是困惑？财务报告的可读性和基调如何与印度公司的股息支付相关联

IF 3.1 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-12-01 Epub Date: 2025-09-24 DOI: 10.1016/j.qref.2025.102057

Rudra P. Pradhan , S.M.R.K. Samarakoon , B.A.C.H. Wijesinghe , Rana P. Maradana

{"title":"Clear or confusing? How financial report readability and tone are associated with dividend payouts in Indian corporations","authors":"Rudra P. Pradhan , S.M.R.K. Samarakoon , B.A.C.H. Wijesinghe , Rana P. Maradana","doi":"10.1016/j.qref.2025.102057","DOIUrl":"10.1016/j.qref.2025.102057","url":null,"abstract":"<div><div>This study investigates the association between the readability and tonal quality of annual reports, and corporate dividend payout policies in the Indian context, using a comprehensive dataset from 2012 to 2022. Applying detailed analysis and sophisticated statistical models, including Tobit and METobit regression techniques, to 10,085 firm-year observations, we ensured the robustness and reliability of the findings. The results reveal a significant association between the readability of corporate annual reports and corporate payouts. Specifically, firms whose annual reports are characterized by low readability tend to pay out smaller dividends. Moreover, if the narrative tone in annual reports leans towards negativity, litigiousness, uncertainty, or weak modal case, there is a significant negative association with the size and frequency of dividend payouts. The results underscore that the presence or absence of clear, comprehensible financial reporting with a positive tone is aligned with firms’ corporate payout policies. The findings add to the expanding body of research on the textual characteristics of financial disclosure and their corresponding economic consequences, confirming the necessity for transparent and readable financial reporting. The findings of this study hold implications for investors, corporate managers, and policymakers, who need to understand the strategic importance of clarity and tone in financial communications.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102057"},"PeriodicalIF":3.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145159118","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

The bank lending channel of monetary policy transmission in South Africa 南非货币政策传导的银行借贷渠道

IF 3.1 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-12-01 Epub Date: 2025-09-17 DOI: 10.1016/j.qref.2025.102041

Ekaterina Pirozhkova , Nicola Viegi

引用次数: 0

The impact of ESG performance on debt financing costs from the perspective of supply chain 供应链视角下ESG绩效对债务融资成本的影响

IF 3.1 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-12-01 Epub Date: 2025-10-20 DOI: 10.1016/j.qref.2025.102064

Qifa Xu , Changyu Ruan , Cuixia Jiang , Qinna Zhao

{"title":"The impact of ESG performance on debt financing costs from the perspective of supply chain","authors":"Qifa Xu , Changyu Ruan , Cuixia Jiang , Qinna Zhao","doi":"10.1016/j.qref.2025.102064","DOIUrl":"10.1016/j.qref.2025.102064","url":null,"abstract":"<div><div>Despite the growing attention given to the impact of ESG performance on corporate finance, such as debt financing costs, little is known about the underlying mechanism. Hence, we aim to answer this question from the supply chain perspective. We use 19,121 enterprise-year observations of 3585 Chinese A-share listed enterprises over the 2013–2022 period and employ panel data regression models with fixed effects estimation. The empirical results confirm a negative relationship between ESG performance and corporate debt financing costs even after a series of robustness tests. We conclude that good ESG performance effectively reduces debt financing costs with a marginal effect of 0.002. This reduction effect can be achieved through two channels: supplier stability and customer concentration. Heterogeneity analyses further demonstrate that the reduction effect is more pronounced in non-state-owned enterprises and enterprises with low industrial competition. Overall, our findings enrich the understanding of how ESG performance reduces debt financing costs and highlight the importance of supply chain management for enterprises.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102064"},"PeriodicalIF":3.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145363384","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

Cross-shareholding and innovation: Do both sides benefit equally? 交叉持股与创新：双方是否受益均等？

IF 3.1 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-12-01 Epub Date: 2025-11-24 DOI: 10.1016/j.qref.2025.102065

Xinyu Liu , Liufang Xu

{"title":"Cross-shareholding and innovation: Do both sides benefit equally?","authors":"Xinyu Liu , Liufang Xu","doi":"10.1016/j.qref.2025.102065","DOIUrl":"10.1016/j.qref.2025.102065","url":null,"abstract":"<div><div>Innovation has becoming increasingly important in face of China’s decelerating productivity growth nowadays. At the same time, cross-shareholding has gradually emerged as a significant equity structure that could influence firms’ innovative behavior. This study examines the impact of cross-shareholding on innovation using data from Chinese listed firms spanning from 2003 to 2022. Employing difference-in-differences and propensity score matching approach, we find that cross-shareholding positively influences innovation in terms of patent applications and grants. The observed effects are primarily attributed to knowledge spillovers from high-knowledge to low-knowledge side and reduced financial constraints, while we find no evidence supporting the corporate governance and R&D input mechanisms. Furthermore, the benefits of cross-shareholding are not equally distributed between the involved parties. The effects are more pronounced for larger, high-tech, and state-owned enterprises, highlighting the importance of resources and strategic focus in driving innovation. This study offers critical insights for policymakers grappling with the multifaceted impacts of cross-shareholding.</div></div>","PeriodicalId":47962,"journal":{"name":"Quarterly Review of Economics and Finance","volume":"104 ","pages":"Article 102065"},"PeriodicalIF":3.1,"publicationDate":"2025-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145623628","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

Monetary policy, financial development and money laundering: International evidence 货币政策、金融发展与洗钱：国际证据

IF 3.1 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-12-01 Epub Date: 2025-09-19 DOI: 10.1016/j.qref.2025.102051

Nguyen-Quynh-Nhu Ngo , Ngoc-Yen-Nhi Vuong , M. Kabir Hassan , Mabruk Billah

引用次数: 0

Corporate diversification, financial flexibility and firm performance during the Covid-19 pandemic 2019冠状病毒病大流行期间的企业多元化、财务灵活性和公司业绩

IF 3.1 3区经济学

Quarterly Review of Economics and Finance Pub Date : 2025-12-01 Epub Date: 2025-09-23 DOI: 10.1016/j.qref.2025.102053

I-Ju Chen , Hang Thi Dieu Nguyen

引用次数: 0

Examining the impact of natural gas price volatility on Euro zone inflation expectations 研究天然气价格波动对欧元区通胀预期的影响