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

Fault-tolerance and error-correction mechanisms and mergers and acquisitions of state-owned enterprises: Evidence from China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-08 DOI: 10.1016/j.irfa.2025.104306

Liangkai Zhao , Huayue Yang

{"title":"Fault-tolerance and error-correction mechanisms and mergers and acquisitions of state-owned enterprises: Evidence from China","authors":"Liangkai Zhao , Huayue Yang","doi":"10.1016/j.irfa.2025.104306","DOIUrl":"10.1016/j.irfa.2025.104306","url":null,"abstract":"<div><div>This study empirically investigates the impact of fault-tolerance and error-correction mechanisms (FEMs), which have been implemented by the Chinese government in a staggered manner, on the mergers and acquisitions (M&As) of state-owned enterprises (SOEs) using data from China's A-share listed companies from 2010 to 2021. Our analysis reveals that FEMs promote the M&As of central, provincial and municipal SOEs significantly and contribute to the improved long-term accounting and market performance of SOEs after M&As by improving corporate governance and risk-taking levels. The robustness of our findings is confirmed through a variety of identification methods and alternative measures. Moreover, the incentive effect of FEMs on the M&As of SOEs is more pronounced in enterprises characterized by stronger promotion incentives and shorter tenure for managers. Additionally, our results indicate that FEMs raise the level of related diversified and cross-regional M&As of SOEs. These findings enhance the understanding of the significant role that FEMs play in shaping the investment strategies of SOEs.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104306"},"PeriodicalIF":7.5,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943032","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

Predicting credit risk in SCF: A novel framework with explainable GraphSAGE based on network integration

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-08 DOI: 10.1016/j.irfa.2025.104305

Jing Li , Chi Xie , Gang-Jin Wang , Matteo Foglia

{"title":"Predicting credit risk in SCF: A novel framework with explainable GraphSAGE based on network integration","authors":"Jing Li , Chi Xie , Gang-Jin Wang , Matteo Foglia","doi":"10.1016/j.irfa.2025.104305","DOIUrl":"10.1016/j.irfa.2025.104305","url":null,"abstract":"<div><div>We integrate three enterprise networks, i.e., the stock return network, risk spillover network, and market transaction network to predict the credit risk in supply chain finance (SCF) by applying the explainable GraphSAGE model. We construct the aforementioned networks to comprehensively illustrate the relationships among enterprises, train the GraphSAGE model to classify the nodes in the graph structure, and use GNNExplainer to analyze the explainability of model's predictions. We find that (i) GraphSAGE significantly outperforms the baseline models and achieves the highest scores in terms of all performance metrics in predicting credit risk; (ii) GNNExplainer is able to identify the financial indicators (reflecting the profitability, liquidity and leverage of enterprises) that have significant impacts on the predictions; and (iii) the influential neighbors of risky enterprises tend to be risky themselves, while those of the non-risky enterprises are often non-risky, thus demonstrating a credit risk alignment among enterprise relationships. Our findings offer market participants valuable insights into enhancing credit risk prediction by utilizing advanced graph-based models, identifying the critical financial indicators, and assessing credit risk based on enterprise networks.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104305"},"PeriodicalIF":7.5,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943115","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

Climate risks and financial stability: Evidence from China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-08 DOI: 10.1016/j.irfa.2025.104307

Xuejin Zhao , Xinbin Yao , Jiayi Huang

{"title":"Climate risks and financial stability: Evidence from China","authors":"Xuejin Zhao , Xinbin Yao , Jiayi Huang","doi":"10.1016/j.irfa.2025.104307","DOIUrl":"10.1016/j.irfa.2025.104307","url":null,"abstract":"<div><div>In recent years, extreme high-temperature events and other climate disasters have occurred frequently around the world, and climate risks have become one of the sources of financial risks. This paper clarifies the transmission mechanism of climate risks and empirically analyzes the impact of climate change on regional financial risk based on data from 31 provinces in China. The theoretical analysis indicates that climate risks affect the financial system through the real economy, and the economy and finance in turn affect the climate through low-carbon transformation, forming a complex network transmission mechanism of the “Climate-Economy-Finance” dual circulation. The empirical results confirm that climate change significantly increases regional financial risk at the national level. Specifically, regions with developed economies and high insurance coverage have stronger capabilities to resist climate risks. In terms of transmission mechanism test, climate risks propagate into financial markets through multiple channels, including deterioration of corporate operating performance, increase in non-performing loan ratios, expansion of government fiscal deficits, and obstruction to macroeconomic development. This study enriches the existing research on climate risks and provides references for the financial industry to improve its climate risk management capabilities.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104307"},"PeriodicalIF":7.5,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943033","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

Corrigendum to “ESG performance and private enterprise resilience: Evidence from Chinese financial markets” [International Review of Financial Analysis, 98(2025)103884] “ESG绩效与民营企业弹性：来自中国金融市场的证据”[国际金融分析评论，98(2025):103884]

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-07 DOI: 10.1016/j.irfa.2025.104298

Shaorong Jin, Ruoyu Xiong, Huan Peng, Shiyu Tang

引用次数: 0

Digital finance and new quality productive force of enterprise: Based on the analysis of enterprise industrial and commercial big data 数字金融与企业新型优质生产力：基于企业工商大数据分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-06 DOI: 10.1016/j.irfa.2025.104303

Haijun Wang , Lili Zhou , Xin Liu , Huiyang Li , Ying Liu

{"title":"Digital finance and new quality productive force of enterprise: Based on the analysis of enterprise industrial and commercial big data","authors":"Haijun Wang , Lili Zhou , Xin Liu , Huiyang Li , Ying Liu","doi":"10.1016/j.irfa.2025.104303","DOIUrl":"10.1016/j.irfa.2025.104303","url":null,"abstract":"<div><div>Digital finance addresses challenges related to inadequate supply and financing imbalances in traditional financial systems, supporting enterprise innovation and development. This study examines how digital finance affects high-quality productive forces in enterprises by constructing an evaluation index based on text-based big data from the registration records of Chinese industrial and commercial enterprises (2011−2022). The findings indicate four key patterns. First, digital finance significantly contributes to developing high-quality productive forces in enterprises. Second, it enhances these forces by increasing digital penetration rates, enabling technological advancements, and alleviating financing constraints. Third, heterogeneity analysis reveals that its effects vary across regions and industries, with a more significant impact on enterprises in Eastern regions and future-oriented sectors. Fourth, the influence of digital finance emerges with a lag, peaking after one year. These findings offer practical insights for enhancing how digital finance contributes to the real economy and guide strategies for advancing the global digital economy and improving high-quality productive forces.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104303"},"PeriodicalIF":7.5,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143916508","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

Stock returns and macroeconomic uncertainty 股票收益与宏观经济的不确定性

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-06 DOI: 10.1016/j.irfa.2025.104263

Leonardo Iania , P. Thao Nguyen , Kristien Smedts

引用次数: 0

Biodiversity risk or climate risk? Which factor affects corporate ESG rating divergence 生物多样性风险还是气候风险？影响企业ESG评级差异的因素是什么

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-05 DOI: 10.1016/j.irfa.2025.104302

Feng He , Lin Duan , Brian Lucey , Jing Hao

引用次数: 0

Chasing ESG performance: How methodologies shape outcomes 追求ESG绩效：方法如何塑造结果

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-03 DOI: 10.1016/j.irfa.2025.104239

Matteo Benuzzi , Karoline Bax , Sandra Paterlini , Emanuele Taufer

{"title":"Chasing ESG performance: How methodologies shape outcomes","authors":"Matteo Benuzzi , Karoline Bax , Sandra Paterlini , Emanuele Taufer","doi":"10.1016/j.irfa.2025.104239","DOIUrl":"10.1016/j.irfa.2025.104239","url":null,"abstract":"<div><div>ESG metrics play a crucial role in sustainable finance but face growing criticism for their inability to accurately capture actual sustainability improvements. This study investigates how methodological choices can introduce distortions in ESG scores, with a primary focus on Refinitiv ESG data, while offering insights applicable to other providers as well. We show that data aggregation and score normalization through percentile ranking significantly impact the ability to reflect genuine sustainability progress. Specifically, the inclusion of new, smaller in size entrants with more missing data can artificially inflate the scores of top-ranked companies, obscuring actual sustainability improvements in the underlying metrics by relying on peer comparisons. Moreover, our analysis reveals that once companies achieve an A-rating category, they are unlikely to be downgraded, further highlighting the impact of these methodological decisions on the dynamics of ESG scoring. Overall, our analysis of three key sectors from 2012 to 2021 reveals that less than 45% of total absolute score variation is attributable to company disclosures, emphasizing the influence of score construction methodologies. We show that replacing percentile ranking with a simpler Performance Ratio methodology could mitigate these issues, offering more representative scores.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104239"},"PeriodicalIF":7.5,"publicationDate":"2025-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144068350","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

ESG-integration investment strategy for TDFs with a multi-objective dynamic programming 基于多目标动态规划的tdf esg集成投资策略

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-02 DOI: 10.1016/j.irfa.2025.104262

Wenling liu , Zhi-Long Dong , Fengmin Xu , Kui Jing

{"title":"ESG-integration investment strategy for TDFs with a multi-objective dynamic programming","authors":"Wenling liu , Zhi-Long Dong , Fengmin Xu , Kui Jing","doi":"10.1016/j.irfa.2025.104262","DOIUrl":"10.1016/j.irfa.2025.104262","url":null,"abstract":"<div><div>ESG (Environmental, social, and governance) has become increasingly crucial in the investment of pension funds. This paper develops a multi-objective dynamic model to analyze the ESG-integration investment strategy of Target Date Funds (TDFs). The model optimizes three objectives: expected return, variance, and ESG score, incorporating human capital in the budget constraint and considering inflation-linked bonds as one of the candidate assets. Our model facilitates ESG into the long-term investment of pension funds and extends the multi-objective framework for ESG investment into a dynamic context. To solve the model, we propose a bipolar genetic algorithm that addresses challenges arising from the varying magnitudes of objectives and time inconsistency. In the numerical experiments, we compare our model to the non-ESG model, demonstrating the benefits of ESG in the long term. Our findings show that, unlike the traditional glide path of TDFs, the ESG-integration glide path prefers equity assets and achieves superior performance. Additionally, the glide paths and TDFs’ performance are associated with human capital and preferences among the three objectives, highlighting the need for customized glide paths of different investors. This study provides insights for TDFs fund managers to incorporate ESG into investment decisions and develop strategies accommodating investor heterogeneity.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104262"},"PeriodicalIF":7.5,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143916507","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

Physical vs. Transition climate risks: Asymmetric effects on stock return predictability 物理与转型气候风险：对股票收益可预测性的不对称影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-02 DOI: 10.1016/j.irfa.2025.104266

Mingtao Zhou, Yong Ma

引用次数: 0