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

Tales that cost: Folklore and bank loan spreads 有成本的故事：民间传说和银行贷款利差

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-03-01 Epub Date: 2026-01-25 DOI: 10.1016/j.irfa.2026.105100

Christophe Godlewski , Laurent Weill

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Microstructure-based private information and institutional return predictability 基于微观结构的私人信息与制度回报可预测性

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-03-01 Epub Date: 2026-01-30 DOI: 10.1016/j.irfa.2026.105113

Xuchu Sun , Jinling Na , Tangrong Li

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Motivated institutional investors and corporate debt choices: Do minority shareholders matter? 有动机的机构投资者与公司债务选择：小股东重要吗？

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-03-01 Epub Date: 2026-01-12 DOI: 10.1016/j.irfa.2026.105093

Michał Kałdoński, Tomasz Jewartowski

{"title":"Motivated institutional investors and corporate debt choices: Do minority shareholders matter?","authors":"Michał Kałdoński, Tomasz Jewartowski","doi":"10.1016/j.irfa.2026.105093","DOIUrl":"10.1016/j.irfa.2026.105093","url":null,"abstract":"<div><div>On the basis of 460 non-financial public companies listed on the Warsaw Stock Exchange, we find a negative relationship between the shareholdings of motivated institutional investors playing the role of minority shareholders and the firm's reliance on bank debt. The observed relation seems to reflect the substitution effect in monitoring insiders, between motivated institutional investors and banks. We find this relationship to hold mostly for transparent companies, as they do not benefit much from disclosing private information to banks and thus can easily replace bank debt with other sources of financing. Furthermore, it holds mostly for companies suffering from substantial agency problems stemming from potential conflicts of interest between controlling and minority shareholders (a typical problem in countries with concentrated ownership structure of listed companies) and thus having greater monitoring needs. The revealed relationship is also substantial for poorly performing firms, where effective institutional monitoring can reduce the debt renegotiation advantage of bank financing. We document that the observed effect is stronger for motivated institutions with higher monitoring effectiveness, i.e. independent, long-term institutional investors with multiple blockholdings. We confirm that firms with motivated institutional investors tend to have higher proportions of public debt. Additionally, we show that companies substituting bank monitoring with institutional monitoring experience an increase in firm value.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"111 ","pages":"Article 105093"},"PeriodicalIF":9.8,"publicationDate":"2026-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145957098","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

Data assetization and audit fees 数据资产化和审计费用

IF 8.2 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-03 DOI: 10.1016/j.irfa.2025.105037

Chuan Qin

引用次数: 0

Retraction notice to “Extreme spillovers across Asian-Pacific currencies: A quantile-based analysis” [FINANA 72 (2020) 101605] 对“亚太货币的极端溢出效应：基于分位数的分析”的撤回通知[finance] 72 (2020) 101605]

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2026-01-12 DOI: 10.1016/j.irfa.2026.105080

Elie Bouri , Brian Lucey , Tareq Saeed , Xuan Vinh Vo

引用次数: 0

Directors and officers liability insurance placement, financial innovation, and the dynamic capabilities of listed companies 董事、管理人员责任保险配售、金融创新与上市公司动态能力

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-05 DOI: 10.1016/j.irfa.2025.104873

Shuiqing Lan , Lufei Yang

引用次数: 0

Data elements, market competition, and corporate radical innovation 数据要素，市场竞争，企业激进创新

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-05 DOI: 10.1016/j.irfa.2025.104894

Kelin Li, Wanshan Guo, Qingquan Yang

引用次数: 0

Retraction notice to “The impacts of climate policy uncertainty on stock markets: Comparison between China and the US” [FINANA 88 (2023) 102671] 关于“气候政策不确定性对股市的影响：中美比较”的撤回通知[finance 88 (2023) 102671]

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2026-01-15 DOI: 10.1016/j.irfa.2026.105075

Xin Xu , Shupei Huang , Brian M. Lucey , Haizhong An

引用次数: 0

Dual pathways for high-quality development: The role of cultural tourism integration and digital-intelligent transformation in Chinese tourism enterprises 高质量发展的双路径：文化旅游融合与中国旅游企业数字化智能化转型的作用

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-05 DOI: 10.1016/j.irfa.2025.104867

Peigen Wang , Yingying Hu , Na Wei , Xiaoxu Wu

{"title":"Dual pathways for high-quality development: The role of cultural tourism integration and digital-intelligent transformation in Chinese tourism enterprises","authors":"Peigen Wang , Yingying Hu , Na Wei , Xiaoxu Wu","doi":"10.1016/j.irfa.2025.104867","DOIUrl":"10.1016/j.irfa.2025.104867","url":null,"abstract":"<div><div>This study conducts an empirical investigation using data from Chinese publicly listed tourism enterprises between 2009 and 2023. It focuses on analyzing the two key pathways of cultural tourism integration and digital-intelligent transformation, examining their specific roles in promoting high-quality development among Chinese tourism enterprises. The research findings indicate that both cultural tourism integration and digital-intelligent transformation display robust driving forces that can significantly facilitate the achievement of high-quality development in tourism enterprises. The moderation mechanism analysis reveals that cultural tourism integration plays a positive moderating role in the process of digital-intelligent transformation aiding the high-quality development of tourism enterprises. Additionally, heterogeneity tests reveal distinct characteristics in the impact of cultural tourism integration and digital-intelligent transformation on the high-quality development of tourism enterprises, demonstrating notable differences across samples with varying levels of managerial compensation and different proportions of female managers.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104867"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145738301","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

Audit committee chairs' narcissism and audit quality 审计委员会主席的自恋与审计质量

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-02 DOI: 10.1016/j.irfa.2025.104841

Rui Huang , Yanran Liu , Xiang Li

{"title":"Audit committee chairs' narcissism and audit quality","authors":"Rui Huang , Yanran Liu , Xiang Li","doi":"10.1016/j.irfa.2025.104841","DOIUrl":"10.1016/j.irfa.2025.104841","url":null,"abstract":"<div><div>Audit committee chairs (ACCs) are the pivotal figures of the audit committee of the board of directors, assuming more important oversight responsibilities. This paper empirically examines the impact of ACCs' narcissism on audit quality using data from 2008 to 2022 for companies listed on the main board of Shanghai and Shenzhen. The findings reveal a significant positive association between ACCs' narcissism and the occurrence of financial statement restatements and regulatory violations. Specifically, higher levels of narcissism among ACCs are linked to a greater likelihood of diminished audit quality. In the endogeneity analysis this paper uses the opening of the high-speed railway and the outbreak of the self-media platform as exogenous shocks to conduct DID tests. The results show that the opening of the high-speed railway mitigates the degree of information asymmetry among the audit committee members, and that the impact of the narcissistic ACCs on the quality of the audit is significantly reduced after the opening of the high-speed railway. In contrast, following the surge in multimedia platform usage, companies receive more public attention, ACCs are more inclined to exhibit authoritarian and radical decision-making behaviors in response to increased social media attention, thereby undermining audit quality. This paper enriches the literature on ACCs' narcissism, and also helps to provide a theoretical basis and policy reference for listed companies and regulators to further optimize the selection criteria of ACCs.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104841"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145657234","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