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

Source control or end-of-pipe treatment: How green finance policy impacts enterprise carbon intensity 源头控制还是末端处理：绿色金融政策对企业碳强度的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-11 DOI: 10.1016/j.irfa.2025.104323

Chenliang Zhu , Jiajun Qi , Lingbing Feng , Xinyi Wang

{"title":"Source control or end-of-pipe treatment: How green finance policy impacts enterprise carbon intensity","authors":"Chenliang Zhu , Jiajun Qi , Lingbing Feng , Xinyi Wang","doi":"10.1016/j.irfa.2025.104323","DOIUrl":"10.1016/j.irfa.2025.104323","url":null,"abstract":"<div><div>This paper evaluates the impact of green finance on enterprise carbon intensity utilizing the “Green Finance Reform and Innovation Pilot Zone” policy in China as a quasi-natural experiment design. The findings reveal that green finance effectively reduces enterprise carbon intensity, and this conclusion remains robust after a series of robustness checks. The mechanism analysis shows that green finance significantly increases the attention from capital markets, media, and government, while also reducing enterprises’ financing costs. However, under the increased pressure of external scrutiny and reduced financing costs, enterprises do not effectively control carbon emissions at the source. Instead, they increase their end-of-pipe pollution treatment to achieve emission reduction goals. Additionally, using the generalized random forest model in machine learning, this study finds that the proportion of fixed assets and Return on Equity (<em>ROE</em>) contribute most significantly to the heterogeneity of the policy effect. Further analysis reveals that the policy effect strengthens as the proportion of fixed assets increases, but gradually weakens with the rise of <em>ROE</em>.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104323"},"PeriodicalIF":7.5,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144098471","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 political connections on constructing a unified national market: Evidence from inter-regional capital flows 政治联系对构建统一的国家市场的影响：来自区域间资本流动的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-11 DOI: 10.1016/j.irfa.2025.104331

Mengfei Wan , Li Li

{"title":"Impact of political connections on constructing a unified national market: Evidence from inter-regional capital flows","authors":"Mengfei Wan , Li Li","doi":"10.1016/j.irfa.2025.104331","DOIUrl":"10.1016/j.irfa.2025.104331","url":null,"abstract":"<div><div>An essential form of capital flow, inter-regional investment consistently promotes regional coordination while accelerating economic development. In China, it is a key force in constructing a unified national market. As informal institutions, political connections can impact corporate investment decisions. This study examines panel data from Chinese A-share firms listed on the Shanghai and Shenzhen stock exchanges, focusing on the geographic diversification of investments. We investigate the impact of political connections on constructing a unified national market. Political connections reduce inter-regional investment and slow the construction of a unified national market. This effect operates through the mechanisms of higher rent-seeking costs and policy “burdens”. A lack of cross-provincial tenure among officials, high local fiscal deficits, and high regional unemployment rates significantly increase the negative impact of political connections on firms' cross-regional subsidiary distribution. Further analysis indicates that the negative effects of political connections on inter-regional investment are more pronounced in regions with lower levels of marketization and stronger local protectionism. The conclusions of this study augment the understanding of how political connections affect corporate decision-making and capital flows across regions, providing essential insights for advancing the construction of a unified national market.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104331"},"PeriodicalIF":7.5,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144089111","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

Generosity under environmental pressure: Climate change exposure and corporate philanthropy 环境压力下的慷慨：气候变化与企业慈善

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-11 DOI: 10.1016/j.irfa.2025.104336

Yuqiang Cao , Yunxin Liu , Meiting Lu , Yaowen Shan , Yanglan Zu

引用次数: 0

From marketing to manpower: Impact of advertising expenditures on employment 从市场营销到人力：广告支出对就业的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-11 DOI: 10.1016/j.irfa.2025.104333

Wenjun Xie , Yao Chen

引用次数: 0

Artificial intelligence and green transformation of manufacturing enterprises 人工智能与制造企业绿色转型

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-10 DOI: 10.1016/j.irfa.2025.104330

Chaobo Zhou , Haikuo Zhang , Jinhuika Ying , Shouchao He , Chong Zhang , Jiale Yan

{"title":"Artificial intelligence and green transformation of manufacturing enterprises","authors":"Chaobo Zhou , Haikuo Zhang , Jinhuika Ying , Shouchao He , Chong Zhang , Jiale Yan","doi":"10.1016/j.irfa.2025.104330","DOIUrl":"10.1016/j.irfa.2025.104330","url":null,"abstract":"<div><div>The rapid development and widespread application of artificial intelligence (AI) has had a profound impact on the economy and society. However, we need to be sure that the use of AI technology can inject vitality into the green transformation (GT) of enterprises. Based on panel data from Chinese listed manufacturing companies spanning 2013 to 2022, this study asks the question in the manufacturing sector, using the establishment of China's new-generation AI innovation and development pilot zones as a quasi-natural experiment. Employing a multiperiod difference-in-differences model, we find that AI adoption significantly promotes GT in manufacturing enterprises. This conclusion remains robust when validated through a generalized random forest (GRF) model. Mechanism testing shows that improvements in enterprise environmental, social, and governance performance and information transparency serve as key drivers of AI's positive influence on GT. Additionally, media attention and executives with research and development backgrounds further enhance AI's role in promoting GT. Heterogeneity analysis using the GRF model reveals an inverted U-shaped relationship between Tobin's Q, enterprise age, and the treatment effect. As such, we uncover the underlying mechanisms of AI's impact on GT and offer insights for policymakers to actively and prudently advance AI development, supporting the integration of digital and real economies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104330"},"PeriodicalIF":7.5,"publicationDate":"2025-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144068348","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

Local government debt and corporate stock liquidity: Evidence from China 地方政府债务与公司股票流动性：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-10 DOI: 10.1016/j.irfa.2025.104318

Lin Pan , Kun Huang , Zhili Wang

{"title":"Local government debt and corporate stock liquidity: Evidence from China","authors":"Lin Pan , Kun Huang , Zhili Wang","doi":"10.1016/j.irfa.2025.104318","DOIUrl":"10.1016/j.irfa.2025.104318","url":null,"abstract":"<div><div>The growing prominence of government debt has emerged as a critical concern in contemporary economic scholarship and policy discourse. Drawing on a comprehensive dataset of Chinese A-share listed firms over the period 2011–2019, this study explores the influence of local government debt on corporate stock liquidity. Our empirical analysis reveals that the expansion of local government debt significantly reduces the stock liquidity of local firms, with robustness checks confirming this causal relationship. One plausible explanation is that the expansion of local government debt increases the information opacity of local firms, leading to a decrease in the liquidity of their stocks. The adverse stock liquidity impact of local government debt expansion is particularly pronounced among private firms, small firms, and firms exhibiting greater financing constraints. In contrast, the negative effect of local government debt on firms' stock liquidity is significantly weakened when firms have better quality internal control or more effective external governance mechanisms such as media and auditors' supervision. Our study contributes firm-level evidence of the adverse effects of local government debt expansion from the perspective of stock liquidity and has policy implications for controlling government debt.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104318"},"PeriodicalIF":7.5,"publicationDate":"2025-05-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144070543","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

Can government environmental audit improve green innovation? 政府环境审计能否促进绿色创新？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-10 DOI: 10.1016/j.irfa.2025.104334

Jianhua Tan , Xinyue Zhou , Min Hua , Kam C. Chan

引用次数: 0

Board gender diversity and accounting conservatism 董事会性别多样性与会计稳健性

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-09 DOI: 10.1016/j.irfa.2025.104309

Vijaya B. Marisetty , Athira Kommatt

引用次数: 0

Can cryptocurrency or gold rescue BRICS stocks amid the Russia-Ukraine conflict? 在俄乌冲突中，加密货币或黄金能拯救金砖国家股市吗？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-09 DOI: 10.1016/j.irfa.2025.104321

Wei Wang , Martin Enilov , Petar Stankov

{"title":"Can cryptocurrency or gold rescue BRICS stocks amid the Russia-Ukraine conflict?","authors":"Wei Wang , Martin Enilov , Petar Stankov","doi":"10.1016/j.irfa.2025.104321","DOIUrl":"10.1016/j.irfa.2025.104321","url":null,"abstract":"<div><div>This study examines whether cryptocurrency markets offer more resilient safe haven properties than gold for stock markets in the BRICS economies from 28th April 2013 to 27th September 2024. Unlike traditional studies that primarily focus on Bitcoin or top-market cap cryptocurrencies, we introduce a novel Crypto index that includes 9468 active and defunct cryptocurrencies, providing a comprehensive view of daily market fluctuations across all listed crypto assets. We also investigate the impact of the Russia-Ukraine military conflict on the safe haven status of these assets. Using a time-varying robust Granger causality framework, we analyse the dynamic relationships between potential safe haven assets and BRICS stocks. Additionally, we explore the network structure of gold, cryptocurrencies, and BRICS stocks across different quantiles. Our results show limited evidence of time-invariant causality, but strong evidence of time-varying causality, suggesting that neither gold nor cryptocurrencies act as safe havens for BRICS stocks over the entire sample period. We find increased market interconnectedness during extreme conditions, with gold and cryptocurrencies initially acting as net receivers of shocks, but gold shifting to a net transmitter during the conflict, indicating stronger safe haven properties for gold. Portfolios favour gold over crypto, and small-cap cryptocurrencies are cheaper but less efficient hedges compared to large-cap cryptos, with Bitcoin emerging as the optimal investment for returns. These findings offer valuable insights for investors and policymakers, particularly for optimizing portfolio management and supporting financial stability during market turbulence.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104321"},"PeriodicalIF":7.5,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143935785","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

From government subsidies to media attention: A study of corporate environmental protection investment strategies driven by these two factors

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-09 DOI: 10.1016/j.irfa.2025.104319

Yu Deng , Chenming Yu , Shengyang Zhong

{"title":"From government subsidies to media attention: A study of corporate environmental protection investment strategies driven by these two factors","authors":"Yu Deng , Chenming Yu , Shengyang Zhong","doi":"10.1016/j.irfa.2025.104319","DOIUrl":"10.1016/j.irfa.2025.104319","url":null,"abstract":"<div><div>The article selects the panel data of 4319 listed companies in A-share from 2010 to 2022, empirically examines the relationship between government subsidies and corporate environmental protection investment by using two-way fixed-effects model, explores the role of government subsidies on corporate environmental protection investment by using mediated-effects model and assumes that media attention is one of the conduction pathways, and this paper concludes that government subsidies have a significant positive effect on corporate environmental protection investment and may further enhance corporate environmental protection investment by promoting the level of media attention. This paper concludes that government subsidies have a significant positive effect on corporate environmental investment, and may further enhance corporate environmental investment by promoting the level of media attention. This means that government subsidies not only directly affect the environmental investment behavior of enterprises, but also may increase public attention and recognition through media reports and publicity, thus further motivating enterprises to increase environmental investment. Therefore, the government should increase the subsidy, and at the same time, the relevant regulatory authorities should standardize the disclosure of environmental accounting information to provide an effective basis for government subsidies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104319"},"PeriodicalIF":7.5,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943034","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