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

Impact of carbon prices on household behaviors in housing transactions 碳价格对家庭住房交易行为的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-03 DOI: 10.1016/j.irfa.2025.104222

Lawrence Kryzanowski , Tingting Wu , Yanting Wu

引用次数: 0

Tax burden and enterprises' ESG performance 税负与企业ESG绩效

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-02 DOI: 10.1016/j.irfa.2025.104223

Xintong Fu , Xiangwei Zhang

{"title":"Tax burden and enterprises' ESG performance","authors":"Xintong Fu , Xiangwei Zhang","doi":"10.1016/j.irfa.2025.104223","DOIUrl":"10.1016/j.irfa.2025.104223","url":null,"abstract":"<div><div>The ESG framework, which integrates economic development with environmental conservation, is essential for climate action. By embedding environmental, social, and governance priorities, firms can implement the UN Sustainable Development Goals (SDGs) while shifting towards low-carbon operations. This study examines longitudinal data (2011–2023) to determine causal relationships between fiscal obligations and ESG outcomes, demonstrating that tax pressures positively affect corporate sustainability performance through two mechanisms: 1) enhancing innovation through increased R&D investment and 2) alleviating capital allocation constraints that typically impede green initiatives.Sectoral and organizational diversity also influences this relationship. State-owned enterprises exhibit heightened ESG responsiveness to taxation, motivated by their dual obligation to align public policy goals with economic sustainability. Pollution-intensive businesses demonstrate increased responsiveness to fiscal stimulus as adopting ESG practices becomes essential for regulatory compliance and market competitiveness. These findings reframe taxation as an institutional mechanism instead of a financial limitation, prompting advances in environmental governance.The research enhances sustainability scholarship by recognizing fiscal policy as a neglected factor in advancing ESG. It provides regulators with evidence-based ways to enhance tax incentives that promote decarbonization, especially in state-influenced and high-emission sectors. The results underscore tax planning as a dual-purpose tool for corporate executives, harmonizing fiscal efficiency with integrating sustainability into fundamental business models.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104223"},"PeriodicalIF":7.5,"publicationDate":"2025-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143814827","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

Heterogeneous shareholder participation and corporate maturity mismatch: Evidence from China 异质性股东参与与公司期限错配：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104221

Gaoya Song , Yu Wang

{"title":"Heterogeneous shareholder participation and corporate maturity mismatch: Evidence from China","authors":"Gaoya Song , Yu Wang","doi":"10.1016/j.irfa.2025.104221","DOIUrl":"10.1016/j.irfa.2025.104221","url":null,"abstract":"<div><div>This study investigates the relationship between heterogeneous shareholder participation and corporate maturity mismatch of investment and financing in China from 2009 to 2022. Using a hand-collected database, we find that heterogeneous shareholder participation can reduce corporate maturity mismatch. Mechanism tests show that the participation of non-state-owned shareholders and state-owned shareholders can produce “supervision incentive” and “resource support” effects, respectively. These effects alleviate type I and type II agency costs of state-owned enterprises and increase government subsidies for non-state-owned enterprises, thereby reducing maturity mismatch. Furthermore, the negative relationship between heterogeneous shareholder participation and corporate maturity mismatch is more pronounced among companies in high-tech industries and among firms with higher internal control quality. This paper expands the research in the field of equity structure, constructs a theoretical analysis framework for two-way mixed ownership reform, and provides new ideas and evidence for improving corporate maturity mismatch.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104221"},"PeriodicalIF":7.5,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143783576","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

Economic and financial development as determinants of crypto adoption 经济和金融发展是加密货币采用的决定因素

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104217

Cosimo Magazzino , Tulia Gattone , Florian Horky

引用次数: 0

Enterprise digitalization and bank-enterprise ESG consistency: Evidence from China 企业数字化与银企ESG一致性：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104196

Guoying Deng, Xu Fu, Jin Zou, Jingzhou Yan

{"title":"Enterprise digitalization and bank-enterprise ESG consistency: Evidence from China","authors":"Guoying Deng, Xu Fu, Jin Zou, Jingzhou Yan","doi":"10.1016/j.irfa.2025.104196","DOIUrl":"10.1016/j.irfa.2025.104196","url":null,"abstract":"<div><div>As digitalization and sustainability become central to global economic strategies, understanding their intersection is critical for facilitating a low-carbon transition. This paper examines the impact of enterprise digitalization on bank-enterprise ESG consistency within China’s bank-led financial system, an underexplored context in the existing literature. Utilizing loan data from listed companies and banks between 2008 and 2022, we uncover a significant ‘U-shaped’ relationship: initial digitalization enhances ESG alignment by improving transparency and reducing information asymmetry, but excessive digitalization overwhelms banks’ technological and risk assessment capacities, leading to increased financing constraints that undermine ESG consistency. Additionally, the impact of digitalization on ESG consistency varies across enterprises: greater access to credit tends to enhance its positive effects, while wider digital divides tend to diminish them. These findings underscore the need for a balanced approach to digitalization, ensuring that technological advancements align with ESG goals to effectively support sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104196"},"PeriodicalIF":7.5,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143748157","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

Impact of artificial intelligence innovation on food company performance 人工智能创新对食品企业绩效的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104219

Yongqin Wang , Fuxing Liu

引用次数: 0

Artificial intelligence and climate risk: A double machine learning approach 人工智能和气候风险：双重机器学习方法

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104169

Hua Yin , Xieyu Yin , Fenghua Wen

引用次数: 0

Stock market volatility and oil shocks: A study of G7 economies 股市波动和石油冲击：七国集团经济研究

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104218

Javier Patricio Cadena-Silva , José Ángel Sanz Lara , José Miguel Rodríguez Fernández

{"title":"Stock market volatility and oil shocks: A study of G7 economies","authors":"Javier Patricio Cadena-Silva , José Ángel Sanz Lara , José Miguel Rodríguez Fernández","doi":"10.1016/j.irfa.2025.104218","DOIUrl":"10.1016/j.irfa.2025.104218","url":null,"abstract":"<div><div>Oil shocks have caused economic recessions over the years, affecting various markets, especially the stock market. The objective of this study is to analyze how global oil price index variable and shocks related to supply, economic activity, demand, and inventory affect the volatility and dynamics of G7 countries' stock market indices in the context of the 2014 oil shock. Using monthly data from January 2003 to September 2023, a combined methodology of Vector AutoRegressive (VAR) and Generalized AutoRegressive Conditional Heteroskedasticity (GARCH) models was applied to capture mean and conditional volatility dynamics, complemented with exponential GARCH (EGARCH) models to detect asymmetries. The results indicate that oil shocks have a significant impact on stock index volatility, with Canada, Japan and the UK showing high sensitivity, especially during and after the 2014 oil shock. Negative shocks affect volatility more than positive ones. Therefore, economic policies to mitigate extreme volatility and reduce economic uncertainty are necessary. Moreover, for oil-dependent economies, such as Canada, their vulnerability to oil price fluctuations needs to be reduced. This study provides a comprehensive understanding of the influence of oil shocks on the volatility and dynamics of G7 stock markets, offering valuable implications for policymaking and future research.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104218"},"PeriodicalIF":7.5,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143783578","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

What determines Bitcoin's price over the past decade? 在过去十年中，是什么决定了比特币的价格？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-01 DOI: 10.1016/j.irfa.2025.104174

Muying Chen , Xinyu Zhang , Yunjie Wei , Shouyang Wang

{"title":"What determines Bitcoin's price over the past decade?","authors":"Muying Chen , Xinyu Zhang , Yunjie Wei , Shouyang Wang","doi":"10.1016/j.irfa.2025.104174","DOIUrl":"10.1016/j.irfa.2025.104174","url":null,"abstract":"<div><div>We employ a novel three-stage analysis method of ICEEMDAN-Van der Waerden Test-Elastic Net to analyze Bitcoin's price. Our research aims to explain how Bitcoin's price has been formed at different phases of development over the past decade. We have segmented the daily closing price of Bitcoin from November 1, 2013, to December 31, 2023, into five phases, utilizing the ICEEMDAN method to decompose them into intrinsic mode functions, followed by the reconstruction of high-frequency, low-frequency, and trend curves using the Van der Waerden Test. With Elastic Net, we identify the top ten factors impacting the high-frequency, low-frequency, and trend curves during each phase. Our findings reveal a strong correlation between the high-frequency curve, investor sentiment, and daily transaction frequency in the Bitcoin market. The significant rises and falls in the low-frequency curve correspond to important events in the Bitcoin market or global political and economic occurrences. The trend curve is decisive in determining the long-term trajectory of Bitcoin's price. Over the long term, our analysis indicates that Bitcoin's price is influenced predominantly by macroeconomic fundamentals and market vitality. Bitcoin's price is evolving, shifting from focusing on its internal production factors to relying more on external macroeconomic factors. Of the major asset classes, Bitcoin's correlation with stocks has grown the most significantly. Due to Bitcoin's increasing market vitality and the decrease in Bitcoin's issuance speed changing the supply-demand dynamics, Bitcoin's price is on an upward trajectory in the long term. Furthermore, our findings provide insights into Bitcoin's speculative and safe-haven properties. Our work also facilitates more accurate predictions of Bitcoin's future prices.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104174"},"PeriodicalIF":7.5,"publicationDate":"2025-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767519","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

Robust Bayesian portfolio optimization 稳健贝叶斯投资组合优化

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-31 DOI: 10.1016/j.irfa.2025.104215

Carlos Andres Zapata Quimbayo , Diego Felipe Carmona Espejo , Jhonatan Gamboa Hidalgo

引用次数: 0