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

How does green finance influence enterprise greenwashing tendencies? Theoretical and empirical evidence from China 绿色金融如何影响企业漂绿倾向？来自中国的理论和实证证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104574

Qianxu Liang, Chaonan Wang, Yongping Li

{"title":"How does green finance influence enterprise greenwashing tendencies? Theoretical and empirical evidence from China","authors":"Qianxu Liang, Chaonan Wang, Yongping Li","doi":"10.1016/j.irfa.2025.104574","DOIUrl":"10.1016/j.irfa.2025.104574","url":null,"abstract":"<div><div>As green finance emerges as a critical institutional mechanism for directing capital toward sustainable development, increased attention has been paid to the authenticity of corporate environmental disclosures. The widespread occurrence of greenwashing not only weakens the effectiveness of policy tools but also distorts the capital market's assessment of firms' environmental performance. Using panel data from Chinese A-share listed companies spanning 2010–2023, this study employs a two-way fixed effects model to systematically examine the impact of green finance development on corporate greenwashing tendencies. The empirical results demonstrate that green finance significantly reduces the likelihood of greenwashing. Mechanism analysis reveals that this effect primarily operates through three channels: lowering green agency costs, alleviating financing constraints, and enhancing managerial awareness of environmental issues. Heterogeneity analyses indicate that the inhibitory effect of green finance is more pronounced among state-owned enterprises, firms in regions with stricter environmental regulation, and those with greater analyst coverage. Overall, this study provides robust microlevel evidence on the behavioral impact of green finance on firms' practices and offers valuable theoretical and policy implications for designing more effective and targeted green finance frameworks.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104574"},"PeriodicalIF":9.8,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144907784","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

Chain leader policy and corporate green innovation—Perspectives of financing constraints and risk-taking 连锁领导者政策与企业绿色创新——融资约束与风险承担的视角

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104551

Jingyi Zhou , Mengyuan Xie

{"title":"Chain leader policy and corporate green innovation—Perspectives of financing constraints and risk-taking","authors":"Jingyi Zhou , Mengyuan Xie","doi":"10.1016/j.irfa.2025.104551","DOIUrl":"10.1016/j.irfa.2025.104551","url":null,"abstract":"<div><div>Chain leader policy is a key initiative recently implemented by the Chinese government to promote green development. Green innovation is not only essential for achieving environmental sustainability but also serves as a critical driver of long-term economic growth. In this study, we use a large sample of firms listed on the Chinese A-share market to examine the impact of chain leader policy on corporate green innovation. The baseline results indicate that the policy is positively associated with corporate green innovation. These findings are robust across a range of sensitivity tests. Moreover, channel analyses reveal that chain leader policy promotes green innovation by alleviating financial constraints and encouraging corporate risk-taking. Cross-sectional analyses further show that the positive effect of chain leader policy is more pronounced in state-owned enterprises, firms exposed to higher supply chain risk, firms facing greater environmental uncertainty, and enterprises in heavily polluting industries. This study offers valuable insights for both policymakers and businesses by underscoring the role of chain leader policy in advancing green innovation and providing practical guidance for enhancing corporate sustainability and tackling environmental challenges.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104551"},"PeriodicalIF":9.8,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893044","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

Financial openness, major events, and exchange rate linkage: Empirical analysis based on the DCC-MIDAS model 金融开放、重大事件与汇率联动：基于DCC-MIDAS模型的实证分析

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104578

Wenwen Zhang , Yaosong Zhan , Yiwei Liang

引用次数: 0

Intellectual property protection and corporate data-breach risks 知识产权保护和企业数据泄露风险

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104552

Yu Wang , Qin Wang

引用次数: 0

Are big banks too-big-to-fail? An investigation into the size premium and scale economies for European banks 大银行大到不能倒吗？欧洲银行规模溢价与规模经济研究

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104577

Maryam Hasannasab , Dimitris Margaritis , Maria Psillaki

{"title":"Are big banks too-big-to-fail? An investigation into the size premium and scale economies for European banks","authors":"Maryam Hasannasab , Dimitris Margaritis , Maria Psillaki","doi":"10.1016/j.irfa.2025.104577","DOIUrl":"10.1016/j.irfa.2025.104577","url":null,"abstract":"<div><div>We investigate a “size anomaly” in European banking—namely, whether very large banks earn significantly lower risk-adjusted stock returns than smaller peers, even when those peers are systemically important. To better understand this phenomenon, we construct a bank-specific size factor using principal component analysis on residual stock returns and introduce a new measure of economies of scale, based on Data Envelopment Analysis (DEA) and proximity to the Most Productive Scale Size (MPSS). A key innovation of our study is the double-sorting of banks by size and scale elasticity. We find that excess return differentials are primarily concentrated among large banks operating under increasing returns to scale, and that accounting for scale elasticity reconciles the size anomaly. These results suggest that investors may attribute lower required returns to operational efficiencies rather than solely to implicit too-big-to-fail (TBTF) guarantees. Our findings challenge the view that size alone is a reliable proxy for systemic risk and underscore the importance of distinguishing scale-driven efficiency from TBTF moral hazard. The evidence has direct implications for regulatory policy, particularly in the context of post-crisis debates on size restrictions and systemic risk oversight.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104577"},"PeriodicalIF":9.8,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144898885","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

When green is no longer a win - new evidence on the shareholder value effects of green bond offerings1 当绿色不再是赢家——绿色债券发行对股东价值影响的新证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104520

Marie Dutordoir , Shuyu Li , João Quariguasi Frota Neto

{"title":"When green is no longer a win - new evidence on the shareholder value effects of green bond offerings1","authors":"Marie Dutordoir , Shuyu Li , João Quariguasi Frota Neto","doi":"10.1016/j.irfa.2025.104520","DOIUrl":"10.1016/j.irfa.2025.104520","url":null,"abstract":"<div><div>This paper aims to examine the sign, magnitude, and drivers of stock price reactions to corporate green bond announcements by U.S., Western European, and Chinese firms from 2013 to 2022. Using a standard event study methodology, we estimate abnormal stock returns around green bond announcement dates. Our analysis yields several novel findings. First, we document that green bond announcements were associated with neutral to positive abnormal returns during the market's “inception stage” (2013–2018), but elicited negative reactions during the subsequent “growth stage” (2019–2022). Second, we show that this shift can be largely explained by changes in issuer characteristics that heighten greenwashing concerns. Specifically, growth-stage issuers exhibit a lower green innovation capacity and have fewer valuable growth opportunities relative to inception-stage issuers, potentially undermining investor confidence in the authenticity of their environmental motives. In contrast, changes in bond design, signaling value, pro-environmental investor preferences, or other issuer traits do not explain the downward trend in announcement returns. Our findings are robust to alternative specifications and do not apply to a comparable sample of non-green bond offerings. Overall, our results suggest that prospective issuers should carefully evaluate whether green bonds are appropriate for their firm, as investors are increasingly attuned to greenwashing risks. Our findings also point to a need for enhanced transparency and regulatory oversight to restore trust in the green bond market.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104520"},"PeriodicalIF":9.8,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144997118","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

Value effects of sovereign wealth funds' exclusionary policies: The case of the Norwegian government pension fund-global (NGPF-G) 主权财富基金排他性政策的价值效应——以挪威政府养老基金全球基金（NGPF-G）为例

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104573

Isaac Otchere , Hanh Hong Thi Phan

引用次数: 0

How digital transformation reduces stock Price crash risk: Unpacking the roles of financing and efficiency 数字化转型如何降低股价崩盘风险：解开融资和效率的角色

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104508

Zhentang Liang, Xuedong Liang, Wenju Wang, Yunying Zhao

{"title":"How digital transformation reduces stock Price crash risk: Unpacking the roles of financing and efficiency","authors":"Zhentang Liang, Xuedong Liang, Wenju Wang, Yunying Zhao","doi":"10.1016/j.irfa.2025.104508","DOIUrl":"10.1016/j.irfa.2025.104508","url":null,"abstract":"<div><div>Although corporate digitalization's impact on productivity and innovation has been widely studied, its role in financial risk management remains underexplored. Stock price crash risk poses a serious threat to market stability, with the potential to undermine investor confidence and trigger systemic disruptions. Existing literature largely emphasizes traditional determinants of crash risk (e.g., corporate governance and accounting conservatism) while largely neglecting technological factors. This omission limits our understanding of how digital transformation might act as a safeguard against extreme market events. This study examines whether digital transformation reduces stock price crash risk through two primary mechanisms: easing financing constraints and enhancing operational efficiency. Drawing on a comprehensive dataset of Chinese A-share listed firms from 2011 to 2022, we employ multiple regression techniques (i.e., instrumental variable (IV) analysis, propensity score matching (PSM), and Heckman two-stage models) to address potential endogeneity concerns. The empirical results indicate that digital transformation significantly lowers crash risk by improving information transparency, reinforcing governance structures, and optimizing resource allocation. Mediation analysis confirms that digital adoption mitigates crash risk by reducing financing constraints and enhancing operational efficiency. Furthermore, heterogeneity analyses show that these risk-mitigating effects vary by ownership type, industry, and stage in the firm lifecycle, being more pronounced in nonstate-owned enterprises, technology-intensive sectors, and firms in the growth and maturity phases. These findings contribute to a deeper understanding of the role of digitalization in corporate risk management and offer valuable guidance for firms, investors, and policymakers seeking to strengthen financial resilience through strategic digital initiatives.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104508"},"PeriodicalIF":9.8,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144997120","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

Green finance, green innovation and carbon intensity 绿色金融、绿色创新与碳强度

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104550

Qi Li , Hanyun Lei , Minggui Yu

引用次数: 0

Why financial economics cannot explain financial management 为什么金融经济学不能解释财务管理

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-20 DOI: 10.1016/j.irfa.2025.104558

Tiago Cardao-Pito

{"title":"Why financial economics cannot explain financial management","authors":"Tiago Cardao-Pito","doi":"10.1016/j.irfa.2025.104558","DOIUrl":"10.1016/j.irfa.2025.104558","url":null,"abstract":"<div><div>Financial economics generally claims that financial management is either irrelevant or relevant merely because of supposed market imperfections. This study presents an alternative explanation: ‘in our monetary societies financial management is a significant activity for organizations, societies, and the human-relationship with the biosphere’. Accordingly, it discusses two hypotheses with excess content in relation to the Fisher-Modigliani-Miller capital-income theory, which is the cornerstone of capital-structure management theories in financial economics (e.g., trade-off theory, pecking-order theory, and market-timing theory). The first mechanical-effect hypothesis suggests that the empirical relationship between the market-to-book value of a firm (or Tobin-q) and its capital structure is not due to the market's ability to identify intangible assets and growth opportunities, but rather because of the market-to-book variable's computational procedure. We add a new hypothesis, namely, that for computational reasons, the empirical behavior of the market-to-book of the firm and market-to-book of equity is only similar when both variables are close to or equal to 1. We tested conventional and big data methods on large samples of firms from eight-countries. The findings demonstrate the unsustainability of financial economics in explaining real-life organizations, societies, and environmental phenomena. Hence, we contribute theoretical and empirical support for research on alternative explanations.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104558"},"PeriodicalIF":9.8,"publicationDate":"2025-08-20","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144893045","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