International Review of Financial Analysis最新文献

Can government green subsidies improve corporate labor income share? 政府绿色补贴能提高企业劳动收入份额吗？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-14 DOI: 10.1016/j.irfa.2025.104340

Chunyang Zhang , Xin Liu

引用次数: 0

The asymmetric effects of European carbon emission trading system on European stock market returns: The moderating role of oil price uncertainty 欧洲碳排放交易制度对欧洲股票市场收益的非对称影响：油价不确定性的调节作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-13 DOI: 10.1016/j.irfa.2025.104324

Mosab I. Tabash , Umaid A. Sheikh , Refk Selmi , Mamdouh Abdulaziz Saleh Al-Faryan , Shawkat Hammoudeh

{"title":"The asymmetric effects of European carbon emission trading system on European stock market returns: The moderating role of oil price uncertainty","authors":"Mosab I. Tabash , Umaid A. Sheikh , Refk Selmi , Mamdouh Abdulaziz Saleh Al-Faryan , Shawkat Hammoudeh","doi":"10.1016/j.irfa.2025.104324","DOIUrl":"10.1016/j.irfa.2025.104324","url":null,"abstract":"<div><div>The first objective is to examine the asymmetric impact of European Union carbon emission trading system (EU-ETS) and oil price uncertainty (OPU) on the quantiles of European equity market returns. After confirming nonlinear dynamics in the daily time-series data for EU-ETS, OPU, and European stock returns, we use the quantile-based autoregressive distributive lag (QARDL) model. The second objective is to analyze OPU's moderating impact on dynamic conditional correlations (DCCs) and asymmetric dynamic conditional correlations (ADCCs) between EU-ETS returns and European equity market returns. To extract DCCs and ADCCs between carbon and stock returns, we employ the DCC-EGARCH and ADCC-EGARCH approaches with a range of robustness diagnostics. Thirdly, we utilize the hedge ratio and optimal portfolio weight selection approaches, guided by the DCC-GARCH-t copula method, to examine the hedging effectiveness (HE) against long-term OPU shocks through short-term positioning in European financial market returns and EU-ETS returns. Overall findings reveal asymmetric spillovers in extreme conditions, negatively affecting Belgian and Spanish firms in the long term due to EU-ETS-induced price increases. Long-term investors are advised to consider reallocating investment funds to the stock markets that are favorably impacted by EU-ETS fluctuations (Finland, France, Germany, Ireland, Italy, and the Netherlands) to achieve optimal gains during bullish equity market trends. However, simultaneous short-term negative OPU effects are observed in all economies' stock markets at all quantiles. The results also underscore OPU's moderating impact on stock‑carbon conditional connectedness, emphasizing the need for fund managers to acknowledge OPU as a moderating risk factor for carbon-stock hedging effectiveness.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104324"},"PeriodicalIF":7.5,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084362","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

Executive retirement plan freezes and firm policies 高管退休计划冻结，政策坚定

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-12 DOI: 10.1016/j.irfa.2025.104328

Zacharias Petrou , Adamos Vlittis

引用次数: 0

Data element marketization and corporate investment efficiency: Evidence from China 数据要素市场化与企业投资效率：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-12 DOI: 10.1016/j.irfa.2025.104329

Shan Wu , Mengqi Zou , Tongen Jin

{"title":"Data element marketization and corporate investment efficiency: Evidence from China","authors":"Shan Wu , Mengqi Zou , Tongen Jin","doi":"10.1016/j.irfa.2025.104329","DOIUrl":"10.1016/j.irfa.2025.104329","url":null,"abstract":"<div><div>Data elements have been a crucial driving force for companies in optimizing resource allocation. For improved collection, availability, and access, marketization of data elements, as a significant development trend in the digital economy era, is gradually becoming integrated with and profoundly transforming corporate operational models and decision-making logics, exerting a far-reaching impact on corporate investment decisions and efficiency. Based on the research scenario in which data-trading platforms have been successively established in various cities in China since 2014, this study constructs a multiperiod difference-in-differences model to explore the impact and mechanism of data element marketization on corporate investment efficiency. Results indicate that data element marketization can significantly enhance corporate investment efficiency, with mechanism analysis revealing that this effect occurs by intensifying market competition, alleviating financing constraints, and improving management efficiency. Heterogeneity analysis reveals that data element marketization has a more pronounced effect on investment efficiency in samples with better corporate governance, higher corporate technological intensity, better regional legal institutional environments, and greater local government attention to the digital economy. Further analysis shows that data element marketization can alleviate overinvestment and underinvestment. This study reveals the value-creation role of data element marketization from the perspective of investment efficiency, providing empirical evidence and policy insights for the government to further its reforms in the market-oriented allocation of data elements.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104329"},"PeriodicalIF":7.5,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144071885","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 nonlinear impact of firms' ESG disclosures on analysts' earnings forecast accuracy 企业ESG披露对分析师盈利预测准确性的非线性影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-11 DOI: 10.1016/j.irfa.2025.104332

Xuehui Zhang , Guoying Mu , Fei Han

{"title":"The nonlinear impact of firms' ESG disclosures on analysts' earnings forecast accuracy","authors":"Xuehui Zhang , Guoying Mu , Fei Han","doi":"10.1016/j.irfa.2025.104332","DOIUrl":"10.1016/j.irfa.2025.104332","url":null,"abstract":"<div><div>The disclosure of environmental, social, and governance (ESG) information by firms can signal to the capital markets the potential sustainable development capabilities of the company and provide oversight to curb opportunistic management practices. However, the continuous disclosure of ESG information not only leads to excessive investment and increased operational risks but also contributes to information overload in the capital markets. We examine the impact of firms' ESG disclosures on analyst earnings forecast accuracy (AEFA) using a nonlinear approach to capture both sides of ESG effects. Our nonlinear findings suggest that ESG disclosure has a U-shaped effect on AEFA. Specifically, a firm's ESG disclosure enhances AEFA but at a decreasing rate. The favorable effect becomes smaller as firms disclose more ESG, and eventually, increases in ESG disclosure led to worsening AEFA. The conclusion remains unchanged after an array of robustness checks. The mechanism test reveals that earnings management and media attention mediate the U-shaped relation between ESG disclosure and AEFA. Additional analysis shows that the U-shaped relation is more salient for SOEs and non-polluting firms. The findings not only broaden the research on the impact of ESG disclosure on AEFA, but also help investors make sound investment decisions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104332"},"PeriodicalIF":7.5,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144070544","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

From marketing to manpower: Impact of advertising expenditures on employment 从市场营销到人力：广告支出对就业的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-11 DOI: 10.1016/j.irfa.2025.104333

Wenjun Xie , Yao Chen

引用次数: 0

Artificial intelligence and green transformation of manufacturing enterprises 人工智能与制造企业绿色转型

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-10 DOI: 10.1016/j.irfa.2025.104330

Chaobo Zhou , Haikuo Zhang , Jinhuika Ying , Shouchao He , Chong Zhang , Jiale Yan

{"title":"Artificial intelligence and green transformation of manufacturing enterprises","authors":"Chaobo Zhou , Haikuo Zhang , Jinhuika Ying , Shouchao He , Chong Zhang , Jiale Yan","doi":"10.1016/j.irfa.2025.104330","DOIUrl":"10.1016/j.irfa.2025.104330","url":null,"abstract":"<div><div>The rapid development and widespread application of artificial intelligence (AI) has had a profound impact on the economy and society. However, we need to be sure that the use of AI technology can inject vitality into the green transformation (GT) of enterprises. Based on panel data from Chinese listed manufacturing companies spanning 2013 to 2022, this study asks the question in the manufacturing sector, using the establishment of China's new-generation AI innovation and development pilot zones as a quasi-natural experiment. Employing a multiperiod difference-in-differences model, we find that AI adoption significantly promotes GT in manufacturing enterprises. This conclusion remains robust when validated through a generalized random forest (GRF) model. Mechanism testing shows that improvements in enterprise environmental, social, and governance performance and information transparency serve as key drivers of AI's positive influence on GT. Additionally, media attention and executives with research and development backgrounds further enhance AI's role in promoting GT. Heterogeneity analysis using the GRF model reveals an inverted U-shaped relationship between Tobin's Q, enterprise age, and the treatment effect. As such, we uncover the underlying mechanisms of AI's impact on GT and offer insights for policymakers to actively and prudently advance AI development, supporting the integration of digital and real economies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104330"},"PeriodicalIF":7.5,"publicationDate":"2025-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144068348","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

Local government debt and corporate stock liquidity: Evidence from China 地方政府债务与公司股票流动性：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-10 DOI: 10.1016/j.irfa.2025.104318

Lin Pan , Kun Huang , Zhili Wang

{"title":"Local government debt and corporate stock liquidity: Evidence from China","authors":"Lin Pan , Kun Huang , Zhili Wang","doi":"10.1016/j.irfa.2025.104318","DOIUrl":"10.1016/j.irfa.2025.104318","url":null,"abstract":"<div><div>The growing prominence of government debt has emerged as a critical concern in contemporary economic scholarship and policy discourse. Drawing on a comprehensive dataset of Chinese A-share listed firms over the period 2011–2019, this study explores the influence of local government debt on corporate stock liquidity. Our empirical analysis reveals that the expansion of local government debt significantly reduces the stock liquidity of local firms, with robustness checks confirming this causal relationship. One plausible explanation is that the expansion of local government debt increases the information opacity of local firms, leading to a decrease in the liquidity of their stocks. The adverse stock liquidity impact of local government debt expansion is particularly pronounced among private firms, small firms, and firms exhibiting greater financing constraints. In contrast, the negative effect of local government debt on firms' stock liquidity is significantly weakened when firms have better quality internal control or more effective external governance mechanisms such as media and auditors' supervision. Our study contributes firm-level evidence of the adverse effects of local government debt expansion from the perspective of stock liquidity and has policy implications for controlling government debt.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104318"},"PeriodicalIF":7.5,"publicationDate":"2025-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144070543","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

Board gender diversity and accounting conservatism 董事会性别多样性与会计稳健性

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-09 DOI: 10.1016/j.irfa.2025.104309

Vijaya B. Marisetty , Athira Kommatt

引用次数: 0

Can cryptocurrency or gold rescue BRICS stocks amid the Russia-Ukraine conflict? 在俄乌冲突中，加密货币或黄金能拯救金砖国家股市吗？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-09 DOI: 10.1016/j.irfa.2025.104321

Wei Wang , Martin Enilov , Petar Stankov

{"title":"Can cryptocurrency or gold rescue BRICS stocks amid the Russia-Ukraine conflict?","authors":"Wei Wang , Martin Enilov , Petar Stankov","doi":"10.1016/j.irfa.2025.104321","DOIUrl":"10.1016/j.irfa.2025.104321","url":null,"abstract":"<div><div>This study examines whether cryptocurrency markets offer more resilient safe haven properties than gold for stock markets in the BRICS economies from 28th April 2013 to 27th September 2024. Unlike traditional studies that primarily focus on Bitcoin or top-market cap cryptocurrencies, we introduce a novel Crypto index that includes 9468 active and defunct cryptocurrencies, providing a comprehensive view of daily market fluctuations across all listed crypto assets. We also investigate the impact of the Russia-Ukraine military conflict on the safe haven status of these assets. Using a time-varying robust Granger causality framework, we analyse the dynamic relationships between potential safe haven assets and BRICS stocks. Additionally, we explore the network structure of gold, cryptocurrencies, and BRICS stocks across different quantiles. Our results show limited evidence of time-invariant causality, but strong evidence of time-varying causality, suggesting that neither gold nor cryptocurrencies act as safe havens for BRICS stocks over the entire sample period. We find increased market interconnectedness during extreme conditions, with gold and cryptocurrencies initially acting as net receivers of shocks, but gold shifting to a net transmitter during the conflict, indicating stronger safe haven properties for gold. Portfolios favour gold over crypto, and small-cap cryptocurrencies are cheaper but less efficient hedges compared to large-cap cryptos, with Bitcoin emerging as the optimal investment for returns. These findings offer valuable insights for investors and policymakers, particularly for optimizing portfolio management and supporting financial stability during market turbulence.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104321"},"PeriodicalIF":7.5,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935785","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