International Review of Financial Analysis最新文献

Geoeconomic fragmentation and green exceptionalism: Evidence from trade and finance 地缘经济碎片化与绿色例外论：来自贸易和金融的证据

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-10-01 DOI: 10.1016/j.irfa.2026.105424

Jacky Chau

引用次数: 0

Reputation crisis and peer responses: Evidence from the negative externalities of ordinary share repurchase commitment breaches 声誉危机与同行反应：来自普通股回购承诺违约负外部性的证据

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-10-01 DOI: 10.1016/j.irfa.2026.105470

Guohao Zou,Cunbin Fan,Chufeng Yang

引用次数: 0

Predictability of funding rates 融资利率的可预测性

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-10-01 DOI: 10.1016/j.irfa.2026.105464

Emre Inan

引用次数: 0

Can corporate green strategic actions enhance green innovation performance? 企业绿色战略行动能否提升绿色创新绩效？

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-10-01 Epub Date: 2026-09-25 DOI: 10.1016/j.irfa.2026.105421

Huan Hua, Gaozhe Jiang, Gang Chao, Zhengjie Yang

{"title":"Can corporate green strategic actions enhance green innovation performance?","authors":"Huan Hua, Gaozhe Jiang, Gang Chao, Zhengjie Yang","doi":"10.1016/j.irfa.2026.105421","DOIUrl":"10.1016/j.irfa.2026.105421","url":null,"abstract":"<div><div>Corporate sustainability strategies increasingly recognize green innovation as essential for competitive advantage, yet empirical understanding of how corporate green strategic actions (GSA) translate into green innovation performance (GIP) remains incomplete. Prior research has not adequately examined the internal mechanisms through which environmental initiatives influence innovation outcomes or the external conditions that strengthen this relationship. This study addresses these gaps by investigating whether GSA enhances GIP among Chinese listed firms from 2010 to 2023, while exploring the mediating roles of labor productivity and organizational absorptive capacity alongside the moderating influence of foreign trade development. Using regressions with industry and year fixed effects with 28,444 firm year observations, we find a significant positive association between GSA and GIP. Mediation analysis suggests that both labor productivity and absorptive capacity may serve as internal pathways linking environmental investments to innovation outputs. Furthermore, foreign trade development is found to positively moderate the GSA-GIP association, suggesting that international market exposure may amplify the innovation benefits associated with environmental strategies. Heterogeneity analysis demonstrates that these positive effects are more evident among non-state owned enterprises, larger firms, and companies operating outside heavy polluting industries. Robustness tests including instrumental variable estimation, propensity score matching, and Heckman selection correction confirm the reliability of these findings. This study contributes to theoretical understanding of the mechanisms and boundary conditions governing the environmental strategy and innovation relationship. The results offer practical guidance for managers designing environmental investment strategies and inform policymakers seeking to leverage international trade dynamics for promoting sustainable corporate innovation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105421"},"PeriodicalIF":10.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149159869","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

Automation and corporate social responsibility 自动化和企业社会责任

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-10-01 Epub Date: 2026-09-29 DOI: 10.1016/j.irfa.2026.105407

Cansu Iskenderoglu, Barıs Ince

引用次数: 0

Near is dear? Media geographic proximity and corporate misconduct 近吗？媒体地理位置接近和企业不当行为

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-10-01 Epub Date: 2026-09-24 DOI: 10.1016/j.irfa.2026.105419

Xinheng Liu, Sishi Pan, Chi Yao, Yun Zhang

引用次数: 0

Does annual report readability affect labor investment efficiency? 年报可读性是否影响劳动力投资效率？

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-10-01 Epub Date: 2026-09-23 DOI: 10.1016/j.irfa.2026.105402

Hasibul Chowdhury, Kelvin Jui Keng Tan, Junyi Wang, Shanelle Yang, Jiayi Zheng

{"title":"Does annual report readability affect labor investment efficiency?","authors":"Hasibul Chowdhury, Kelvin Jui Keng Tan, Junyi Wang, Shanelle Yang, Jiayi Zheng","doi":"10.1016/j.irfa.2026.105402","DOIUrl":"10.1016/j.irfa.2026.105402","url":null,"abstract":"<div><div>This study examines whether the complexity of textual narratives captured by annual report readability affects a firm's labor investment efficiency. Analyzing a large sample of U.S. firms, we find that clearer, less complex financial disclosures are associated with significantly more efficient labor investment, particularly among firms with weaker external monitoring. These results are robust to alternative measures, controls, and endogeneity concerns. To establish causality, we exploit the implementation of eXtensible Business Reporting Language as quasi-natural experiments and find that mandated improvements in report clarity led to greater labor investment efficiency. Although the identification setting and effect of magnitude are specific to the U.S. reporting environment, the underlying insight is broader: where public narrative disclosure is an important input to monitoring and external finance, information accessibility can affect real resource allocation. The evidence supports both agency and financing-friction explanations, with stronger relative support for the financial-constraint channel.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105402"},"PeriodicalIF":10.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"149123529","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Political uncertainty and international investment diversification: Cross country evidence 政治不确定性与国际投资多元化：跨国证据

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-10-01 Epub Date: 2026-09-29 DOI: 10.1016/j.irfa.2026.105426

Frank Kwabi, Agyenim Boateng, Chizindu Wonu, Yilmaz Guney

引用次数: 0

Risk contagion and tail risk in energy markets: A time-frequency network approach 能源市场的风险传染和尾部风险：时频网络方法

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-10-01 Epub Date: 2026-09-01 DOI: 10.1016/j.irfa.2026.105371

Lifang Li, Lina Huang, Fangming Xu

{"title":"Risk contagion and tail risk in energy markets: A time-frequency network approach","authors":"Lifang Li, Lina Huang, Fangming Xu","doi":"10.1016/j.irfa.2026.105371","DOIUrl":"10.1016/j.irfa.2026.105371","url":null,"abstract":"<div><div>This study investigates risk contagion across traditional energy, clean energy, electricity, and carbon markets across multiple time scales. Employing a time-varying parameter vector autoregressive (TVP-VAR) model integrated with the Diebold–Yılmaz (DY) and Baruník–Křehlík (BK) spillover indices, we construct total, short-term, and long-term risk contagion networks using data from 2010 to 2024. The results reveal that risk contagion is predominantly long-term and exhibits pronounced time-varying dynamics. WTI crude oil emerges as the dominant risk-spillover node across all network layers, whereas conventional electricity predominantly functions as a risk-absorbing node, notably in total and long-term networks. Regression analysis linking network topology to asset tail risk reveals heterogeneous effects of different centrality indicators: net out-degree and eigenvector centrality are negatively associated with tail risk, whereas betweenness centrality is positively associated with it. These findings highlight the structural resilience of the energy market network and its potential to mitigate systemic risk through a dynamic balance between risk-spillover and risk-absorbing entities.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"118 ","pages":"Article 105371"},"PeriodicalIF":10.2,"publicationDate":"2026-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"148884923","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Average equity return correlations, value factor returns, and growth options 平均股票回报相关性，价值因子回报和成长期权

IF 10.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-10-01 Epub Date: 2026-09-25 DOI: 10.1016/j.irfa.2026.105417

Lorenzo Schönleber

引用次数: 0