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

Textual analysis of corporate sustainability reporting and corporate ESG scores 企业可持续发展报告和企业 ESG 分数的文本分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-18 DOI: 10.1016/j.irfa.2024.103669

Urša Ferjančič , Riste Ichev , Igor Lončarski , Syrielle Montariol , Andraž Pelicon , Senja Pollak , Katarina Sitar Šuštar , Aleš Toman , Aljoša Valentinčič , Martin Žnidaršič

{"title":"Textual analysis of corporate sustainability reporting and corporate ESG scores","authors":"Urša Ferjančič , Riste Ichev , Igor Lončarski , Syrielle Montariol , Andraž Pelicon , Senja Pollak , Katarina Sitar Šuštar , Aleš Toman , Aljoša Valentinčič , Martin Žnidaršič","doi":"10.1016/j.irfa.2024.103669","DOIUrl":"10.1016/j.irfa.2024.103669","url":null,"abstract":"<div><div>This paper examines the evolution of environmental, social and governance (ESG) reporting by analysing a ten-year corpus of annual reports from FTSE 350 companies. Using BERTopic, an advanced topic modelling technique, we identify and subsequently cluster the most important ESG topics, providing significant insights into the reporting landscape. Our findings show how regulatory changes, such as the Non-Financial Reporting Directive, and major events like Covid-19, influence ESG topic prominence. The disclosure of ESG information is primarily determined by regulatory requirements. This is particularly evident in the fact that companies only disclose the diversity on the board, which is mandatory, but not the diversity and inclusion at other levels of the reporting organisation. Furthermore, our study examines the correlation between ESG scores and topic proportions, showing that extensive disclosure on topics like climate risk and stakeholder engagement is positively associated with higher ESG scores, whereas topics like executive remuneration show negative correlations. Our research contributes to the literature by offering a novel methodological approach to ESG analysis and provides insights into the gaps between reporting standards and practices, relevant to standard-setting bodies and regulators.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103669"},"PeriodicalIF":7.5,"publicationDate":"2024-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142534208","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

Evolution of corporate carbon information disclosure considering the reward and punishment mechanism and new media environment 奖惩机制与新媒体环境下企业碳信息披露的演变

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-16 DOI: 10.1016/j.irfa.2024.103670

Tianjiao Jiang, Hua Li, Qiubai Sun

{"title":"Evolution of corporate carbon information disclosure considering the reward and punishment mechanism and new media environment","authors":"Tianjiao Jiang, Hua Li, Qiubai Sun","doi":"10.1016/j.irfa.2024.103670","DOIUrl":"10.1016/j.irfa.2024.103670","url":null,"abstract":"<div><div>This study examines the internal logic and dynamic evolution of corporate carbon information disclosure decision making. Drawing on the game-theoretical relationship among enterprises, third-party carbon verification agencies, and local governments, we analyze the intrinsic mechanisms by which rewards, punishment, and media supervision influence corporate carbon information disclosure behavior. We further examine each participant's strategy selection process in the corporate carbon information disclosure decision making under different conditions and consider the impact of key factors on the process. The findings show that the best evolutionary stabilization strategy consists of true disclosure, compliance, and negative support. A stronger reward and punishment mechanism of carbon information disclosure helps achieve greater self-regulation and reduce false disclosure. Enterprises are increasingly choosing true disclosure as the probability of media exposure increases. Decision makers involved in the carbon information disclosure process are influenced by image loss, disclosure costs, and government regulatory costs.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103670"},"PeriodicalIF":7.5,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533648","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 and innovative cities: Dual-pilot policies and collaborative green innovation 绿色金融与创新型城市：双试点政策与绿色合作创新

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-16 DOI: 10.1016/j.irfa.2024.103673

Guanchong Hou, Guifen Shi

引用次数: 0

Presidential economic approval rating and global foreign exchange market volatility 总统经济支持率与全球外汇市场波动

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-16 DOI: 10.1016/j.irfa.2024.103584

Xue Gong , Weijun Xu , Xiaodan Li , Xue Gong

引用次数: 0

Free education policy and rural Residents' happiness: Financial perspective 免费教育政策与农村居民的幸福感：金融视角

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-16 DOI: 10.1016/j.irfa.2024.103664

Fenglin Tang , Pengfei Lei , Feiran Wang

引用次数: 0

Characteristics of financial capital flow circulation and the risk transmission effect in China 中国金融资本流动循环特征与风险传导效应

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-16 DOI: 10.1016/j.irfa.2024.103674

Jiali Zhao , Linjie Jiao , Xiaoya Zhang , Rong Wu , Chenzi Guo

{"title":"Characteristics of financial capital flow circulation and the risk transmission effect in China","authors":"Jiali Zhao , Linjie Jiao , Xiaoya Zhang , Rong Wu , Chenzi Guo","doi":"10.1016/j.irfa.2024.103674","DOIUrl":"10.1016/j.irfa.2024.103674","url":null,"abstract":"<div><div>Financial capital is an important force driving China's economic modernisation. Examining the characteristics of financial capital flow circulation across sectors and risk transmission laws is crucial in guiding financial market operations and deepening financial system reforms. This study establishes a 2011–2020 China matrix that includes capital fund flow statements for non-financial corporations, financial institutions, the general government, households, and foreign sources and examines changes in capital flow circulation by developing a financial flow multiplier system model to measure the direct and indirect transmission effects of capital flows between sectors from the perspective of liabilities. Results show that China's overall scale of financial capital flows has increased, but fluctuations have emerged in the last decade. The sectors' financing structure has changed significantly, with financial institutions remaining the primary capital inflow and outflow sectors of the financial market; however, the proportion of liability and investment in the household sector has increased, resulting in increased risk transmission. Moreover, the sectoral fund surpluses and shortages are highly volatile and uncertain, with non-financial enterprises serving as the primary drivers of real-economy investment. The capital flow from financial services to the real economy shows a fluctuating growth trend, primarily flowing to non-financial corporations; however, the proportion exhibits a downwards trend. Finally, we find that the flow transmission relationship between different sectors and financial transactions in the financial market is complex, with both direct and indirect risk transmission effects between sectors. Changes of financial institutions' liabilities significantly affect the liabilities and investments of other sectors.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103674"},"PeriodicalIF":7.5,"publicationDate":"2024-10-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533647","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

Market responses to spillovers in the energy commodity markets: Evaluating short-term vs. long-term effects and business-as-usual vs. distressed phases 市场对能源商品市场溢出效应的反应：评估短期效应与长期效应、一切照旧阶段与困境阶段

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-15 DOI: 10.1016/j.irfa.2024.103665

Mattia Chiappari, Francesco Scotti, Andrea Flori

引用次数: 0

Analyzing the green bond index: A novel quantile-based high-dimensional approach 分析绿色债券指数：基于量化的新型高维方法

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-10 DOI: 10.1016/j.irfa.2024.103659

Lizhu Tao , Wenting Jiang , Xiaohang Ren

{"title":"Analyzing the green bond index: A novel quantile-based high-dimensional approach","authors":"Lizhu Tao , Wenting Jiang , Xiaohang Ren","doi":"10.1016/j.irfa.2024.103659","DOIUrl":"10.1016/j.irfa.2024.103659","url":null,"abstract":"<div><div>The development of green bond markets is important for advancing energy efficiency, supporting renewable energy, encouraging sustainable investments, and safeguarding the environment. However, the inherent complexity and uncertainty of these markets pose significant challenges for both investors and researchers. In this study, we focus on analyzing the S&P Green Bond Index, a leading benchmark for monitoring the global green bond market. We introduce a new high-dimensional statistical method, the Quantile Group Adaptive Lasso, designed to accurately predict the returns of this index. Our empirical results demonstrate that this model surpasses several established forecasting techniques in both accuracy and stability. Furthermore, our analysis of economic significance highlights the critical influence of traditional energy-related predictors from G7 and BRICS countries on the global green bond markets. We also find that monetary policies and macroeconomic factors, such as M2 money supply, CPI, and government bond yields, play vital roles. Additionally, the robustness of our proposed method is confirmed. Overall, our study provides a powerful tool that not only significantly enhances forecasting performance but also deepens the understanding of the interplay between trends in green bond markets and information from energy sectors and broader economic conditions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103659"},"PeriodicalIF":7.5,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142533650","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

Is more digital always better? A nonlinear perspective on corporate digital transformation and OFDI 数字化越多越好吗？企业数字化转型与对外直接投资的非线性视角

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-09 DOI: 10.1016/j.irfa.2024.103649

Zheng He , Zhengkai Liu , Yiaxin Zhao , Yuanjun Zhao

引用次数: 0

Do error-tolerance and correction mechanisms enhance the performance of state-owned enterprises in China? 容错纠错机制能否提高中国国有企业的绩效？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-10-09 DOI: 10.1016/j.irfa.2024.103656

Yuan Li , Yuyao Yi , Xiaofan Li , Yunqing Tao

引用次数: 0