International Review of Financial Analysis最新文献

Predicting European banks distress events: Do financial information producers matter? 预测欧洲银行危机事件：金融信息生产者重要吗？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-07-01 DOI: 10.1016/j.irfa.2025.104417

Quentin Bro de Comères

引用次数: 0

Managerial myopia and greenwashing: A machine learning and text analysis approach 管理短视和漂绿：机器学习和文本分析方法

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-30 DOI: 10.1016/j.irfa.2025.104452

Lifang Gao, Heng Yin

引用次数: 0

Peer network and financial misconduct: An analysis from the perspective of social reciprocity 对等网络与金融不端行为：基于社会互惠视角的分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-27 DOI: 10.1016/j.irfa.2025.104450

Dongjie Shi , Wei Wang , Shouxun Wen , Ruohan Yu

{"title":"Peer network and financial misconduct: An analysis from the perspective of social reciprocity","authors":"Dongjie Shi , Wei Wang , Shouxun Wen , Ruohan Yu","doi":"10.1016/j.irfa.2025.104450","DOIUrl":"10.1016/j.irfa.2025.104450","url":null,"abstract":"<div><div>Drawing on the principle of social reciprocity, this study constructs peer networks to examine how inter-firm relational structures affect financial misconduct. Using a sample of Chinese listed firms from 2007 to 2021, we examine how peer network characteristics, including network size, density, and closeness centrality, influence the propensity of focal firms to engage in financial misconduct. Empirical results reveal that peer network characteristics significantly mitigate financial misconduct, a relationship that persists across multiple robustness checks. We further investigate underlying mechanisms by examining the moderating roles of managerial characteristics, internal governance mechanisms, and external institutional environments. Specifically, managerial expertise and heterogeneity amplify the deterrent effect of peer networks, suggesting that highly knowledgeable and diverse leadership strengthens normative oversight. Moreover, both internal governance structures and external institutional pressures further moderate the deterrent efficacy of peer networks. Notably, firms exhibiting robust financial performance derive the greatest supervisory benefits from their peer network positions. The misconduct-deterring power of peer network is attenuated in contexts of high institutional ownership but amplified by stronger regulatory intensity. Our findings underscore the pivotal role of peer networks in shaping corporate conduct and offer a novel inter-firm governance perspective on the antecedents of financial misconduct.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104450"},"PeriodicalIF":7.5,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522145","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

Superstar CEOs and the presentation style of CSR reports: Truthful reflection or impression management? 超级明星ceo与企业社会责任报告的呈现风格：真实反映还是印象管理？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-27 DOI: 10.1016/j.irfa.2025.104445

Jing Liu, Yizhong Fan, Peng Yu, Yijia Ren

{"title":"Superstar CEOs and the presentation style of CSR reports: Truthful reflection or impression management?","authors":"Jing Liu, Yizhong Fan, Peng Yu, Yijia Ren","doi":"10.1016/j.irfa.2025.104445","DOIUrl":"10.1016/j.irfa.2025.104445","url":null,"abstract":"<div><div>In this study, we investigate A-share listed Chinese firms from 2009 to 2019 to understand the influence superstar chief executive officers (CEOs) on the presentation style of corporate social responsibility (CSR) reports and examine the underlying mechanisms involved. We find that when CEOs are highly regarded as superstars, CSR reports tend to be more comprehensive and vivid. Furthermore, these reports feature a greater prevalence of common words. The gap between CSR reports' presentation style and actual CSR performance suggests that the presentation style of CSR reports is driven more by “impression management” than “truthful reflection.” Moreover, cross-sectional tests reveal that firms with superstar CEOs are more likely to engage in impression management tactics when disclosing their CSR reports, especially in cases that involve frequent negative media coverage, greater managerial power, and noncentral state-owned enterprises (SOEs). Opportunistic CSR disclosures lead to asset mispricing. This study shows the “talking the talk while not walking the walk” phenomenon in the context of CSR. It also provides valuable insights into how investors and regulators can effectively address CSR reports' strategic manipulation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104445"},"PeriodicalIF":7.5,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144522227","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

Racing toward tourism sustainability: A spatial-temporal analysis 旅游业可持续发展：一个时空分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-27 DOI: 10.1016/j.irfa.2025.104448

Fang Zhao , Shaheem Sayed Merajuddin , Fanqi Liu , Yi Xu , Yun Zhang

{"title":"Racing toward tourism sustainability: A spatial-temporal analysis","authors":"Fang Zhao , Shaheem Sayed Merajuddin , Fanqi Liu , Yi Xu , Yun Zhang","doi":"10.1016/j.irfa.2025.104448","DOIUrl":"10.1016/j.irfa.2025.104448","url":null,"abstract":"<div><div>Sustainable tourism industry development necessitates comprehensive consideration of the interactions between economic, social, and environmental dimensions. Such a holistic approach is crucial for the tourism sector to effectively meet travelers' diverse demands, foster industry growth, mitigate environmental risks, and advance long-term sustainability. China has proactively responded to the United Nations' Sustainable Development Goals through robust, top–down political mobilization, effective environmental monitoring, and protection mechanisms. As the second largest global tourism market, China has strategically aligned its tourism sector objectives with sustainable development imperatives. By integrating ecological civilization into the broader economic development agenda, China offers valuable and actionable insights for promoting other developing nations' green economic growth. This study uses publicly available yearbook data to examine the impact of ecological governance on sustainable tourism development from 2011 to 2022, employing a spatial analysis to examine the heterogeneous effects of ecological governance across regions. Findings reveal that China has made substantial advancements in sustainable tourism development and ecological governance over the past decade, with notable spatial alignment. Moreover, the results demonstrate that ecological governance has a significant positive impact on sustainable tourism development, with marked spatial heterogeneity. Specifically, the promotional effect of ecological governance is more pronounced in regions with well-developed ecological tourism, abundant tourism resource endowments, limited ethnic tourism features, and less prominent exotic tourism. Finally, this study offers strategic recommendations and policy insights into how ecological governance can be leveraged to further enhance sustainable tourism development, contributing to theoretical discourse and practical application in the field.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104448"},"PeriodicalIF":7.5,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144534726","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

Customer spillover effects of corporate social responsibility and supply chain sustainability 企业社会责任与供应链可持续性的顾客溢出效应

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-27 DOI: 10.1016/j.irfa.2025.104437

Huaan Shi , Mohammad Zoynul Abedin , Xiaowei Ma , Brian Lucey

{"title":"Customer spillover effects of corporate social responsibility and supply chain sustainability","authors":"Huaan Shi , Mohammad Zoynul Abedin , Xiaowei Ma , Brian Lucey","doi":"10.1016/j.irfa.2025.104437","DOIUrl":"10.1016/j.irfa.2025.104437","url":null,"abstract":"<div><div>Corporate Social Responsibility (CSR) is crucial for business growth, yet empirical evidence on its spillover effects within supply chains and its role in supply chain sustainability remains limited. This study investigates the customer spillover effects of CSR and their impact on supply chain resilience from a supply chain perspective. We find that customer CSR has a positive effect on supplier CSR, with this effect being more pronounced in the context of state-owned supplier firms, when customer size exceeds that of the supplier, and when customer external environmental regulations exceed those of the supplier. This effect is primarily achieved through the convergence of green ideas, absorption of green knowledge, and stimulation of green innovation. Meanwhile, the supplier's network position and customer concentration have a positive moderating effect. Moreover, our results confirm that the customer spillover effect of CSR positively affects supply chain sustainability. These findings enrich the existing literature and offer valuable insights for corporate managers and policymakers aiming to improve CSR performance and foster sustainable supply chain development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104437"},"PeriodicalIF":7.5,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144515298","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

Conflicting or complementary? Peer effects on green breakthrough technological innovation: Evidence from China 冲突还是互补？绿色突破性技术创新的同伴效应：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-27 DOI: 10.1016/j.irfa.2025.104441

Dongmin Kong , Zheng Shi , Shaohuang Wang , Shuang Lin

引用次数: 0

Investigating the investment readiness of European SMEs: A machine learning approach 调查欧洲中小企业的投资准备：一种机器学习方法

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-27 DOI: 10.1016/j.irfa.2025.104439

Christos Alexakis , Periklis Gogas , Giovanni Petrella , Michael Polemis , Federica Salvadè

{"title":"Investigating the investment readiness of European SMEs: A machine learning approach","authors":"Christos Alexakis , Periklis Gogas , Giovanni Petrella , Michael Polemis , Federica Salvadè","doi":"10.1016/j.irfa.2025.104439","DOIUrl":"10.1016/j.irfa.2025.104439","url":null,"abstract":"<div><div>This study exploits machine learning techniques to investigate the investment readiness of European small and medium-sized enterprises (SMEs). Understanding the drivers behind SMEs' willingness to use equity capital and foster innovation is crucial for promoting economic growth. Our analysis is grounded on the Survey on the Access to Finance of Enterprises (SAFE) released by the European Commission and the European Central Bank, which covers a vast sample of European SMEs. The empirical findings reveal that factors associated with the entrepreneurial ecosystem—such as regulatory frameworks, the availability of skilled staff, and perceived market outlook within a country—are critical drivers of investment readiness. Importantly, we find that access to debt financing and firm risk do not significantly influence SMEs' willingness to raise equity capital. Lastly, this research offers valuable insights for policymakers and equity providers, suggesting that tailored investment readiness programs that consider cultural and country-specific characteristics can unlock the full potential dynamics of European SMEs.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104439"},"PeriodicalIF":7.5,"publicationDate":"2025-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144515295","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

Labor outcomes of partial privatization in state-owned enterprises: Evidence on employment and compensation under mixed ownership 国有企业部分私有化的劳动结果：基于混合所有制下就业与报酬的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-27 DOI: 10.1016/j.irfa.2025.104449

Yeyu Wu , Sujuan Xie , Yang Xu

引用次数: 0

On the limits of informationally efficient stock markets: New insights from a chartist-fundamentalist model 论信息有效的股票市场的局限性：来自宪章派-原教旨主义模型的新见解

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-26 DOI: 10.1016/j.irfa.2025.104436

Laura Gardini , Davide Radi , Noemi Schmitt , Iryna Sushko , Frank Westerhoff

{"title":"On the limits of informationally efficient stock markets: New insights from a chartist-fundamentalist model","authors":"Laura Gardini , Davide Radi , Noemi Schmitt , Iryna Sushko , Frank Westerhoff","doi":"10.1016/j.irfa.2025.104436","DOIUrl":"10.1016/j.irfa.2025.104436","url":null,"abstract":"<div><div>We utilize a chartist-fundamentalist model to examine the limits of informationally efficient stock markets. In this model, chartists are permanently active in the stock market, while fundamentalists trade only when their mispricing-dependent trading signals are sufficiently strong. As a result, the model dynamics are driven by a two-dimensional piecewise-linear discontinuous map. Our findings suggest the possible coexistence of two distinct regimes. Depending on the initial conditions, the stock market may exhibit either constant or oscillatory mispricing. Constant mispricing occurs when chartists remain the sole active speculators, causing the stock price to converge toward a nonfundamental value. Conversely, the stock price oscillates around its fundamental value when fundamentalists repeatedly enter and exit the market. Interestingly, these oscillatory dynamics are associated with a new type of attractor, termed a “weird quasiperiodic attractor”. When subjected to dynamic noise, our model reproduces several important stylized facts of stock markets and can thus be considered validated.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104436"},"PeriodicalIF":7.5,"publicationDate":"2025-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144515299","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