International Review of Financial Analysis最新文献_第10页

How Fintech mitigates credit mismatches to promote green innovation: Evidence from Chinese listed enterprises 金融科技如何缓解信贷错配以促进绿色创新？来自中国上市企业的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103740

Shaohui Wang , Yanlan Yong , Xizhang Liu , Yunliang Wang

{"title":"How Fintech mitigates credit mismatches to promote green innovation: Evidence from Chinese listed enterprises","authors":"Shaohui Wang , Yanlan Yong , Xizhang Liu , Yunliang Wang","doi":"10.1016/j.irfa.2024.103740","DOIUrl":"10.1016/j.irfa.2024.103740","url":null,"abstract":"<div><div>The intersection of financial technology (fintech) and sustainable development has gained increasing attention, particularly regarding how fintech can support corporate green innovation. However, the role of fintech in mitigating credit mismatches—a key barrier for enterprises pursuing green initiatives—remains underexplored, especially within the context of Chinese listed enterprises. Addressing this gap, our study utilizes a panel dataset from 2010 to 2021 to investigate the influence of fintech on green innovation and the mediating role of credit mismatches. Through a series of baseline regressions, endogeneity tests, and heterogeneity analyses, we find a significant positive relationship between fintech adoption and green innovation, with credit mismatches serving as a crucial mediator. Moreover, the effects of fintech are most pronounced in eastern China and in industries with lower pollution levels. These findings provide new insights into how fintech can bridge financing gaps, foster green innovation, and promote the transition to a more sustainable economy. Our results carry important implications for policymakers aiming to leverage fintech as a tool for both financial inclusion and environmental sustainability.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103740"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663263","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

Management myopia and corporate innovation in China: Focus on the moderating role of equity incentives 中国的管理近视与企业创新：关注股权激励的调节作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103733

Xiu-e Zhang , Na Li

引用次数: 0

Decrypting Metaverse crypto Market: A nonlinear analysis of investor sentiment 解密 Metaverse 加密货币市场：投资者情绪的非线性分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103714

Samet Gunay , Mohamed M. Sraieb , Shahnawaz Muhammed

{"title":"Decrypting Metaverse crypto Market: A nonlinear analysis of investor sentiment","authors":"Samet Gunay , Mohamed M. Sraieb , Shahnawaz Muhammed","doi":"10.1016/j.irfa.2024.103714","DOIUrl":"10.1016/j.irfa.2024.103714","url":null,"abstract":"<div><div>This study aims to investigate the role of investor sentiment in the emerging metaverse market, a novel entrepreneurship model. Empirical analyses are conducted through various causality tests to reveal the predictive power of investor sentiment on the price developments of the metaverse market. The Nonlinear Granger causality test indicates causal effects running from BTC (Bitcoin), GT (Google Trend), and FGI (Fear-Greed Index) to MVI (Metaverse Index). Further examination of these interactions through MS-VAR analysis reveals that under bear market regimes, both investor sentiment proxies (GT and FGI) and BTC have a statistically significant causal effect on the returns of MVI. This finding suggests that metaverse crypto market returns are substantially influenced by investor sentiment during periods of anxiety and turmoil, evident in steep bear markets, rather than during periods of tranquility and euphoria characteristic of bull markets. The results of the time-varying approach confirm this finding by indicating spikes in causal effects towards the end of 2021, during which a severe crash in cryptocurrency markets occurred. Overall, the causal links during market downturns may stem from the fear of missing out (FOMO) in retail investors, who mainly dominate the sentimental factors utilized in this study.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103714"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663270","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

Has digital transformation enhanced the corporate resilience in the face of COVID-19? Evidence from China 面对 COVID-19，数字化转型是否增强了企业的应变能力？来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103709

Yihui Chen , Qingfeng Cai , Zhenkai Wang , Zhenfeng Xu

引用次数: 0

The backfire of mutual funds balancing financial objectives in ESG investments: Evidence from China 共同基金在 ESG 投资中平衡财务目标的反作用：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103686

Qiling Luo , Minggao Xue , Yeqin Xiong , Xiaowen Ge

引用次数: 0

ESG components and equity returns: Evidence from real estate investment trusts 环境、社会和治理要素与股票回报：房地产投资信托的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103716

Kwok Yuen Fan , Jianfu Shen , Eddie C.M. Hui , Louis T.W. Cheng

{"title":"ESG components and equity returns: Evidence from real estate investment trusts","authors":"Kwok Yuen Fan , Jianfu Shen , Eddie C.M. Hui , Louis T.W. Cheng","doi":"10.1016/j.irfa.2024.103716","DOIUrl":"10.1016/j.irfa.2024.103716","url":null,"abstract":"<div><div>This study examines the relationships between the individual components of environmental, social, and governance (ESG) performance and future stock returns of US Real Estate Investment Trusts (REITs). The findings demonstrate a negative association between environmental performance and expected returns, while social performance shows a positive relationship with future returns. Moreover, the study investigates whether the observed negative (positive) relationship between environmental (social) performance and equity returns can be attributed to the predictability of ESG components on future firm fundamentals or investor preferences towards different ESG components. The results indicate that environmental performance has a detrimental impact on firm fundamentals in REITs, including future profits, external financing, and stock risk. Conversely, social performance exhibits a positive association with future firm fundamentals. Institutional investors do not significantly reduce ownership to REITs with strong environmental performance but increase their ownership of REITs with strong social performance. In summary, this study highlights that the relationship between ESG and equity varies depending on the specific ESG components under consideration.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103716"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142578837","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

Integration of manufacturing and services: Examining its effect on resource allocation and manufacturing labor productivity 制造业与服务业的融合：考察其对资源配置和制造业劳动生产率的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103708

Yangyang Yao , Wanhuan Cai , Zhongsheng Zhou , Yifan Zheng

{"title":"Integration of manufacturing and services: Examining its effect on resource allocation and manufacturing labor productivity","authors":"Yangyang Yao , Wanhuan Cai , Zhongsheng Zhou , Yifan Zheng","doi":"10.1016/j.irfa.2024.103708","DOIUrl":"10.1016/j.irfa.2024.103708","url":null,"abstract":"<div><div>The integration of manufacturing and services is a key factor driving the development of the manufacturing sector. Thus, this study uses Chinese province–industry data to determine the effect of such integration on resource allocation and manufacturing labor productivity. Additionally, heterogeneity is systematically examined, while avenues for its improvement are explored. Based on the results, dividing integration into forward and backward integration shows that both types significantly enhance manufacturing labor productivity by improving resource allocation efficiency, with forward integration demonstrating a more pronounced effect. This mechanism mainly manifests in capital- and technology-intensive industries but not in labor-intensive ones. Notably, while the integration of manufacturing and services enhances both economic and social efficiency by curbing capital over-allocation, it creates the problem of labor over-allocation. These conclusions provide value insights for promoting industrial transformation and upgrading.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103708"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586840","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

Will fighting climate change affect commercial banks? A carbon tax policy simulation

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103787

Linna Han , Mohammad Zoynul Abedin , Xianzi Wang , Samar S. Alharbi , Yong Wang

{"title":"Will fighting climate change affect commercial banks? A carbon tax policy simulation","authors":"Linna Han , Mohammad Zoynul Abedin , Xianzi Wang , Samar S. Alharbi , Yong Wang","doi":"10.1016/j.irfa.2024.103787","DOIUrl":"10.1016/j.irfa.2024.103787","url":null,"abstract":"<div><div>Policies implemented to address climate change, especially carbon tax policies, have profound impacts on risk management and credit losses in the financial system. Existing research suggests that climate risks may lead to high‑carbon-emission companies facing asset stranding and credit downgrades; however, their specific effects on credit losses in the banking system have not been thoroughly elucidated. This study uses data from 21 listed Chinese commercial banks and 3163 firms for 2020, applying climate stress-testing to construct 16 carbon tax scenarios. These scenarios simulate the effects of a carbon tax on firms' asset values and financial stability and estimate the potential transmission of these effects to credit losses in Chinese commercial banks. Our findings reveal that introducing a carbon tax significantly increases bank credit losses, with credit losses escalating exponentially as tax rates increase. State-owned commercial banks experience the highest losses, followed by joint-stock and city banks. The primary contributors to these credit losses are high‑carbon industries such as electricity, manufacturing, and transportation. These findings underscore how carbon tax policies can decrease firms' asset values and thereby increase banks' credit risks, providing essential insights for policymakers designing climate policies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103787"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142757079","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

Internal governance and investment efficiency: The role of non-CEO executives 内部治理与投资效率：非首席执行官高管的作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103764

Yifan Zhang , Dongmin Kong , Hening Liu

引用次数: 0

Investor attention and anomalies: Evidence from the Chinese stock market 投资者注意力与异常现象：来自中国股市的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103775

Danyan Wen , Zihao Zhang , Jing Nie , Yang Cao

引用次数: 0