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Environmental tightening, labor slackening: Unveiling the inefficiencies in labor investment
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-02-01 DOI: 10.1016/j.irfa.2025.103982
Chien-Chiang Lee , Chih-Wei Wang , Weizheng Lin , Fang-Yi Lee
{"title":"Environmental tightening, labor slackening: Unveiling the inefficiencies in labor investment","authors":"Chien-Chiang Lee ,&nbsp;Chih-Wei Wang ,&nbsp;Weizheng Lin ,&nbsp;Fang-Yi Lee","doi":"10.1016/j.irfa.2025.103982","DOIUrl":"10.1016/j.irfa.2025.103982","url":null,"abstract":"<div><div>This paper investigates the impact of environmental policy stringency (EPS) on labor investment inefficiency using a dataset of firms from 37 countries. Our study contributes to the literature by addressing a gap in understanding how stringent environmental policies influence corporate labor decisions, particularly regarding inefficient labor investments. To deal with potential endogeneity, we employ robust methodologies, including Two-Stage Least Squares (2SLS) and Difference-in-Differences (DID). Our findings consistently demonstrate that heightened EPS exacerbates labor investment inefficiency. We further explore the mechanisms behind this relationship, revealing that enhanced ESG practices and green innovation serve as mitigating factors. Additionally, the relationship between EPS and labor investment inefficiency is more pronounced in non-crisis periods and more evident in Asia than in other regions. These results carry important implications for policymakers and firms, highlighting the need for strategic labor management and investment in ESG practices under stringent environmental regulations.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"99 ","pages":"Article 103982"},"PeriodicalIF":7.5,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143096475","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
Does ambiguity drive the disposition effect? 歧义是否驱动倾向效应？
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-02-01 DOI: 10.1016/j.irfa.2024.103887
Hideki Iwaki , Daisuke Yoshikawa
{"title":"Does ambiguity drive the disposition effect?","authors":"Hideki Iwaki ,&nbsp;Daisuke Yoshikawa","doi":"10.1016/j.irfa.2024.103887","DOIUrl":"10.1016/j.irfa.2024.103887","url":null,"abstract":"<div><div>The disposition effect is a financial puzzle that is often reported in empirical studies. Although several theoretical explanations have been proposed, a unified view has yet to be reached to solve the puzzle. We explain the effect by extending the model of Barberis and Xiong (2009), which is the first to formally link prospect theory and disposition effects using a binomial model of stock prices by incorporating ambiguous attitudes under the Expected Utility with Uncertain Probabilities (EUUP) advocated by Izhakian (2017). In the behavioral setting constructed by Barberis and Xiong (2009), our model demonstrates significant progress in highlighting the importance of the realized annual terminal wealth and its impact on the disposition effect. We analytically show the threshold values of the perceived probability that the disposition effects appear. Our research finds that the disposition effect is observed when investors derive utility from the difference between the realized annual terminal wealth and the initial reference wealth point. We confirm this through a rigorous process of numerical examples.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"98 ","pages":"Article 103887"},"PeriodicalIF":7.5,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142902011","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
Do financial markets value corporate culture?
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-02-01 DOI: 10.1016/j.irfa.2024.103823
Thanh Tran , Harvey Nguyen , Mia Hang Pham
{"title":"Do financial markets value corporate culture?","authors":"Thanh Tran ,&nbsp;Harvey Nguyen ,&nbsp;Mia Hang Pham","doi":"10.1016/j.irfa.2024.103823","DOIUrl":"10.1016/j.irfa.2024.103823","url":null,"abstract":"<div><div>This paper examines how financial market participants incorporate corporate culture, an important value-relevant information, into their investment decisions. Utilizing firm-level corporate culture measures derived from the earnings conference call transcripts, we find that firms with stronger cultural values are associated with higher stock liquidity. We identify three channels through which corporate culture affects stock liquidity: reducing information risk, enhancing trust, and increasing investor recognition. In addition, we find that stronger corporate culture is significantly associated with higher stock price informativeness and future stock returns, and lower level of default risk and informed trading. Overall, our findings highlight the importance of corporate culture in enhancing financial market quality.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"98 ","pages":"Article 103823"},"PeriodicalIF":7.5,"publicationDate":"2025-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143149089","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
Do female executives play a role in corporate green business philosophy?
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-01-31 DOI: 10.1016/j.irfa.2025.103972
Zhi Yu , Qun Wang , Xiangfang Zhao , Qiong Zhao
{"title":"Do female executives play a role in corporate green business philosophy?","authors":"Zhi Yu ,&nbsp;Qun Wang ,&nbsp;Xiangfang Zhao ,&nbsp;Qiong Zhao","doi":"10.1016/j.irfa.2025.103972","DOIUrl":"10.1016/j.irfa.2025.103972","url":null,"abstract":"<div><div>Based on a sample of listed Chinese firms in heavily polluting industries, we investigate the role of female executives in corporate green business philosophy using information extracted from management discussion and analysis sections of annual reports. Our results indicate that female executives have a significant positive effect on corporate green business philosophy. Additional analyses show that women possess a stronger concept of environmental protection and are more willing to participate in environmental protection activities than men and have superior communication skills and social capabilities, which is the potential mechanism through which female executives influence corporate green business philosophy. We also report that the intensity of environmental regulation from the local government moderates this effect. Moreover, the impact of female executives on a firm's green business philosophy is more pronounced in firms with smaller management heterogeneity, non-state-owned firms, those with high institutional investor shareholdings, and those with low shareholdings of the largest shareholder. Last, the corporate green business philosophy significantly reduces negative news of enterprises and enhances the individual stock return rate.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"99 ","pages":"Article 103972"},"PeriodicalIF":7.5,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143096481","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
Conditional currency momentum portfolios
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-01-31 DOI: 10.1016/j.irfa.2025.103964
Yasuhiro Iwanaga , Ryuta Sakemoto
{"title":"Conditional currency momentum portfolios","authors":"Yasuhiro Iwanaga ,&nbsp;Ryuta Sakemoto","doi":"10.1016/j.irfa.2025.103964","DOIUrl":"10.1016/j.irfa.2025.103964","url":null,"abstract":"<div><div>Currency momentum portfolios have not generated positive returns after the global financial crisis. We propose conditional currency momentum strategies that incorporate information about the average forward discount, the currency market volatility, and the return dispersion of currency portfolios. Our strategy goes long in the momentum portfolio only when the average forward discount is positive, the volatility is low, and the return dispersion is low. We reveal that the conditional one-month currency momentum portfolio raises the Sharpe ratio by 0.69 and the certainty equivalent return by 6.6 % per annum.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"99 ","pages":"Article 103964"},"PeriodicalIF":7.5,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143341989","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
Do suppliers value customer firms' digital transformation? Evidence from trade credit provision
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-01-31 DOI: 10.1016/j.irfa.2025.103976
Zhongyi Xiao , Yuanling Li , Cheng Xiang
{"title":"Do suppliers value customer firms' digital transformation? Evidence from trade credit provision","authors":"Zhongyi Xiao ,&nbsp;Yuanling Li ,&nbsp;Cheng Xiang","doi":"10.1016/j.irfa.2025.103976","DOIUrl":"10.1016/j.irfa.2025.103976","url":null,"abstract":"<div><div>This study explores suppliers' attitudes towards customer firms' digital transformation and its consequences from the perspective of trade credit. It finds that Chinese public firms with a higher level of digital transformation receive more trade credit from suppliers. Mechanism tests show that digital transformation improves firms' information environment and technical efficiency while reducing financial performance volatility. This, in turn, decreases the information asymmetry and default risks suppliers face, enhancing firms' access to trade credit from suppliers. Further analysis reveals that this effect is stronger in firms with larger sizes, higher market shares, stronger profitability, and lower bankruptcy risks and is more pronounced for firms headquartered in provinces with lower levels of social trust or weaker law enforcement. Finally, we highlight the economic outcomes of this effect by showing that receiving more trade credit helps firms alleviate financing constraints, reduce debt costs, and improve investment efficiency.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"99 ","pages":"Article 103976"},"PeriodicalIF":7.5,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143096482","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
Does information transmission alleviate the salience bias of fund managers?
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-01-31 DOI: 10.1016/j.irfa.2025.103984
Qingfu Liu , Ke Tang , Zi Wang , Dechang Zheng
{"title":"Does information transmission alleviate the salience bias of fund managers?","authors":"Qingfu Liu ,&nbsp;Ke Tang ,&nbsp;Zi Wang ,&nbsp;Dechang Zheng","doi":"10.1016/j.irfa.2025.103984","DOIUrl":"10.1016/j.irfa.2025.103984","url":null,"abstract":"<div><div>Based on a data set of earthquakes in China, this study reveals that fund managers exhibit increased pessimism for firms vulnerable to seismic hazards, leading to a marked decrease in net buy volume. Such pessimism is proven to be biased, that is aligned with the salience theory. We further identify the pivotal role of information transmitted through corporate site visits and online interaction in curbing such unwarranted pessimism among fund managers. Information collected through corporate site visits not only alleviates the pessimism of fund managers who conduct site visits by themselves but also benefits fund managers who are not directly involved in site visits. Corporate online interaction serves as the complementary role for site visits in attenuating fund managers' undue pessimism. Our findings contribute to the broader psychology and finance literature on the effect of salience bias on investors' behavior and fill the gap in the literature on how to overcome behavioral bias.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"101 ","pages":"Article 103984"},"PeriodicalIF":7.5,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143437647","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
Multivariate range-based EGARCH models
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-01-31 DOI: 10.1016/j.irfa.2025.103983
Lili Yan , Neil M. Kellard , Lyudmyla Lambercy
{"title":"Multivariate range-based EGARCH models","authors":"Lili Yan ,&nbsp;Neil M. Kellard ,&nbsp;Lyudmyla Lambercy","doi":"10.1016/j.irfa.2025.103983","DOIUrl":"10.1016/j.irfa.2025.103983","url":null,"abstract":"<div><div>The dynamic conditional correlation (DCC) and co-range models are two main frameworks used to incorporate range-based univariate volatility. Using the two approaches, we construct novel multivariate range-based EGARCH (REGARCH) models: a DCC-REGARCH and co-range REGARCH (CRREGARCH) model, and a co-range CARR (CRCARR) model. We compare these models with five existing models over twelve forecast horizons, ranging from one to twelve weeks, covering currencies and ETFs. Among the eight models, the DCC-REGARCH and CRREGARCH models show the best performance in out-of-sample forecasting of the variance-covariance matrix across a range of market conditions and forecast horizons. These models also generate the lowest variance and turnover for global minimum-variance (GMV) portfolios in the majority of cases.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"100 ","pages":"Article 103983"},"PeriodicalIF":7.5,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143387882","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
Impact of green taxes and fees on corporate ESG performance
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-01-31 DOI: 10.1016/j.irfa.2025.103957
Youwei Peng , Ruoshui Bai , Yonghao Guan
{"title":"Impact of green taxes and fees on corporate ESG performance","authors":"Youwei Peng ,&nbsp;Ruoshui Bai ,&nbsp;Yonghao Guan","doi":"10.1016/j.irfa.2025.103957","DOIUrl":"10.1016/j.irfa.2025.103957","url":null,"abstract":"<div><div>New quality productive forces are green productive forces. As an important policy tool, green taxes and fees can affect corporate environmental, social, and governance (ESG) performance, promoting economic green transformation and high-quality development. This study empirically analyses the data of A-share listed companies from 2012 to 2022 and found that green taxes and fees significantly enhance the ESG performance of enterprises. However, in enterprises that bear substantial green tax burdens, such as those with heavy pollution loads, the enhancement effect of green taxes and fees on ESG performance is not as prominent as in other enterprises. Conversely, enterprises with lower institutional investor shareholding ratios and higher market valuations exhibit a stronger enhancement effect of green taxes and fees on their ESG performance. This result shows that the green tax system has achieved positive results and has practical significance in realizing the national “carbon neutrality and carbon peak” strategy. To better use the effect of green taxes and fees on the ESG performance of enterprises, expanding the scope of environmental protection tax, introducing a targeted tax system for heavily polluting enterprises, and promoting the promulgation and implementation of ESG mandatory disclosure policy.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"100 ","pages":"Article 103957"},"PeriodicalIF":7.5,"publicationDate":"2025-01-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143387768","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 enhanced gain effects of ESG's non-linearity on portfolios: An asset pricing tree model perspective
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-01-30 DOI: 10.1016/j.irfa.2025.103971
Puliang Du , Runsheng Gu , Ling Luo , Fei Xie , Chenyang Zhang
{"title":"The enhanced gain effects of ESG's non-linearity on portfolios: An asset pricing tree model perspective","authors":"Puliang Du ,&nbsp;Runsheng Gu ,&nbsp;Ling Luo ,&nbsp;Fei Xie ,&nbsp;Chenyang Zhang","doi":"10.1016/j.irfa.2025.103971","DOIUrl":"10.1016/j.irfa.2025.103971","url":null,"abstract":"<div><div>This study investigates the incremental benefits of ESG criteria on investment portfolio performance, with a particular focus on the non-linear attributes of ESG factors. Employing linear regression models, the research establishes that ESG factors contribute supplementary information to investment portfolios, thereby augmenting the models' explanatory power regarding returns. The integration of ESG data with financial data within an asset pricing framework is further explored, revealing that non-linear integration surpasses conventional linear integration techniques. The findings indicate that the positive impact of ESG information on investment portfolios intensifies with the maturation of regulatory frameworks, manifesting a distinctive efficacy in non-linear models that transcends the capabilities of traditional financial metrics. While ESG metrics offer significant insights for portfolio construction, their correlation with corporate performance is not strictly linear. Moreover, the study demonstrates that the efficacy of ESG varies across different corporate entities, influenced by sector-specific and market capitalization factors. This variability suggests that the strategic application of ESG in investment strategies, when combined with other financial indicators, is more likely to maximize the value of ESG data.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"99 ","pages":"Article 103971"},"PeriodicalIF":7.5,"publicationDate":"2025-01-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143096480","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
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