发布求助
文献互助 智能选刊 最新文献

International Review of Financial Analysis最新文献

筛选
英文 中文
Foreign investment policy, market entry and corporate ESG performance
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-03-29 DOI: 10.1016/j.irfa.2025.104199
Xinge Li , Zheren Chang , Jiangyi Qi
{"title":"Foreign investment policy, market entry and corporate ESG performance","authors":"Xinge Li ,&nbsp;Zheren Chang ,&nbsp;Jiangyi Qi","doi":"10.1016/j.irfa.2025.104199","DOIUrl":"10.1016/j.irfa.2025.104199","url":null,"abstract":"<div><div>This study examines the impact of foreign investment policies on the Environmental, Social, and Governance (ESG) performance of domestic enterprises, utilizing data from Chinese manufacturing listed companies spanning from 2013 to 2022. Employing a Difference-in-Differences (DiD) methodology for empirical analysis, the research reveals that the liberalization of foreign investment policies significantly enhances corporate ESG performance. This finding remains robust after conducting parallel trends tests, placebo tests, and robustness checks. The relaxation of foreign investment policies facilitates the market entry of foreign-invested enterprises and increases foreign capital penetration, thereby exposing domestic enterprises to stricter international environmental standards and regulatory requirements. Consequently, this leads to improved environmental performance and elevated social reputation and brand value for domestic firms. Mediation analysis indicates that foreign market entry plays a pivotal role in the influence of foreign investment policies on ESG performance. Heterogeneity analysis further demonstrates that state-owned enterprises (SOEs) experience a more pronounced improvement in ESG performance compared to non-state-owned enterprises (NSOEs) under the relaxation of foreign investment policies. This research offers valuable insights for governments in formulating foreign investment policies and for enterprises in enhancing their ESG performance, emphasizing the need to continue advancing the liberalization of foreign investment policies and encouraging domestic enterprises to learn from foreign advanced experiences and technologies to achieve sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104199"},"PeriodicalIF":7.5,"publicationDate":"2025-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143761029","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 policy uncertainty, information production, and transparency
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-03-29 DOI: 10.1016/j.irfa.2025.104203
Binsheng Qian , Yusen Tan , Gabriel Power , Anandadeep Mandal
{"title":"Economic policy uncertainty, information production, and transparency","authors":"Binsheng Qian ,&nbsp;Yusen Tan ,&nbsp;Gabriel Power ,&nbsp;Anandadeep Mandal","doi":"10.1016/j.irfa.2025.104203","DOIUrl":"10.1016/j.irfa.2025.104203","url":null,"abstract":"<div><div>This paper investigates how Economic Policy Uncertainty (EPU) influences corporate information environments in Chinese stock markets from 2005 to 2022. Using multiple measures of information transparency based on bid-ask spreads, price impact, and trading illiquidity, we document that elevated EPU leads to enhanced information transparency in the subsequent year. We identify asymmetric effects of EPU on information production: while firms respond to high EPU by increasing disclosure intensity and adopting a more optimistic tone, analysts and media coverage significantly decline. Additionally, EPU weakens the link between firms' information production and transparency outcomes. These findings are robust to an instrumental variable approach that addresses endogeneity concerns, as well as to alternative measures of both EPU and information transparency. Our findings contribute to the literature by revealing the complex mechanisms through which policy uncertainty shapes information environments in emerging markets.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104203"},"PeriodicalIF":7.5,"publicationDate":"2025-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143748151","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
The impact of interest rate liberalization on loan pricing efficiency: Theory and evidence
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-03-29 DOI: 10.1016/j.irfa.2025.104207
Wen Chen , Guangzi Li , Jianxiong Liu
{"title":"The impact of interest rate liberalization on loan pricing efficiency: Theory and evidence","authors":"Wen Chen ,&nbsp;Guangzi Li ,&nbsp;Jianxiong Liu","doi":"10.1016/j.irfa.2025.104207","DOIUrl":"10.1016/j.irfa.2025.104207","url":null,"abstract":"<div><div>Based on the concepts of transaction and relationship loans, we derive a loan pricing model under interest rate regulation and analyze the effect of removing the cap and the floor in interest rate regulations on loan pricing efficiency. Our model shows that the impact on loan pricing efficiency of lifting the cap on loan interest rates is not definite, whereas removing the floor on loan interest rates significantly improves loan pricing efficiency. An important mechanism for improving loan pricing efficiency by removing the floor is that this change has encouraged more borrowers to shift from relationship loans to transaction loans, thereby reducing the banks' monopoly pricing power over borrowers. Our empirical analyses using a sample of loan contracts at Chinese listed firms around the time of interest rate deregulation support the model predictions. Collectively, our results suggest that liberalization of interest rate caps increases demand for relationship loans and thus might or might not increase loan pricing efficiency, depending on the monopoly power of banks. Our findings contribute to the policy of liberation interest rate regulation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104207"},"PeriodicalIF":7.5,"publicationDate":"2025-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143776799","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
Financial development for energy access: Evidence from credit rationing and carbon emission in MENA region
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104176
Wajid Ali , Devi Prasad Dash , Vishal Dagar , Muneza Kagzi , Khaled Elmawazini
{"title":"Financial development for energy access: Evidence from credit rationing and carbon emission in MENA region","authors":"Wajid Ali ,&nbsp;Devi Prasad Dash ,&nbsp;Vishal Dagar ,&nbsp;Muneza Kagzi ,&nbsp;Khaled Elmawazini","doi":"10.1016/j.irfa.2025.104176","DOIUrl":"10.1016/j.irfa.2025.104176","url":null,"abstract":"<div><div>The research aims to investigate the shifting pattern associated with domestic credit, carbon emissions, access to electricity, and financial development in the Middle East and North African (MENA) region from 2000 to 2021. This study employs a panel quantile regression to examine the impact of domestic credit, carbon emissions, and access to electricity on financial development at different levels of economic growth. A Dynamic ARDL modelling approach is employed to evaluate to assess the short- and long-term relationships between the variables. For robustness check, the study employs Kernel-Based Regularized Least Squares (KRLS) and Bayesian regression, findings indicate that domestic credit contributes a vital part in fostering financial development, irrespective of the state of the economy. Moreover, the impact of domestic credit is particularly strong in economies with lower levels of financial development. Access to electricity has varying effects, with a stronger influence on financial development in advanced economies, but a less significant impact in regions with underdeveloped infrastructure. Finally, in line with the Environmental Kuznets Curve (EKC) hypothesis, the non-linear influence of financial development in the MENA region has a negative influence on carbon emission and follows a U-shape curve, initially increasing emissions before leading to a reduction. This research provides a valuable insight for policymakers, financial institutions, and environmental agencies committed to advancing sustainable financial development in the MENA region.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104176"},"PeriodicalIF":7.5,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143738108","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
A closed-form formula for pricing exchange options with regime switching stochastic volatility and stochastic liquidity
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104159
Xin-Jiang He , Wenting Wei , Sha Lin
{"title":"A closed-form formula for pricing exchange options with regime switching stochastic volatility and stochastic liquidity","authors":"Xin-Jiang He ,&nbsp;Wenting Wei ,&nbsp;Sha Lin","doi":"10.1016/j.irfa.2025.104159","DOIUrl":"10.1016/j.irfa.2025.104159","url":null,"abstract":"<div><div>We propose a new framework for pricing exchange options, modeling two underlying assets of no liquidity issues with Heston stochastic volatility models adjusted for regime-switching long-run variance levels to capture economic cycles. Market liquidity, a stochastic factor affecting asset prices, is incorporated, leading to a discount in asset values. We then apply a regime-switching Esscher transform to establish a risk-neutral measure and analytically solve the partial differential equation for exchange option prices using dimension reduction and the Feynman–Kac theorem. This allows for numerical analysis of the market features’ impact on exchange option prices.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104159"},"PeriodicalIF":7.5,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143738917","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
How does the cybersecurity law affect corporate investment
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104185
Yao Xu , Feng Zhao , Qi Zhang
{"title":"How does the cybersecurity law affect corporate investment","authors":"Yao Xu ,&nbsp;Feng Zhao ,&nbsp;Qi Zhang","doi":"10.1016/j.irfa.2025.104185","DOIUrl":"10.1016/j.irfa.2025.104185","url":null,"abstract":"<div><div>Using data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2000 to 2022, this study employs a difference-in-differences model to analyze the impact of the 2016 Cybersecurity Law of the People's Republic of China on corporate investment. We also examine the mediating roles of financing constraints and corporate risk in this relationship. Findings demonstrate that the implementation of the Cybersecurity Law significantly reduced corporate investments, primarily by increasing financing constraints and elevating firms' overall risks. Heterogeneity analysis reveals that firms with lower ownership concentration, a lack of political connections, and lower audit quality experienced more significant investment declines following the enactment of the Cybersecurity Law. This study provides a new perspective on the impact of cybersecurity regulations on corporate practices and offers a theoretical basis for relevant policymaking.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104185"},"PeriodicalIF":7.5,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143767518","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 performance and seasoned equity offering discount – Evidence from investor share subscriptions in China
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104189
Qingbin Meng , Yujia Wang , Solomon Wang
{"title":"ESG performance and seasoned equity offering discount – Evidence from investor share subscriptions in China","authors":"Qingbin Meng ,&nbsp;Yujia Wang ,&nbsp;Solomon Wang","doi":"10.1016/j.irfa.2025.104189","DOIUrl":"10.1016/j.irfa.2025.104189","url":null,"abstract":"<div><div>This study examines the relationship between firms' environmental, social, and governance (ESG) performance and the pricing of their seasoned equity offerings (SEO). Using a unique dataset of Chinese investors' subscriptions to SEO shares, we find that investors tend to place a higher value on firms with better ESG performance, leading to a lower SEO discount. The negative relationship between ESG performance and SEO discount is particularly notable for firms with higher level of information asymmetry and weaker governance during the offerings. Moreover, we find that the ESG effect on SEO discounts is further amplified by the government's environmental protection initiatives in 2020. Overall, our study suggests that engagement in ESG practices can lead to reduced discounts for firms during the SEO process.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104189"},"PeriodicalIF":7.5,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143807563","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
Multiple large shareholders and cash holdings: Evidence from China
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104180
Yinghui Chen , Miao Chen , Yong Huang
{"title":"Multiple large shareholders and cash holdings: Evidence from China","authors":"Yinghui Chen ,&nbsp;Miao Chen ,&nbsp;Yong Huang","doi":"10.1016/j.irfa.2025.104180","DOIUrl":"10.1016/j.irfa.2025.104180","url":null,"abstract":"<div><div>We examine the governance role of multiple large shareholders (MLS) in the context of corporate cash holding policy. Using a sample of Chinese firms, we find strong evidence that the presence of MLS increases the level of cash holdings. This relationship is robust across alternative measures of key variables, model specifications, and identification strategies. The positive impact of MLS on cash holdings is more pronounced in firms with more investment opportunities, higher financial constraints, greater risk-seeking behavior, non-state control, better investor protection, and more related party transactions. Overall, the findings suggest that: (i) the large cash holdings of firms with MLS do not necessarily indicate the (in)effectiveness of MLS in corporate governance, and (ii) the presence of MLS ensures that the cash holdings of growth firms can be used in favor of large shareholders.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104180"},"PeriodicalIF":7.5,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143748152","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
Navigating digital frontiers: The impact of China's cybersecurity law on corporate digital innovation
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104182
Hongze Chen , Conggang Li , Jiatao Liu , Rong Xu
{"title":"Navigating digital frontiers: The impact of China's cybersecurity law on corporate digital innovation","authors":"Hongze Chen ,&nbsp;Conggang Li ,&nbsp;Jiatao Liu ,&nbsp;Rong Xu","doi":"10.1016/j.irfa.2025.104182","DOIUrl":"10.1016/j.irfa.2025.104182","url":null,"abstract":"<div><div>In this paper, we find that after the enactment of China's Cybersecurity Law, firms in core digital industries produce more digital innovation than those in industries with lower digital adoption. Leveraging this regulatory shift as a quasi-natural experiment, we examine its impact on corporate digital innovation using a text-based analysis of annual reports. The promotional effect of privacy regulations on digital innovation resembles the Porter hypothesis, which addresses the positive effect of environmental regulations on innovation. Our study delves into the nuanced dynamics, revealing that firms facing high market competition, customer concentration, and fewer financial constraints prioritize digital innovation. This research contributes by highlighting how strengthened data privacy regulation promotes firms' digital innovation, fostering sustained growth and productivity in the digital era.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104182"},"PeriodicalIF":7.5,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143738914","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
Silence is gold: Narrative conservatism of SOE managers
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104171
Junyi Wang , Qigui Liu , Wei Huang , Tingting Ying
{"title":"Silence is gold: Narrative conservatism of SOE managers","authors":"Junyi Wang ,&nbsp;Qigui Liu ,&nbsp;Wei Huang ,&nbsp;Tingting Ying","doi":"10.1016/j.irfa.2025.104171","DOIUrl":"10.1016/j.irfa.2025.104171","url":null,"abstract":"<div><div>Examining transcripts from earnings conference calls of Chinese listed companies from 2008 to 2020, our analysis uncovers a notable inclination among state-owned enterprise (SOE) executives, who exhibit a preference for brevity and a negative tone in their responses to investor queries. This tendency suggests an effort to minimize errors and a reduced motivation for tone management to artificially boost stock prices. Lower levels of management and employee shareholding, as well as reduced stock pledges by controlling shareholders, contribute to more concise and less distorted responses. Furthermore, female executives and those with experiences during the Great Famine display heightened conservatism in communication. Rigorous testing, including a difference-in-differences analysis using SOE remuneration reform as a natural experiment, confirms the robustness of these findings. Consequently, earnings conference calls by SOEs are associated with negative market reactions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104171"},"PeriodicalIF":7.5,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143799578","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
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：481959085
Book学术官方微信