International Review of Financial Analysis最新文献_第4页

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

Digital ripples: The impact of customers' digital transformation on the financing constraints of suppliers 数字涟漪：客户数字化转型对供应商融资约束的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-05 DOI: 10.1016/j.irfa.2025.104387

Qinyang Li , Mingrui Li , Mengru Li , Tao Li

{"title":"Digital ripples: The impact of customers' digital transformation on the financing constraints of suppliers","authors":"Qinyang Li , Mingrui Li , Mengru Li , Tao Li","doi":"10.1016/j.irfa.2025.104387","DOIUrl":"10.1016/j.irfa.2025.104387","url":null,"abstract":"<div><div>The wave of digitization is sweeping across the world, boosting the transformation of various industries and bringing unprecedented new opportunities for firms. This paper examines the impact of digital transformation of customer firms on the financing constraints of suppliers. We find a significant spillover effect in the supply chain that the digital transformation degree of customer firms is negatively correlated with the financing constraints of suppliers when the comprehensive performance of customers is better. Furthermore, this effect is more evident for suppliers that are smaller, with shorter years of listing, and located in regions with fewer banks and greater distances from their customers. Additionally, the impact is more pronounced for customers that are state-owned and belong to high-tech industries. The mechanism test shows that the digital transformation of customers mainly alleviates the financing constraints of suppliers by reducing the information asymmetry of customer firms, increasing the credit availability and lowering the private equity placements discounts of suppliers. Additionally, the digital transformation of customers significantly reduces the cost of debt financing for suppliers. These findings enrich research on financing constraints and digital transformation, as well as provide important implications for companies within the supply chain on how to mitigate financing constraints through digital transformation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104387"},"PeriodicalIF":7.5,"publicationDate":"2025-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144240482","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 green innovation openness and green innovation radicalness on firm performance: Evidence from China 绿色创新开放性和绿色创新激进性对企业绩效的影响：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-05 DOI: 10.1016/j.irfa.2025.104374

Yongni Jiang, Pianpian Yang, Lu Zhang, Maotian Wang

{"title":"Impact of green innovation openness and green innovation radicalness on firm performance: Evidence from China","authors":"Yongni Jiang, Pianpian Yang, Lu Zhang, Maotian Wang","doi":"10.1016/j.irfa.2025.104374","DOIUrl":"10.1016/j.irfa.2025.104374","url":null,"abstract":"<div><div>Green innovation is widely acknowledged as a critical driver of improved ecological performance; however, its impact on financial performance remains ongoing and unresolved. Based on the resource-based view, we undertook two complementary studies. One utilized data from listed companies and the other leveraged surveys methodologies. These studies comprehensively explore the effects, boundary conditions, and mechanisms of green innovation strategies on financial outcomes. The empirical results reveal that green innovation openness exhibits an inverted U-shaped effect on financial performance, indicating diminishing returns beyond a certain point. In contrast, green innovation radicalness demonstrates a consistent positive linear impact, underscoring the importance of adopting ambitious and transformative innovation strategies. Environmental subsidies amplify the efficacy of both strategies, acting as catalysts for improved financial performance, whereas non-environmental subsidies undermine their effectiveness by potentially diverting resources or diminishing focus on ecological goals. Key mechanisms underlying these relationships include the market advantages of green products and customer greenwashing perception. This contributes to the literature by (1) distinguishing green innovation openness and radicalness to unpack the performance implications of resource acquisition and allocation strategies; (2) highlighting the contingent role of subsidy types in aligning green innovation strategies with external policy support; and (3) introducing market advantage and greenwashing perception as dual mediators to capture customer-centered mechanisms.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104374"},"PeriodicalIF":7.5,"publicationDate":"2025-06-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144280820","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 driven-sustainability: The impact of data trading platforms on corporate ESG performance 数据驱动的可持续性：数据交易平台对企业ESG绩效的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-04 DOI: 10.1016/j.irfa.2025.104371

Shilong Ge , Zhenyu Tu , Yalin Chen , Heap-Yih Chong

{"title":"Data driven-sustainability: The impact of data trading platforms on corporate ESG performance","authors":"Shilong Ge , Zhenyu Tu , Yalin Chen , Heap-Yih Chong","doi":"10.1016/j.irfa.2025.104371","DOIUrl":"10.1016/j.irfa.2025.104371","url":null,"abstract":"<div><div>Data elements serve as a crucial enabler for enterprise digital transformation, but their consequences for corporate sustainable performance are under-researched. Using the establishment of data trading platforms (DTPs) to measure data elements marketization, this paper explores the impact of DTPs on corporate environmental, social and governance (ESG) performance. Employing a staggered Difference-in-Differences method, the research uncovers that DTPs significantly promotes corporate ESG performance. In particular, DTPs significantly improves the environmental and governance pillars, but is less effect on the social pillar. DTPs improves ESG performance through digit effect, green innovation effect and stakeholders attention effect. Heterogeneity analyses show that the benefits of DTPs are more evident among large firms, state-owned firms, firms with green investors, firms in clean and low-carbon industries, and those located in cities with stringent environmental regulations, particularly in eastern regions. Finally, DTPs is shown to reduce corporate environmental pollution and carbon emissions, underscoring their role in promoting sustainable development. This research provides novel insights into how data elements can drive corporate ESG performance.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104371"},"PeriodicalIF":7.5,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144263588","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 triggers intraday price jumps and co-jumps in gold? 是什么触发了金价的盘中跳涨和同步跳涨？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-04 DOI: 10.1016/j.irfa.2025.104380

Neharika Sobti

{"title":"What triggers intraday price jumps and co-jumps in gold?","authors":"Neharika Sobti","doi":"10.1016/j.irfa.2025.104380","DOIUrl":"10.1016/j.irfa.2025.104380","url":null,"abstract":"<div><div>What factors predict intraday price jumps and co-jumps in gold markets? Using high-frequency data, we find that intraday price jumps and co-jumps in gold are very rare yet extreme events with a probability of 0.43 %, while daily jumps occur with a probability of 32 %. Gold futures showcase a greater number of intraday jumps than gold ETFs. Positive jumps (0.22 %) are more frequent than negative jumps (0.20 %), while negative jumps (−1.78 %) have greater size than positive jumps (1.59 %). Using intraday event study and penalized regressions, we find the asymmetric yet heterogenous impact of news and social media-based market psych aspects (<em>attention, sentiments, emotions</em>). News attention predicts negative jumps, while social media attention predicts positive jumps. News emotions are the dominant predictor of jumps and co-jumps, especially during news. Negative news sentiments predict negative jumps, while positive social media sentiments predict positive jumps. US macroeconomic news predicts 34 % intraday price jumps in gold markets, with the FOMC rate decision being the dominant news surprise. Liquidity aspects like trading activity, transaction cost, and order imbalance showcase high predictability for jumps and co-jumps. Exchange rate volatility and stock market uncertainty prove to significantly cause price jumps and co-jumps in gold. Jump spillover analysis confirms that news attention is the largest net transmitter of jump spillovers while news sentiments and social emotions are the largest net receiver of jumps.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104380"},"PeriodicalIF":7.5,"publicationDate":"2025-06-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144271156","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

Driving effects of U.S. monetary policy and geopolitical risks on gold reserve share 美国货币政策和地缘政治风险对黄金储备份额的驱动效应

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-04 DOI: 10.1016/j.irfa.2025.104391

Ziheng Liu , Jiahui Zhang , Ran Gu , Qizheng Hu , Shouchao He

引用次数: 0

Financial elderly care security and community satisfaction: The moderating effect of internet usage 金融养老保障与社区满意度：互联网使用的调节作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-04 DOI: 10.1016/j.irfa.2025.104383

Zhuojun Liu , Xinyu Xu

引用次数: 0

Birthplace bias, familiarity and portfolio choice 出生地偏见、熟悉度和投资组合选择

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-04 DOI: 10.1016/j.irfa.2025.104377

Qingchong Chen , Xiong Xiong , Ya Gao , Yumeng Zhang

引用次数: 0

Boards' green background and corporate ESG 董事会绿色背景与企业ESG

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-04 DOI: 10.1016/j.irfa.2025.104386

Liangyu Chen , Alkut Yusuyin , Renyi Zhang , Yongmin Zhang

引用次数: 0