International Review of Financial Analysis最新文献

The risk connectedness between international crude oil market and Chinese asset markets: From the perspective of common and idiosyncratic information 国际原油市场与中国资产市场的风险连通性：基于共同信息与特殊信息的视角

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-30 DOI: 10.1016/j.irfa.2025.104662

Senyuan Yu , Jianfeng Li , Zhensheng Tao , Xiaoyang Yao , Hui Wang

引用次数: 0

The spillover effect of customer annual report tone on supplier ESG decisions 客户年报基调对供应商ESG决策的溢出效应

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-24 DOI: 10.1016/j.irfa.2025.104665

Xiao Zeng , Yingying Xin , Kai Xiang

引用次数: 0

Digital finance, investor sentiment, and corporate investment and financing 数字金融、投资者情绪、企业投融资

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-24 DOI: 10.1016/j.irfa.2025.104664

Dan Zhu , Jingjuan Wang , Shaohua Wang

引用次数: 0

Synergistic integration in the digital economy: The impact and mechanisms of digital M&A on corporate technological diversification 数字经济中的协同整合：数字并购对企业技术多元化的影响及机制

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-24 DOI: 10.1016/j.irfa.2025.104663

Jiaxin Zhou , Yaojia Liang , Zhendong Sun , Qianqian Zhang

{"title":"Synergistic integration in the digital economy: The impact and mechanisms of digital M&A on corporate technological diversification","authors":"Jiaxin Zhou , Yaojia Liang , Zhendong Sun , Qianqian Zhang","doi":"10.1016/j.irfa.2025.104663","DOIUrl":"10.1016/j.irfa.2025.104663","url":null,"abstract":"<div><div>With the rapid evolution of the digital economy, how enterprises leverage mergers and acquisitions to optimize technological structures and expand knowledge boundaries has attracted growing attention. Using data from A-share listed companies in China from 2012 to 2023, this study constructs a multidimensional analytical framework incorporating patent heterogeneity, organizational structure, and external environment to examine the impact of digital M&A on technological diversification. Empirical results show that digital M&A significantly enhances technological diversification, and the findings remain robust after addressing endogeneity using instrumental variable and propensity score matching methods. Mechanism analysis reveals that improvements in human capital, greater heterogeneity in top management teams, and stronger knowledge reconfiguration capabilities are key transmission channels. Heterogeneity analysis further shows that the effect is more pronounced in non-state-owned firms, highly competitive industries, and enterprises without financial-industry integration. These findings contribute to the literature on digital transformation and technology strategy, offering practical implications for firms seeking technological upgrading and for policymakers aiming to support digital industrial development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"108 ","pages":"Article 104663"},"PeriodicalIF":9.8,"publicationDate":"2025-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145223117","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 rookie CEOs on corporate risk-taking 新任ceo对企业风险承担的影响

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-21 DOI: 10.1016/j.irfa.2025.104659

Linfei Zhong, Yuanqiong He

引用次数: 0

The impact of AIGC technology penetration in Fintech on entrepreneurship of small and medium-sized enterprises 金融科技领域AIGC技术渗透对中小企业创业的影响

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-21 DOI: 10.1016/j.irfa.2025.104656

Chenyu Guo , Hongye Zhang , Youwei Chai , Hao Gao , Rongjie Lv

{"title":"The impact of AIGC technology penetration in Fintech on entrepreneurship of small and medium-sized enterprises","authors":"Chenyu Guo , Hongye Zhang , Youwei Chai , Hao Gao , Rongjie Lv","doi":"10.1016/j.irfa.2025.104656","DOIUrl":"10.1016/j.irfa.2025.104656","url":null,"abstract":"<div><div>Against the backdrop of the deep integration of AIGC (Artificial Intelligence Generated Content) technology reshaping financial services, fintech is increasingly becoming a key driving force for entrepreneurship among small and medium-sized enterprises (SMEs). This paper systematically explores, from four dimensions, how fintech, empowered by AIGC technology, can effectively promote SME entrepreneurship. The research findings are as follows: fintech significantly fosters SME entrepreneurship; under the penetration of AIGC technology, fintech promotes SME entrepreneurship by enhancing total factor productivity; fintech also facilitates SME entrepreneurship by reducing information uncertainty in the context of AIGC technology penetration; government policy support further reinforces the positive impact of fintech on SME entrepreneurship amid AIGC technology integration; and the positive effect of fintech on SME entrepreneurship is more pronounced in eastern regions and among private enterprises. This study reveals potential pathways for the integrated development of AIGC and fintech, providing theoretical support and practical reference for governments, technology enterprises, and entrepreneurs in formulating more forward-looking strategies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104656"},"PeriodicalIF":9.8,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145158321","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 dynamic effects of evolution of ESG disclosure regimes on corporate financing constraints ESG披露制度演进对企业融资约束的动态影响

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-21 DOI: 10.1016/j.irfa.2025.104653

Min Ma , Chengjun Zhang , Rui Zhang

{"title":"The dynamic effects of evolution of ESG disclosure regimes on corporate financing constraints","authors":"Min Ma , Chengjun Zhang , Rui Zhang","doi":"10.1016/j.irfa.2025.104653","DOIUrl":"10.1016/j.irfa.2025.104653","url":null,"abstract":"<div><div>With the ongoing advancement of the global sustainable development agenda, Environmental, Social, and Governance (ESG) information disclosure systems have been increasingly reinforced across various countries, exerting a significant impact on corporate financing behavior. Based on multi-country panel data from 2001 to 2023, this paper empirically analyzes the effect of ESG disclosure system evolution on corporate financing constraints. The findings indicate that changes in ESG disclosure systems significantly alleviate corporate financing constraints, and this effect remains robust after incorporating control variables, lagged period tests, and alternative variables. Further endogeneity tests demonstrate a significant causal relationship between ESG systems and the mitigation of financing constraints. In addition, heterogeneity analysis reveals that the effectiveness of system implementation is more pronounced in EU member states with relatively lower levels of economic development. Regression results based on an extended sample also confirm the positive role of ESG system reforms in non-EU countries. This study enriches the literature on the economic effects of ESG systems and provides policy implications for global information disclosure regulatory reforms and the construction of green financial systems.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104653"},"PeriodicalIF":9.8,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145220454","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

Can capital market supervision enhance corporate business credit? 资本市场监管能增强企业信用吗？

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-21 DOI: 10.1016/j.irfa.2025.104650

Xinqian Li , Duo An

引用次数: 0

Financial technology empowerment, investor attention, and corporate investment efficiency 金融科技赋能、投资者关注、企业投资效率

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-21 DOI: 10.1016/j.irfa.2025.104651

Tianchen Wang , Ziliang Xie , Chaofei Du , Zhangfan Cheng

{"title":"Financial technology empowerment, investor attention, and corporate investment efficiency","authors":"Tianchen Wang , Ziliang Xie , Chaofei Du , Zhangfan Cheng","doi":"10.1016/j.irfa.2025.104651","DOIUrl":"10.1016/j.irfa.2025.104651","url":null,"abstract":"<div><div>With the rapid development of fintech, enterprises are increasingly relying on financial technology innovation in their investment decision-making processes, while investor attention plays a significant role in influencing corporate investment efficiency. This paper conducts an empirical analysis to explore the relationship between fintech, investor attention, and corporate investment efficiency, and examines the moderating effect of investor attention within this relationship. Utilizing data from Chinese listed companies from 2011 to 2023, the study finds that both fintech and investor attention significantly enhance corporate investment efficiency. Moreover, investor attention positively moderates the impact of fintech on investment efficiency. Through a heterogeneous analysis of operational conditions and the hiring of the Big Four audit firms, this paper further reveals the moderating role of corporate operational status and audit quality in how investor attention influences the effect of fintech on corporate investment efficiency. Specifically, in situations where the enterprise is not incurring losses, the moderating effect of investor attention on the impact of fintech on corporate investment efficiency is more pronounced; in enterprises that hire the Big Four audit firms, the moderating effect of investor attention is even more significant regarding the impact of fintech on corporate investment efficiency. Finally, this paper ensures the robustness of the research outcomes through endogeneity tests and provides theoretical support and practical guidance for policymakers and corporate managers in optimizing resource allocation and improving investment efficiency.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104651"},"PeriodicalIF":9.8,"publicationDate":"2025-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145158320","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

Assembly supply chain decision-making: Manufacturers' emission reduction strategies under mixed carbon policies 装配供应链决策：混合碳政策下制造商的减排策略

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-20 DOI: 10.1016/j.irfa.2025.104661

Haodong Chen , Shuo Wang , Chenliang Zhu , Quanwei Ren , Zewei Long

{"title":"Assembly supply chain decision-making: Manufacturers' emission reduction strategies under mixed carbon policies","authors":"Haodong Chen , Shuo Wang , Chenliang Zhu , Quanwei Ren , Zewei Long","doi":"10.1016/j.irfa.2025.104661","DOIUrl":"10.1016/j.irfa.2025.104661","url":null,"abstract":"<div><div>The growing concerns over environmental sustainability have compelled, firms within assembly supply chains to balance cost efficiency with effective carbon emission mitigation. This study examines the optimal emission reduction strategies that manufacturers adopt under a mixed carbon policy regime to maximize their expected returns. By constructing a decision-making model encompassing four scenarios involving manufacturers, assemblers, and consumers, we analyze the influence of consumer demand for low-carbon products, carbon pricing, tax rates, and the costs associated with emission reduction R&D. The results indicate that centralized decision-making yields superior performance relative to decentralized approaches under baseline conditions. Moreover, both decision frameworks reveal that collaborative emission reduction efforts outperform isolated initiatives when the unit cost of joint R&D remains below a critical threshold. Finally, while higher carbon trading prices and carbon tax rates incentivize greater emission reduction efforts, the imposition of carbon taxes may adversely affect economic performance.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104661"},"PeriodicalIF":9.8,"publicationDate":"2025-09-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145118566","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