International Review of Financial Analysis最新文献_第3页

CEO left-handedness and readability 左撇子和可读性

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-07 DOI: 10.1016/j.irfa.2025.104409

Xin Chen , June Woo Park , Albert Tsang , Yingying Xin

引用次数: 0

When opaque firms borrow: The role of investor sentiment 不透明公司何时借款：投资者情绪的作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-07 DOI: 10.1016/j.irfa.2025.104410

Elena Ferrer , Nuria Suárez

引用次数: 0

Digital fiscal system and ecological environment 数字财政制度与生态环境

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-06 DOI: 10.1016/j.irfa.2025.104393

Zongang Liu , Yongmin Wu

{"title":"Digital fiscal system and ecological environment","authors":"Zongang Liu , Yongmin Wu","doi":"10.1016/j.irfa.2025.104393","DOIUrl":"10.1016/j.irfa.2025.104393","url":null,"abstract":"<div><div>The digitalization of fiscal systems has revolutionized government financial management worldwide; however, its environmental implications remain underexplored. This study examines how digital fiscal infrastructure impacts the ecological environment by analyzing China's Golden Tax Phase III project—a comprehensive digital transformation initiative. We propose a theoretical framework identifying three key mechanisms through which digital fiscal systems influence ecological outcomes: enhanced monitoring of polluting activities, improved resource allocation for environmental protection via more efficient tax collection, and strengthened corporate environmental compliance. Employing a difference-in-differences approach with provincial-level panel data from 2015 to 2022, we find that the implementation of Golden Tax III significantly improved environmental conditions, as demonstrated by substantial reductions in PM2.5 concentrations. The effects are more pronounced in regions with advanced digital infrastructure and higher institutional quality. Further analysis shows that the environmental benefits arise from both improved market efficiency and strengthened government oversight. These findings indicate that digital fiscal reform can be an effective tool for ecological governance. Our results contribute to the growing literature on the spillover effects of digital transformation in public administration and offer policy insights into leveraging fiscal digitalization to promote environmental sustainability.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104393"},"PeriodicalIF":7.5,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144240476","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 CEOs lead more ethical firms? ESG and corporate impact 女性ceo领导的公司更有道德吗？ESG和企业影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-06 DOI: 10.1016/j.irfa.2025.104408

Mustafa A. Dah , Walid Elgammal , Bilal Kchouri , Adnan Marrouche

引用次数: 0

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-06 DOI: 10.1016/j.irfa.2025.104411

Chao Wang , Chenfang Jia , Xiaoxing Liu

{"title":"Carbon-related credit concentration and banking systemic risk due to climate transition shocks","authors":"Chao Wang , Chenfang Jia , Xiaoxing Liu","doi":"10.1016/j.irfa.2025.104411","DOIUrl":"10.1016/j.irfa.2025.104411","url":null,"abstract":"<div><div>Limitations on carbon emissions imposed during a low-carbon economic and social transition exert significant pressure on carbon-intensive industries. The resulting climate transition shocks are transmitted to the banking sector through credit assets and may even trigger systemic risks. This study assesses the impact of climate transition shocks on the banking sector in China by evaluating impairment losses on credit assets across various carbon emission reduction scenarios. Moreover, we integrate the dual transmission channels of the interbank and credit markets to measure banking systemic risk arising from climate transition shocks. Furthermore, we examine the impact of carbon-related credit concentration on systemic risk. Findings indicate that carbon-related credit concentration exacerbates systemic risk within the banking sector in the context of climate transition shocks. The extent of climate transition shocks and the complexity of financial networks contribute to this phenomenon. The findings provide empirical evidence regarding the potential systemic threat posed by concentrated carbon-related credit exposures. This study offers valuable insights for the maintenance of financial stability through the implementation of moderate green credit policies and carbon-focused macroprudential regulations.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104411"},"PeriodicalIF":7.5,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144240481","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

Resignation of independent directors, restructuring of political ties, and the introduction of state-owned capital in private enterprises: Evidence from China 独立董事辞职、政治关系重组与民营企业引入国有资本：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-06 DOI: 10.1016/j.irfa.2025.104406

Cao Wei , Xu Wei , Zhao Can

引用次数: 0

Modeling bimodal stock price dynamics by a parsimonious diffusion process 用简约扩散过程建模双峰股票价格动态

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-06 DOI: 10.1016/j.irfa.2025.104367

Yaosong Zhan , Shiqing Ling , Zhenya Liu , Shixuan Wang

引用次数: 0

Oil price uncertainty, exchange rate volatility, and African stock markets: A nonparametric quantile-on-quantile analysis 油价不确定性、汇率波动和非洲股票市场：一个非参数分位数对分位数分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-06 DOI: 10.1016/j.irfa.2025.104385

Yufeng Chen , Zulkifr Abdallah Msofe , Chuwen Wang , Minghui Chen

{"title":"Oil price uncertainty, exchange rate volatility, and African stock markets: A nonparametric quantile-on-quantile analysis","authors":"Yufeng Chen , Zulkifr Abdallah Msofe , Chuwen Wang , Minghui Chen","doi":"10.1016/j.irfa.2025.104385","DOIUrl":"10.1016/j.irfa.2025.104385","url":null,"abstract":"<div><div>Given that crude oil is priced in U.S. dollars (USD) on the international market, exchange rate fluctuations can dampen or amplify the transmission effects from oil prices to stock markets, particularly in non-USD economies. Using quantile regression (QR) and nonparametric quantile-on-quantile (QQ) regression models, this study examines the impact of oil price uncertainty <span><math><mfenced><mi>OVX</mi></mfenced></math></span> on stock returns in African oil-importing and exporting countries, accounting for the moderating role of exchange rate volatility. Findings reveal that <span><math><mi>OVX</mi></math></span> exerts a heterogeneous and negative effect on African stock returns, with oil-importing nations experiencing more pronounced impacts than their oil-exporting counterparts. In addition, results indicate that <span><math><mi>OVX</mi></math></span> significantly affects African stock returns at moderate and high levels, but not at low levels, suggesting an asymmetry among the quantiles of <span><math><mi>OVX</mi></math></span>. Furthermore, the impact is found to be stronger during bearish market conditions than in bullish ones, emphasizing asymmetry across conditional quantiles of stock returns. Moreover, the joint variability of <span><math><mi>OVX</mi></math></span> and exchange rates has a substantially greater influence on African stock returns than <span><math><mi>OVX</mi><mspace></mspace></math></span> alone, regardless of the market state. This study offers important insights for investors, policymakers, and other stakeholders.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104385"},"PeriodicalIF":7.5,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144263589","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

Evolutionary game analysis of digital inclusive finance for high-quality development of small and medium-sized enterprises 数字普惠金融促进中小企业高质量发展的演化博弈分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-06 DOI: 10.1016/j.irfa.2025.104388

Yingying Zhang , Xuming Mi , Hongtao Li , Xinpeng Wang

{"title":"Evolutionary game analysis of digital inclusive finance for high-quality development of small and medium-sized enterprises","authors":"Yingying Zhang , Xuming Mi , Hongtao Li , Xinpeng Wang","doi":"10.1016/j.irfa.2025.104388","DOIUrl":"10.1016/j.irfa.2025.104388","url":null,"abstract":"<div><div>Chapter 3 of this article builds a dynamic evolutionary game model encompassing the government, financial institutions, and small and medium-sized enterprises (SMEs). This model allows us to comprehend the dynamic process of game player evolution. This study derives a strategic orientation for digital inclusive finance to enable high-quality development of SMEs from an economic perspective. The findings illustrate that financial institutions and SMEs spontaneously and actively choose to implement digital inclusive finance strategies, jointly encouraging digital inclusive finance. If financial institutions do not strictly implement digital inclusive finance, SMEs tend not to use them actively, even if they are beneficial. A higher cost for SMEs to adopt digital inclusive finance also hinders realization of their high-quality development. Thus, The government needs to accelerate the cultivation of a digital inclusive financial market. Financial institutions reduce the cost of using digital inclusive finance for small and medium-sized enterprises Including SMEs in the digital inclusive finance service scope can leverage the enabling effect toward high-quality SME development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104388"},"PeriodicalIF":7.5,"publicationDate":"2025-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144271159","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

Risk factor disclosure in green bond prospectuses and investor compensation 绿色债券招股说明书中的风险因素披露与投资者补偿

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-05 DOI: 10.1016/j.irfa.2025.104405

Paraic McGee , Lisa Sheenan , Tom Egan , Sheila O'Donohoe

{"title":"Risk factor disclosure in green bond prospectuses and investor compensation","authors":"Paraic McGee , Lisa Sheenan , Tom Egan , Sheila O'Donohoe","doi":"10.1016/j.irfa.2025.104405","DOIUrl":"10.1016/j.irfa.2025.104405","url":null,"abstract":"<div><div>This paper examines green bond risk factor disclosure in European corporate prospectuses and investigates their impact on investor risk compensation. We extract six risk factors disclosed in 602 prospectuses corresponding to 1160 green bonds issued from 2015 to 2024 using non-negative matrix factorisation (NMF) topic modelling. Novel risk factors disclosed include green-listing, EU Taxonomy compliance, ESG, Second Party Opinion (SPO), asset framework and GBP compliance. Green-listing, ESG, SPO and GBP compliance are the dominant risks disclosed by issuers, yet investors seek greater compensation for EU Taxonomy compliance and asset framework risk factors. We observe time variation as the introduction of EU regulatory initiatives recalibrates investor risk premia, leading to heightened demand for risk compensation. The findings underscore the clarity that European sustainable finance regulatory initiatives have brought to investors; however, the lack of scrutiny on the underlying assets financed with European corporate bonds may lead to an underestimation of systemic risk in the market, including physical, transition and greenwashing risks. We present a possible solution by calling on national competent authority prospectus approvers to categorise the assets financed with corporate green bonds. This would constitute an informed, targeted, early warning assessment of systemic risk in the green bond market that could positively impact financial stability. The paper contributes to the academic literature on green bonds, risk disclosure and textual analysis and helps inform European regulators as they navigate the evolving sustainable finance landscape.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104405"},"PeriodicalIF":7.5,"publicationDate":"2025-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144298283","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