Pacific-Basin Finance Journal最新文献

Economic uncertainty and innovation capability: Corruption as a barrier to innovation output 经济不确定性与创新能力：腐败作为创新产出的障碍

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-24 DOI: 10.1016/j.pacfin.2025.102855

Yunpeng Sun , Yaman Omer Erzurumlu , Giray Gozgor

引用次数: 0

Power of decomposition in volatility forecasting for Bitcoins 比特币波动率预测中的分解能力

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-22 DOI: 10.1016/j.pacfin.2025.102839

Prakash Raj, Koushik Bera, N. Selvaraju

引用次数: 0

The liquidity effect of media coverage: International evidence1 媒体报道的流动性效应：国际证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-19 DOI: 10.1016/j.pacfin.2025.102852

Thi Hong Hanh Huynh, Tung Lam Dang

引用次数: 0

Can digital finance foster green innovation in short-term debt for long-term investment firms? 数字金融能否促进长期投资公司短期债务的绿色创新？

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-18 DOI: 10.1016/j.pacfin.2025.102849

Long Tang , Yanbing Wen , Yan Jiang

{"title":"Can digital finance foster green innovation in short-term debt for long-term investment firms?","authors":"Long Tang , Yanbing Wen , Yan Jiang","doi":"10.1016/j.pacfin.2025.102849","DOIUrl":"10.1016/j.pacfin.2025.102849","url":null,"abstract":"<div><div>Green innovation plays a crucial role in driving socio-economic green transformation and facilitating high-quality development. However, achieving this objective necessitates substantial long-term capital investment. Currently, many Chinese enterprises face the challenge of relying on short-term debt for long-term investment (SDFLI), which severely limits their capacity to enhance green innovation. Consequently, there is an urgent need to reform the enterprise financing system. This study utilizes data from listed companies in China and the digital finance index to examine the impact and mechanism of rapidly developing digital finance in recent years on the green innovation of enterprises engaged in SDFLI. The findings indicate that SDFLI will significantly impede the green innovation capacity of enterprises. Conversely, the advancement of digital finance enhances the green innovation capacity of such enterprises engaged in SDFLI through reducing corporate credit rents, promoting supply chain finance development, improving accessibility to financial services, alleviating financing constraints, upgrading human capital structure, and increasing investment in research and development. Notably, this impact varies depending on enterprise ownership, size, life cycle stage, and regional variations in environmental regulatory intensity. Further research reveals that digital finance significantly increases the proportion of credit borrowings in the debt structure of SDFLI enterprises. Hence, it is crucial for regions to fully leverage digital finance to empower enterprise development. By enhancing capital allocation efficiency and catering to diverse financial needs, regions can deepen the concept of green development, raise awareness of social environmental protection and supervision, and continuously promote green innovation. This integration of green innovation and sustainable development will provide robust support for the green transformation and high-quality development of the social economy.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102849"},"PeriodicalIF":4.8,"publicationDate":"2025-06-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144481807","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

Riding the storm: AI-driven spillover effects across technology, commodities, and conventional markets 乘风而上：人工智能驱动的技术、商品和传统市场的溢出效应

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-16 DOI: 10.1016/j.pacfin.2025.102845

Muhammad Abubakr Naeem , Raazia Gul , Nadia Arfaoui , Walid Bakry , Muhammad Ishaq Bhatti

{"title":"Riding the storm: AI-driven spillover effects across technology, commodities, and conventional markets","authors":"Muhammad Abubakr Naeem , Raazia Gul , Nadia Arfaoui , Walid Bakry , Muhammad Ishaq Bhatti","doi":"10.1016/j.pacfin.2025.102845","DOIUrl":"10.1016/j.pacfin.2025.102845","url":null,"abstract":"<div><div>The rising prevalence of artificial intelligence emphasizes the need to understand the complex dynamics and risks within data-driven environments, particularly in light of the challenges related to the ‘black box’ nature of many AI systems. This study delves into the downside risk contagion between innovative technology assets (e.g., AI, Metaverse, Fintech), energy markets (e.g., oil, natural gas), gold, and conventional markets (e.g., stocks, bonds) from July 2018 to December 2023. Using advanced econometric techniques, the research uncovers critical insights into market behavior during turbulent times. The results reveal a significant increase in market connectedness during crises, particularly during the COVID-19 outbreak. Notably, strong connectedness is observed among innovative technology sectors, while weaker links are evident between bond and technology markets. Furthermore, natural gas exhibits weak connectivity with other markets, highlighting its potential for diversification. Another key finding shows that natural gas and Bitcoin emerge as the riskiest assets, while gold, AI, and Metaverse maintain more stable tail risk profiles over time. These findings offer valuable insights for investors, financial advisors, and portfolio managers navigating volatile market environments.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102845"},"PeriodicalIF":4.8,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144331117","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

Greenwashing and ESG: Bibliometric analysis and future research agenda 洗绿与ESG：文献计量分析与未来研究议程

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-16 DOI: 10.1016/j.pacfin.2025.102846

Pritpal Singh Bhullar , Mahesh Joshi , Sharad Sharma , Amanpreet Kaur , Duc Phan

引用次数: 0

Generative AI: The transformative impact of ChatGPT on systemic financial risk in Chinese banks 生成式人工智能：ChatGPT对中国银行系统性金融风险的变革性影响

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-16 DOI: 10.1016/j.pacfin.2025.102829

Yikai Zhao, Runyu Dai , Jun Nagayasu

{"title":"Generative AI: The transformative impact of ChatGPT on systemic financial risk in Chinese banks","authors":"Yikai Zhao, Runyu Dai , Jun Nagayasu","doi":"10.1016/j.pacfin.2025.102829","DOIUrl":"10.1016/j.pacfin.2025.102829","url":null,"abstract":"<div><div>We investigate the impact of ChatGPT, a generative artificial intelligence (GenAI) application, on the systemic financial risk of Chinese banks. Using a sample of 42 publicly traded banks and employing regression discontinuity (RD) and regression discontinuity difference-in-differences (RD-DID) methodologies, we assess the immediate effects following the launch of ChatGPT on November 30, 2022. Our findings reveal an immediate and significant increase in systemic financial risk, measured by <span><math><mrow><mi>Δ</mi><mi>C</mi><mi>o</mi><mi>V</mi><mi>a</mi><mi>R</mi></mrow></math></span>. Robustness checks, including placebo tests, alternative risk measures, and varying sample windows, confirm the reliability of these results. Mechanism analysis highlights that transitional challenges during GenAI adoption exacerbate systemic vulnerabilities. Smaller banks, rural commercial banks, and banks with higher nonperforming loan ratios (NPL) face heightened risks, while large state-owned banks remain relatively insulated. These findings underscore the double-edged nature of disruptive innovations such that GenAI integration poses short-term risks to financial stability even if GenAI has transformative potential.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102829"},"PeriodicalIF":4.8,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144313638","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

An empirical investigation of ESG dimensions and bank performance: Evidence from the COVID-19 crisis ESG维度与银行绩效的实证研究：来自COVID-19危机的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-16 DOI: 10.1016/j.pacfin.2025.102851

An-Chi Liu , Yung-Chih Lien , Yang Li

{"title":"An empirical investigation of ESG dimensions and bank performance: Evidence from the COVID-19 crisis","authors":"An-Chi Liu , Yung-Chih Lien , Yang Li","doi":"10.1016/j.pacfin.2025.102851","DOIUrl":"10.1016/j.pacfin.2025.102851","url":null,"abstract":"<div><div>The Paris Agreement, signed at the end of 2015, aims to align financial flows with a path to low greenhouse gas emissions and climate-resilient development, guiding financial markets to directly participate in sustainable development via environmental, social, and governance (ESG) activities. As the COVID-19 pandemic provides an excellent opportunity to evaluate how exogenous shocks influence the functioning of the economic system, this research extends the double bootstrap truncated regression model proposed by Simar and Wilson (2007) by incorporating undesirable outputs to analyze how the pandemic affects the relationship between ESG dimensions and commercial bank performance.</div><div>The data come from the 2018–2022 annual reports of Taiwanese commercial banks and their corresponding annual sustainability reports, covering 30 commercial banks with a total of 120 observations. The empirical results show that although ESG dimensions may not directly benefit Taiwan's commercial banks, they do play an important role in cushioning the effects of external disturbances. Moreover, environmental sustainability offers greater benefits to non-financial holding banks than to financial holding banks, while social and governance sustainabilities have a greater impact on banks established before the 1991 deregulation than on those founded afterward.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102851"},"PeriodicalIF":4.8,"publicationDate":"2025-06-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144331360","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

ESG rating disagreement and dynamic capital structure adjustment ESG评级分歧与动态资本结构调整

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-15 DOI: 10.1016/j.pacfin.2025.102844

Yifan Yang, Yi Deng

引用次数: 0

The green governance effect of retail investor attention: Evidence from China's investor interactive platforms 散户投资者关注的绿色治理效应：来自中国投资者互动平台的证据

IF 4.8 2区经济学

Pacific-Basin Finance Journal Pub Date : 2025-06-15 DOI: 10.1016/j.pacfin.2025.102848

Zhenyi Yang , Rijing Lu , Rui Lu , Qi Yan

{"title":"The green governance effect of retail investor attention: Evidence from China's investor interactive platforms","authors":"Zhenyi Yang , Rijing Lu , Rui Lu , Qi Yan","doi":"10.1016/j.pacfin.2025.102848","DOIUrl":"10.1016/j.pacfin.2025.102848","url":null,"abstract":"<div><div>As the climate issues intensify, corporate environmental performance has garnered greater attention globally. Beyond environmental regulations, a market-oriented approach to govern corporate environmental behavior is urgently needed. Based on account-level data from China's two investor interactive platforms, namely the “eHuDong” and “HuDongYi” of Shanghai and Shenzhen Stock Exchanges, we empirically find that retail investor attention can exert a significant green governance effect by curbing corporate greenwashing behavior. This effect operates through enhancing minority shareholder activism and drawing attention of other stakeholders. Moreover, we find that the green governance effect of retail investors complements the effect of local environmental regulations but is less evident in companies under great financial pressure. Further research reveals that retail investor attention not only reduces environmental information disclosure but also increases corporate environmental investment and green patents, thereby elevating the overall ESG ratings. This paper provides both theoretical support and empirical evidence for leveraging the green governance effect of retail investors to foster sustainable development.</div></div>","PeriodicalId":48074,"journal":{"name":"Pacific-Basin Finance Journal","volume":"93 ","pages":"Article 102848"},"PeriodicalIF":4.8,"publicationDate":"2025-06-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144313639","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