International Review of Financial Analysis最新文献

Shadow banking risk exposure and green new quality productivity forces resilience: Pathways to development for Chinese firms

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-02 DOI: 10.1016/j.irfa.2025.104057

Wenke Yang , Zhen Che

{"title":"Shadow banking risk exposure and green new quality productivity forces resilience: Pathways to development for Chinese firms","authors":"Wenke Yang , Zhen Che","doi":"10.1016/j.irfa.2025.104057","DOIUrl":"10.1016/j.irfa.2025.104057","url":null,"abstract":"<div><div>This study investigates how shadow banking risk exposure influences Chinese listed firms' green new quality productivity forces resilience (<em>GNQPFR</em>), emphasizing regional, ownership, and life cycle stage heterogeneity. Our findings demonstrate the positive impact of shadow banking risk exposure on <em>GNQPFR</em>, with significant regional variations. The western region benefited more from shadow banking during extreme periods due to underdeveloped financial markets, while in nonextreme periods, the central region exhibited stronger effects, reflecting its transitional financial environment. Enterprise ownership also impacts this relationship, revealing that shadow banking risk exposure has a more pronounced positive effect on the <em>GNQPFR</em> of local state-owned enterprises (SOEs) compared with non-SOEs during extreme periods. Firms in the decline phase leverage shadow banking more effectively under extreme conditions than those in the Growth Phase, driven by heightened financial pressures and resilience needs. Firm-level factors such as profitability, intangible assets, and age further moderate the effects, indicating the nuanced interplay between internal resources and external financing. Robustness tests controlling for financial crises, policy shifts, and the COVID-19 pandemic validate the findings. This study provides valuable insights into the influence of shadow banking on sustainable development and advancing the <em>GNQPFR</em> in transitioning economies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104057"},"PeriodicalIF":7.5,"publicationDate":"2025-03-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143552165","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, social, and governance performance, investor attention, and corporate development capability—An empirical examination based on moderating and threshold effects

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-01 DOI: 10.1016/j.irfa.2025.104001

Siyun Xu , Xiaodong Bai , Xia Chen

引用次数: 0

Climate transition and the speed of leverage adjustment

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104026

Maurizio Dallocchio , Francesco D’Ercole , Domenico Frascati , Massimo Mariani

引用次数: 0

The “Solow paradox mystery” of information security standardization construction and labor investment efficiency: Empirical evidence based on ISO27001 certification

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104012

Hongyan Huang , Yeming Sang , Rui Huang

引用次数: 0

The impact of climate policy uncertainty on the correlations between green bond and green stock markets 气候政策不确定性对绿色债券和绿色股票市场相关性的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104046

Yaling Chen , Qinnan Jiang , Zhifeng Dai , Yinpeng Liu

{"title":"The impact of climate policy uncertainty on the correlations between green bond and green stock markets","authors":"Yaling Chen , Qinnan Jiang , Zhifeng Dai , Yinpeng Liu","doi":"10.1016/j.irfa.2025.104046","DOIUrl":"10.1016/j.irfa.2025.104046","url":null,"abstract":"<div><div>The correlations among financial assets, portfolio construction, and risk management are inseparable. This paper utilizes the DCC-MIDAS model and quantile-on-quantile (QQ) approach to investigate dynamic relationships between green bond and various green stock markets, as well as the influencing factors. Furthermore, we also consider the portfolio diversification and the hedging potential of green bond for green stocks. The results indicate that, firstly, correlations between them are relatively weak and exhibit time-varying characteristics across different time scales. Secondly, incorporating a certain proportion of green bond assets when investing in green stocks can significantly reduce overall risk. However, we observe that in the face of extreme CPU shocks, the green bond does not appear to function as a strong safe-haven asset for green stocks. Finally, CPU exhibits an asymmetric, nonlinear positive impact on their long-term correlations. The findings help provide decision-making support for investors to adjust asset allocations, and assist regulatory agencies in enhancing their ability to identify risks in the green financial market.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104046"},"PeriodicalIF":7.5,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143529041","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

Performance hurdles in venture capital fund compensation

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104015

Jianwei Dong , Yuan-Teng Hsu , Guoping Shi , Siyuan Tan

{"title":"Performance hurdles in venture capital fund compensation","authors":"Jianwei Dong , Yuan-Teng Hsu , Guoping Shi , Siyuan Tan","doi":"10.1016/j.irfa.2025.104015","DOIUrl":"10.1016/j.irfa.2025.104015","url":null,"abstract":"<div><div>The existing research provides limited insights into the compensation incentives of limited partnerships, particularly regarding performance hurdles. This study investigates how performance hurdles affect the appointment of venture capital (VC) directors to portfolio company boards. Utilizing mandatory disclosure data from Chinese listed companies acting as limited partners in VC funds, we construct a unique dataset of managerial incentive schemes covering 104 VC funds. Our findings reveal that higher performance hurdles significantly increase the likelihood of VC firms appointing directors to portfolio companies. This effect is more pronounced when VC funds invest in geographically proximate portfolio companies and when the company's CEO concurrently serves as a board chair (CEO duality). Moreover, by appointing VC directors, higher performance hurdles foster innovation and enhance the likelihood of successful initial public offerings for portfolio companies. These results highlight the pivotal role of performance hurdles in driving portfolio company growth by incentivizing greater engagement from VC fund managers.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104015"},"PeriodicalIF":7.5,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143552089","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

Modeling climate policy uncertainty into cryptocurrency volatilities

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-02-27 DOI: 10.1016/j.irfa.2025.104030

Shusheng Ding , Xiangling Wu , Tianxiang Cui , John W. Goodell , Anna Min Du

引用次数: 0

The spatial effects of digital inclusive finance and traditional finance on the income of the migrant population: A comparative analysis of 243 cities in China 数字普惠金融与传统金融对流动人口收入的空间效应：中国 243 个城市的比较分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-02-26 DOI: 10.1016/j.irfa.2025.104054

Ronghai Yang , Yuqin Li , Yabo Li

{"title":"The spatial effects of digital inclusive finance and traditional finance on the income of the migrant population: A comparative analysis of 243 cities in China","authors":"Ronghai Yang , Yuqin Li , Yabo Li","doi":"10.1016/j.irfa.2025.104054","DOIUrl":"10.1016/j.irfa.2025.104054","url":null,"abstract":"<div><div>This paper uses data from the China Migrants Dynamic Survey (CMDS), covering 243 cities across China from 2011 to 2018, to examine the differential impact of digital inclusive finance and traditional finance on the income of the migrant population. The findings reveal that digital inclusive finance significantly bolsters the income of the migrant population, whereas traditional finance appears less effective in delivering substantial financial support. The study further suggests that a synergistic approach, harnessing both digital and traditional financial services, could yield a markedly positive impact on migrant income, with notable spatial spillover effects. Furthermore, there is significant regional heterogeneity in how digital inclusive finance and traditional finance influence the income of the migrant population. On one hand, the economic impact of digital inclusive finance is more pronounced in southern regions, while the synergistic effect between digital inclusive finance and traditional finance is more robust in northern regions. On the other hand, coastal regions, despite with higher levels of digital inclusive financial services, exhibit less significant spillover effects compared to inland regions. This study provides strong evidence that digital inclusive finance and traditional finance can significantly optimize income distribution and enhance public welfare.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104054"},"PeriodicalIF":7.5,"publicationDate":"2025-02-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143526760","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

Unveiling the impact of irrelevant answers on analyst forecast errors: A topic modeling approach

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-02-25 DOI: 10.1016/j.irfa.2025.104041

Mengshu Hao , Yang Xu , Peiyao Yuan , Kecai Chen

引用次数: 0

Fund social network and MD&A disclosure quality

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-02-25 DOI: 10.1016/j.irfa.2025.104047

Hanbin Zhu , Yiyun Ge

{"title":"Fund social network and MD&A disclosure quality","authors":"Hanbin Zhu , Yiyun Ge","doi":"10.1016/j.irfa.2025.104047","DOIUrl":"10.1016/j.irfa.2025.104047","url":null,"abstract":"<div><div>We investigate the effects of fund social networks on idiosyncratic information in Management's Discussion and Analysis (MD&A). By creating a fund social network between active mutual fund managers, we find the network improves MD&A disclosure quality. The finding is robust after a series of tests, including variable reconstruction, sample change, and endogeneity checks with matching methods, instrumental variables, and the difference-in-differences method. Our additional research indicates that information transparency and sharing among fund managers are key channels for this effect. Moreover, fund social networks play a more effective governance role in a poor company's internal and external environments. Both alumni and colleague networks improve MD&A idiosyncratic information. We empirically demonstrate that institutional investors' social networks, beyond shareholding connections, are critical for corporate governance and improving MD&A idiosyncratic information. Practically, our findings suggest that fund social networks can improve MD&A disclosure quality by conducting joint on-site visits. Their causality suggests that regulators should raise standards for corporate MD&A textual information disclosure and fund managers' information. Moreover, our findings offer individual investors an additional approach to recognizing company disclosure quality and understanding institutional investor behavior, resulting in more informed investment decisions and increased market efficiency.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104047"},"PeriodicalIF":7.5,"publicationDate":"2025-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143518923","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