International Review of Financial Analysis最新文献

Analysing art as a safe-haven asset in times of crisis 分析艺术作为危机时期的避险资产

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-29 DOI: 10.1016/j.irfa.2025.104194

Dimitrios Dimitriou , Alexandros Tsioutsios , Shaen Corbet

{"title":"Analysing art as a safe-haven asset in times of crisis","authors":"Dimitrios Dimitriou , Alexandros Tsioutsios , Shaen Corbet","doi":"10.1016/j.irfa.2025.104194","DOIUrl":"10.1016/j.irfa.2025.104194","url":null,"abstract":"<div><div>This study investigates the hedging and safe-haven properties of art investments relative to traditional financial assets, employing a Time-Varying Parameter Vector Autoregression (TVP-VAR) approach across major art market sub-indices during several periods of financial crises, including the collapse of the dot-com bubble, the Global Financial Crisis, and the COVID-19 pandemic. Art indices are found to exhibit near-zero correlation with the S&P 500 in the short term, suggesting substantial hedging benefits without evidence of safe-haven characteristics. Over medium to long-term horizons, this same correlation becomes significantly positive, presenting evidence of diminishing hedging benefits with the exception of the painting and sculpture sub-indices, which maintain strong hedging utility. Interestingly, art indices and gold show a near-zero relationship across all examined time and frequency domains, pointing to the existence of unique diversification opportunities. These results highlight the role of art as an alternative investment, offering insights into its potential for enhancing portfolio diversification strategies during episodes of financial crises.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104194"},"PeriodicalIF":7.5,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143899292","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

National board heterogeneity versus firm risk in times of war: Evidence from the Crimean crisis 战争时期国家董事会的异质性与公司风险：来自克里米亚危机的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-28 DOI: 10.1016/j.irfa.2025.104290

Katarzyna Byrka-Kita, Mateusz Czerwiński, Agnieszka Preś-Perepeczo, Aurelia Bajerska

{"title":"National board heterogeneity versus firm risk in times of war: Evidence from the Crimean crisis","authors":"Katarzyna Byrka-Kita, Mateusz Czerwiński, Agnieszka Preś-Perepeczo, Aurelia Bajerska","doi":"10.1016/j.irfa.2025.104290","DOIUrl":"10.1016/j.irfa.2025.104290","url":null,"abstract":"<div><div>This study examines the impact of national board heterogeneity on firm risk during periods of geopolitical instability by focusing on non-financial companies listed in Estonia, Latvia, Lithuania, and Poland following Russia's annexation of Crimea in 2014. Drawing on resource dependency, agency, and critical mass theories, we highlight the dual-edged nature of board heterogeneity. Although diverse boards provide access to broader perspectives and strategic resources, they may introduce coordination and communication challenges that elevate risk, particularly in volatile environments. We find that a higher share and diversity of foreign board members is associated with increased idiosyncratic risk.</div><div>Using a difference-in-differences approach, we further examine whether geopolitical shocks affect the heterogeneity–risk relationship. While the annexation of Crimea did not significantly alter average firm risk, it amplified the positive relationship between board nationality heterogeneity and risk in more diverse firms. The novelty of this study lies in its focus on the interaction between board composition and external geopolitical shocks—an area largely overlooked in the literature, which has typically examined board heterogeneity in stable environments. Moreover, the experience of Central and Eastern Europe may offer relevant insights for other emerging and transitioning economies facing similar institutional and geopolitical vulnerabilities. These findings offer important implications for corporate governance and risk management in times of geopolitical tensions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104290"},"PeriodicalIF":7.5,"publicationDate":"2025-04-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143899293","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Digital economy and urban green transformation 数字经济与城市绿色转型

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-27 DOI: 10.1016/j.irfa.2025.104286

Bei Wu , Wenxia Ma , Qi Zhao

{"title":"Digital economy and urban green transformation","authors":"Bei Wu , Wenxia Ma , Qi Zhao","doi":"10.1016/j.irfa.2025.104286","DOIUrl":"10.1016/j.irfa.2025.104286","url":null,"abstract":"<div><div>This study examines the impact of the digital economy on green transformation, drawing on provincial-level panel data from China spanning 2012–2023. Using advanced econometric techniques, including threshold regression, spatial Durbin models, and mediating effect analyses, the research provides robust evidence of the digital economy's role in reducing carbon intensity. Results reveal significant direct effects, where digitalization enhances energy efficiency and optimizes production processes. Additionally, indirect effects emerge through the development of information and technology and industrial restructuring, further amplifying environmental benefits. A nonlinear relationship is observed, with the most substantial environmental advantages occurring at moderate levels of digitalization, followed by diminishing returns at higher levels. Moreover, notable spatial spillover effects are observed, demonstrating that advancements in one region's digital economy positively influence green transformation in neighboring areas. These findings reflect the digital economy's crucial role in advancing sustainability goals and offer actionable insights for policymakers. To maximize environmental benefits, regions with lower levels of digitalization should prioritize investments in digital infrastructure and technology adoption, whereas more advanced regions should focus on enhancing energy efficiency and integrating green technologies. The study also highlights the importance of inter-regional collaboration in leveraging spatial spillover effects to drive collective progress toward green transformation. By integrating direct, mediating, nonlinear, and spatial dimensions into a unified analytical framework, this research advances theoretical understanding and provides practical recommendations for harnessing digitalization as a tool for sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104286"},"PeriodicalIF":7.5,"publicationDate":"2025-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143890548","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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–firm interactions versus investor–investor interactions: Which enhances investor learning better? 投资者-公司互动与投资者-投资者互动：哪个能更好地促进投资者学习？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-27 DOI: 10.1016/j.irfa.2025.104285

Libo Yin , Xiaoye Zhu

引用次数: 0

Climate policy uncertainty and green total factor energy efficiency: Does the green finance matter? 气候政策不确定性与绿色全要素能源效率：绿色金融重要吗？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-27 DOI: 10.1016/j.irfa.2025.104293

Jie Han , Wei Zhang , Xuemeng Liu , Anas Muhammad , Zhenjie Li , Cem Işık

{"title":"Climate policy uncertainty and green total factor energy efficiency: Does the green finance matter?","authors":"Jie Han , Wei Zhang , Xuemeng Liu , Anas Muhammad , Zhenjie Li , Cem Işık","doi":"10.1016/j.irfa.2025.104293","DOIUrl":"10.1016/j.irfa.2025.104293","url":null,"abstract":"<div><div>This study investigates the impact of climate policy uncertainty (CPU) on green total factor energy efficiency (GTFEE) and examines the moderating role of green finance (GF). Using a panel data analysis framework combined with the super-efficient SBM-DEA model, the study finds that CPU has a significant negative effect on GTFEE, indicating that increased policy uncertainty hinders the improvement of urban energy efficiency. At the same time, GF plays an important moderating role in alleviating the negative impacts of CPU, particularly in environments with higher policy uncertainty, where GF can effectively promote energy efficiency. Additionally, the study discovers that the development of artificial intelligence (AI) industries significantly moderates the relationship between GF and GTFEE. In cities with more advanced AI technologies, AI helps boost energy efficiency. Overall, the findings offer important policy recommendations on how to improve energy efficiency through green finance in uncertain policy environments, with broad applicability, especially in advancing low-carbon economies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104293"},"PeriodicalIF":7.5,"publicationDate":"2025-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143895497","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Impact of family business identity on green innovation: The moderating role of family culture 家族企业认同对绿色创新的影响：家族文化的调节作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-24 DOI: 10.1016/j.irfa.2025.104276

Yali Zhao , Ran Zhou , Liyuan Pang

引用次数: 0

Does foreign culture affect corporate cash holdings? 外国文化对公司现金持有量有影响吗？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-24 DOI: 10.1016/j.irfa.2025.104280

Guoxing Li , Chengming Luo , Sitong Chen , Ni Zhong

引用次数: 0

Oil supply and U.S.-China tensions: A multinational perspective 石油供应与中美紧张关系：多国视角

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-24 DOI: 10.1016/j.irfa.2025.104278

Xiaozhu Guo , Yanran Hong , Shibin Yao , Yixue Hao

{"title":"Oil supply and U.S.-China tensions: A multinational perspective","authors":"Xiaozhu Guo , Yanran Hong , Shibin Yao , Yixue Hao","doi":"10.1016/j.irfa.2025.104278","DOIUrl":"10.1016/j.irfa.2025.104278","url":null,"abstract":"<div><div>The current context of heightened U.S.–China tensions impact various aspects of the global economic and geopolitical scene. Understanding their implications for global resources, such as crude oil, is crucial. This study focuses on how U.S.–China tensions affect the global crude oil supply in industrialized countries. Using the newly developed U.S.–China tensions (UCTs) index, we analyze the macroeconomic effects of these tensions on the crude oil supply. Research shows that U.S.–China tensions significantly affect the crude oil supplies of Canada and the U.S. However, in the long run, the influence on these two countries and others is less pronounced. Additionally, within specific time frames, tensions have notably affected the supplies in Canada, the U.S., Germany, and Korea. Moreover, an in-depth study reveals different responses among countries at various quantiles, meaning that the impact is nonlinear and asymmetric. Overall, this research offers new insights into the implications of U.S.–China tensions for the global economy and energy security, helping us better understand the complex link between geopolitics and the energy market in industrialized nations.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104278"},"PeriodicalIF":7.5,"publicationDate":"2025-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143881506","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Official environmental credit evaluation and corporate debt concentration 官方环境信用评价与企业债务集中

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-23 DOI: 10.1016/j.irfa.2025.104268

Lin Fan , Jiali Wang , Zhongguo Lin , Huibin Du

{"title":"Official environmental credit evaluation and corporate debt concentration","authors":"Lin Fan , Jiali Wang , Zhongguo Lin , Huibin Du","doi":"10.1016/j.irfa.2025.104268","DOIUrl":"10.1016/j.irfa.2025.104268","url":null,"abstract":"<div><div>Debt concentration significantly influences the capital structure and financial flexibility of firms. Concurrently, the official environmental credit evaluation serves as an authoritative indicator for evaluating firms’ environmental performance, and notably influences the financing negotiation relationship between firms and creditors, thereby profoundly affecting their financing capabilities and debt management strategies. Utilizing data of Chinese A-share listed firms from 2009 to 2021, we investigate the impact of official environmental credit evaluation on firms’ debt concentration. The results show that firms with good environmental credit evaluations have a dispersed debt structure. In addition, when firms are in markets with higher risks, more serious information asymmetry or higher competition, the negative effect of good environmental credit evaluations on debt concentration is more obvious, reflecting a positive signaling effect. The dispersion of corporate debt is primarily driven by an increase in bank loans and commercial credit and a decrease in bonds. Our study underscores the authority and efficacy of official environmental evaluations over third-party ratings.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104268"},"PeriodicalIF":7.5,"publicationDate":"2025-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143887234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"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

Venture capital intervention and intelligent empowerment: Drivers of corporate green innovation 风险投资干预与智能赋能：企业绿色创新的驱动因素

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-22 DOI: 10.1016/j.irfa.2025.104272

Tao Zhou , Ziling Huang , Junkang Huang , Junshan Duan , Gang Liu

引用次数: 0