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Institutional investors' cross-ownership and internal control quality 机构投资者交叉持股与内部控制质量
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-07-21 DOI: 10.1016/j.irfa.2025.104475
Wei Zhou , Baohua Liu , Tao Chen , Yining Chen
{"title":"Institutional investors' cross-ownership and internal control quality","authors":"Wei Zhou ,&nbsp;Baohua Liu ,&nbsp;Tao Chen ,&nbsp;Yining Chen","doi":"10.1016/j.irfa.2025.104475","DOIUrl":"10.1016/j.irfa.2025.104475","url":null,"abstract":"<div><div>This study examines whether institutional investors' cross-ownership (IICO) impacts a firm's internal control quality (ICQ). Using a sample of Chinese firms, we find a positive association between IICO and ICQ. The observed relationship strengthens when firms suffer from a higher level of information asymmetry (agency costs). The documented effect remains robust to firm fixed effects, alternative measures of IICO, and alternative samples. As additional analyses show, the IICO impact prevails in every aspect of internal control and only holds for long-term institutional investors. Combined, these findings suggest that institutional cross-owners play a monitoring role in improving internal control systems.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104475"},"PeriodicalIF":7.5,"publicationDate":"2025-07-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144703889","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
The impact of biodiversity score on the European firm’s performance 生物多样性得分对欧洲公司业绩的影响
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-07-19 DOI: 10.1016/j.irfa.2025.104460
Caterina Di Tommaso , Matteo Foglia , Vincenzo Pacelli
{"title":"The impact of biodiversity score on the European firm’s performance","authors":"Caterina Di Tommaso ,&nbsp;Matteo Foglia ,&nbsp;Vincenzo Pacelli","doi":"10.1016/j.irfa.2025.104460","DOIUrl":"10.1016/j.irfa.2025.104460","url":null,"abstract":"<div><div>This study aims to contribute to the corporate-environment nexus by investigating the impact of biodiversity scores on firms’ financial performance. Employing a panel model applied to 36 European firms, we find a positive and statistically significant relationship between the Biodiversity Impact Reduction Score and financial performance and firm value. These findings highlight the financial advantages of effective biodiversity management, improving operational efficiency and strengthening investor confidence. Our results offer useful insights for both corporate decision-makers and the academic community, shedding light on the economic implications of biodiversity-related risks.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104460"},"PeriodicalIF":7.5,"publicationDate":"2025-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144664991","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
On the time-varying relation between monetary policy uncertainty and bond risk premia 货币政策不确定性与债券风险溢价的时变关系研究
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-07-19 DOI: 10.1016/j.irfa.2025.104465
Luyang Li , Ximing Yin , Deshui Yu
{"title":"On the time-varying relation between monetary policy uncertainty and bond risk premia","authors":"Luyang Li ,&nbsp;Ximing Yin ,&nbsp;Deshui Yu","doi":"10.1016/j.irfa.2025.104465","DOIUrl":"10.1016/j.irfa.2025.104465","url":null,"abstract":"<div><div>This paper examines the time-varying relationship between monetary policy uncertainty (MPU) and bond excess returns. To do so, we introduce a nonparametric time-varying coefficient predictive regression model for bond returns, and employ a kernel-based two-step method to estimate the time-varying coefficients. Next, we apply the methodologies to analyze the dynamic forecasting relationship between zero-coupon bond returns and MPU from 1985 to 2022. We find that MPU significantly and positively predicts bond returns in over 75% of the sample period, with the strongest effect observed in 2005. Thus, the expectations hypothesis is only transiently valid. After controlling for the shape of the yield curve, MPU still retains its ability to predict bond returns in 50% to 80% of the sample period. Our conclusions are robust to the so-called embedded endogeneity. Additionally, we find that bond excess returns are less responsive to MPU during periods of high economic activities and are more responsive during periods of low economic activities.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104465"},"PeriodicalIF":7.5,"publicationDate":"2025-07-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144664993","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
ESG disclosure as advertisement of corporate bond issuances ESG披露作为公司债券发行的广告
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-07-18 DOI: 10.1016/j.irfa.2025.104478
Andreas G.F. Hoepner , Frank Schiemann , Fabiola I. Schneider , Raphael Tietmeyer
{"title":"ESG disclosure as advertisement of corporate bond issuances","authors":"Andreas G.F. Hoepner ,&nbsp;Frank Schiemann ,&nbsp;Fabiola I. Schneider ,&nbsp;Raphael Tietmeyer","doi":"10.1016/j.irfa.2025.104478","DOIUrl":"10.1016/j.irfa.2025.104478","url":null,"abstract":"<div><div>This paper investigates whether firms strategically increase their environmental, social, and governance (ESG) disclosure levels beyond what is expected as a signal to investors to obtain better access to finance. Analyzing 3122 firm-year observations in the US corporate bond market from 2009 to 2017, we find this signal across all three ESG dimensions for firms facing high refinancing risk. Moreover, we find that firms that issue a bond generally have higher ESG disclosure levels than firms that do not. We further confirm our hypotheses by providing empirical evidence that financial benefits in terms of lower bond spreads are realized. We demonstrate that the signal is particularly prevalent within firms characterized by high earnings forecast dispersion and error. Our results are robust in a <span><span>Heckman (1979)</span></span> model and pass the <span><span>Oster (2019)</span></span> test. The findings highlight the important role of bond markets in incentivizing voluntary ESG disclosure.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104478"},"PeriodicalIF":7.5,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144665004","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
Concentration in mutual fund equity holdings during global economic crises 全球经济危机期间共同基金股票持有量的集中
IF 8.2 1区 经济学
International Review of Financial Analysis Pub Date : 2025-07-18 DOI: 10.1016/j.irfa.2025.104413
Mark Fedenia, Hilla Skiba, Tatyana Sokolyk
{"title":"Concentration in mutual fund equity holdings during global economic crises","authors":"Mark Fedenia, Hilla Skiba, Tatyana Sokolyk","doi":"10.1016/j.irfa.2025.104413","DOIUrl":"https://doi.org/10.1016/j.irfa.2025.104413","url":null,"abstract":"This study examines whether portfolio equity concentration at the country, industry, and security levels results in better performance of global mutual funds during periods of significant shocks to the global economy. We document that mutual funds’ equity portfolios are more concentrated across countries and industries during economic crises, and fund managers engage in more active security selection rather than passive benchmark investing. More concentrated equity allocations are associated with higher portfolio returns and appear to be driven by information advantage. Overall, results suggest that mutual fund managers employ information advantage and generate higher risk-adjusted returns with concentrated positions in global markets during times of negative shocks to the global economy.","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"10 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2025-07-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144664999","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
The time-varying relationship between illiquidity and excess stock returns: Evidence from U.S., UK, and Germany 非流动性与股票超额收益的时变关系：来自美国、英国和德国的证据
IF 8.2 1区 经济学
International Review of Financial Analysis Pub Date : 2025-07-17 DOI: 10.1016/j.irfa.2025.104469
Thomas Paul, Abdullah Aryoubi, Thomas Walther
{"title":"The time-varying relationship between illiquidity and excess stock returns: Evidence from U.S., UK, and Germany","authors":"Thomas Paul, Abdullah Aryoubi, Thomas Walther","doi":"10.1016/j.irfa.2025.104469","DOIUrl":"https://doi.org/10.1016/j.irfa.2025.104469","url":null,"abstract":"We investigate the structural relationship between market illiquidity and excess returns in the U.S., UK, and German stock markets over different sub-periods (1999 to 2022). Using breakpoint analysis, we provide further insight into the comprehensive picture of illiquidity's impact on asset prices. Despite the growing criticism of this relationship, we show that illiquidity still is a significant factor. Our results are robust to various variations of Amihud's illiquidity measure.","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"24 1","pages":""},"PeriodicalIF":8.2,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144665006","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
Sharing weal and woe: Do geopolitical risks affect corporate innovation? A global supply chain perspective 同甘共苦：地缘政治风险会影响企业创新吗？全球供应链视角
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-07-17 DOI: 10.1016/j.irfa.2025.104474
Ziyin Huang , Zhuopin Guo , Junsong Chen , Jin Huang
{"title":"Sharing weal and woe: Do geopolitical risks affect corporate innovation? A global supply chain perspective","authors":"Ziyin Huang ,&nbsp;Zhuopin Guo ,&nbsp;Junsong Chen ,&nbsp;Jin Huang","doi":"10.1016/j.irfa.2025.104474","DOIUrl":"10.1016/j.irfa.2025.104474","url":null,"abstract":"<div><div>Two theories offer conflicting predictions on the relationship between uncertainty from geopolitical risks (GPR) and firm innovative investment and have not yet reached a consensus. To reconcile the two strands of literature and provide a fuller picture of GPR's effect, we explore the influence of GPR on companies' R&amp;D investment in the global supply chain setting. By applying the customer-induced GPR we find that GPR has a positive impact on R&amp;D investment. The results are robust after using different measures of GPR and instrumental variable approach. Moreover, we investigate the mechanism through which GPR affects firm R&amp;D investment and find that growth option and firm liquidity are the main mechanisms. Further empirical analysis indicates that this positive impact is strengthened for firms that operate in high-tech industries, or have weaker political connections. Moreover, the positive impact of customer-induced GPR only generates when the largest company has a high sales proportion of the focal company.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104474"},"PeriodicalIF":7.5,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144665005","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
Reluctant participants? Weather extremes and ESG inconsistencies 不情愿的参与者?极端天气和ESG不一致
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-07-17 DOI: 10.1016/j.irfa.2025.104477
Zhijian Yu
{"title":"Reluctant participants? Weather extremes and ESG inconsistencies","authors":"Zhijian Yu","doi":"10.1016/j.irfa.2025.104477","DOIUrl":"10.1016/j.irfa.2025.104477","url":null,"abstract":"<div><div>Despite evidence suggesting that Environmental, Social, and Governance (ESG) disclosures can enhance financial performance, full corporate engagement in ESG activities is often hindered by conflicting stakeholder interests. This study seeks to better explain this paradox by examining the varied impacts of exogenous weather extremes on distinct ESG dimensions and overall financial performance. Our findings indicate that water scarcity generally improves aggregate ESG scores, primarily by boosting environmental (E) and governance (G) performance, although it negatively affects social (S) performance. Conversely, extreme heat tends to produce the opposite effects, highlighting the complex and differentiated nature of corporate responses to various types of weather extremes. We propose two key mechanisms underlying these inconsistencies: 1) resource limitations compel firms to prioritize specific ESG aspects over others, and 2) heightened risk perceptions prompt firms to adopt precautionary financial strategies, which may, in turn, constrain ESG investments. Furthermore, our results underscore the potential efficacy of regulatory frameworks and incentive systems in mitigating such ESG inconsistencies when firms face climate-related challenges.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104477"},"PeriodicalIF":7.5,"publicationDate":"2025-07-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144685552","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 transformation and corporate fraud: Evidence from China 数字化转型与企业欺诈：来自中国的证据
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-07-16 DOI: 10.1016/j.irfa.2025.104476
Chao Lu , Yiwen Zhao , Kai Xing , Jinxin Liu
{"title":"Digital transformation and corporate fraud: Evidence from China","authors":"Chao Lu ,&nbsp;Yiwen Zhao ,&nbsp;Kai Xing ,&nbsp;Jinxin Liu","doi":"10.1016/j.irfa.2025.104476","DOIUrl":"10.1016/j.irfa.2025.104476","url":null,"abstract":"<div><div>This study examines the impact of digital transformation on corporate fraud using a sample of Chinese A-share listed companies from 2007 to 2022. The results show that digital transformation increases the propensity for and frequency of corporate fraud. Mechanism analysis reveals corporate performance, internal controls, external supervision difficulty and executive age drive this effect. Heterogeneity analysis reveals that the effect is more salient for firms with high financing constraints, lower competitive positions, lower external audit quality, and lower executive compensation. Overall, this study enriches research in the field of digital transformation and corporate fraud and provides empirical evidence on how to protect investors' interests and maintain capital market stability.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104476"},"PeriodicalIF":7.5,"publicationDate":"2025-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144696910","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
Corporate environmental performance and bond financing cost: A multi-stakeholder signaling perspective 企业环境绩效与债券融资成本：多利益相关者信号视角
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-07-16 DOI: 10.1016/j.irfa.2025.104479
Lan Wang , Xinge Ding , Yudong Yang , Ruiyi Wu
{"title":"Corporate environmental performance and bond financing cost: A multi-stakeholder signaling perspective","authors":"Lan Wang ,&nbsp;Xinge Ding ,&nbsp;Yudong Yang ,&nbsp;Ruiyi Wu","doi":"10.1016/j.irfa.2025.104479","DOIUrl":"10.1016/j.irfa.2025.104479","url":null,"abstract":"<div><div>While previous studies have explored the relationship between corporate environmental performance and bond financing costs, there remains a gap in understanding how different stakeholders influence the interpretation and effectiveness of environmental signals. This study adopts a multi-stakeholder signaling perspective to analyze the impact of corporate environmental performance on bond financing costs, considering the role of both internal and external stakeholders in shaping signal effectiveness. Using data from Chinese listed companies between 2012 and 2022, our findings show that corporate environmental performance serves as an effective signal to reduce bond financing cost. Four types of stakeholders in the signaling environment are identified as “signal moderators”. Specifically, CEO duality and supply chain concentration strengthen the effect of environmental performance on bond financing cost, while institutional investor preference and government-enterprise relationship weaken this effect. Moreover, mechanism analyses reveal that environmental performance reduces bond financing cost by improving operational efficiency and lowering financial risk. Heterogeneity analysis further indicates that this signaling effect is more pronounced in corporates operating in heavy-polluting industries, highly competitive markets, non-high-tech sectors, and those with low levels of carbon emission disclosure. By incorporating a multi-stakeholder signaling perspective, this study advances our understanding of green signal transmission and the signaling environment in bond markets.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104479"},"PeriodicalIF":7.5,"publicationDate":"2025-07-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144685553","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
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