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The impact of ESG distance on mergers and acquisitions ESG 距离对并购的影响
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103677
Ning Tang , Xiaodong Xu , Yuan-Teng Hsu , Chih-Yung Lin
{"title":"The impact of ESG distance on mergers and acquisitions","authors":"Ning Tang ,&nbsp;Xiaodong Xu ,&nbsp;Yuan-Teng Hsu ,&nbsp;Chih-Yung Lin","doi":"10.1016/j.irfa.2024.103677","DOIUrl":"10.1016/j.irfa.2024.103677","url":null,"abstract":"<div><div>In this study, we utilize the most recent ESG (Environmental, Social, and Governance) data to calculate the ESG distance between acquiring and target firms, subsequently assessing its impact on merger outcomes. Our analysis suggests that deals with a larger ESG distance are associated with reduced cumulative abnormal returns (CARs) around the deal announcements. We find that, following the Kyoto Protocol in 2005, counterparties with larger ESG distances are less favored by investors. This suggests that the market perceives significant ESG distance as a potential impediment to seamless post-merger integration. Notably, a pronounced acquirer-target ESG distance diminishes the propensity for mergers, especially when target firms with more bargaining power during the negotiation. In the long-term performance of acquiring firms, we discern that ESG disparity reduces firm performance and increases crash risk.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103677"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142593762","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
Corporate culture and investment inefficiency 企业文化与投资效率低下
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103736
Md Noman Hossain , Monika K. Rabarison , Chiquan Guo
{"title":"Corporate culture and investment inefficiency","authors":"Md Noman Hossain ,&nbsp;Monika K. Rabarison ,&nbsp;Chiquan Guo","doi":"10.1016/j.irfa.2024.103736","DOIUrl":"10.1016/j.irfa.2024.103736","url":null,"abstract":"<div><div>Using an aggregate measure of corporate culture, we find that firms with stronger corporate culture encounter lower investment inefficiency. We show that reducing information asymmetry or engaging in tax avoidance are two potential channels through which corporate culture reduces investment inefficiency. Further analyses reveal that the aforementioned relationship is more pronounced for firms with lower local religiosity, firms with less corporate social responsibility engagement, and financially unconstrained firms. Overall, our findings contribute to the literature stressing the importance of corporate culture for corporate decisions and outcomes, and hence, for adding value.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103736"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663647","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
Social security, relative deprivation, digital capacity, and household financial investment behavior 社会保障、相对贫困、数字能力和家庭金融投资行为
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103771
Lei Jiao , Sijin Lu , Changchun Chen , Yu Feng
{"title":"Social security, relative deprivation, digital capacity, and household financial investment behavior","authors":"Lei Jiao ,&nbsp;Sijin Lu ,&nbsp;Changchun Chen ,&nbsp;Yu Feng","doi":"10.1016/j.irfa.2024.103771","DOIUrl":"10.1016/j.irfa.2024.103771","url":null,"abstract":"<div><div>Household financial investment behavior significantly impacts economic stability and growth, yet the complex interplay between social security, relative deprivation, and digital capability in shaping these decisions remains understudied, particularly in developing economies. While previous research has explored various factors influencing household investments, the mediating role of relative deprivation and the moderating effect of digital capability in the context of social security have been overlooked. This study addresses this gap by examining how these factors interact to influence household financial investment decisions in China. Using data from the China Family Panel Studies (CFPS) 2018, we employ regression analyses and robustness tests to investigate these relationships. Our findings reveal that comprehensive social security coverage encourages households to engage in riskier financial investments, with reduced relative deprivation enhancing this effect and increased digital capability strengthening the relationship between social security and investment decisions. These results underscore the importance of integrating behavioral and technological insights into social security policy to enhance economic participation and development. Our study contributes to a more nuanced understanding of the determinants of household financial behavior in emerging economies and offers valuable insights for policymakers seeking to promote financial inclusion and economic growth.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103771"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663660","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
Unveiling the adverse selection problem in China's digital lending market: Evidence from CHFS 揭示中国数字借贷市场的逆向选择问题：来自CHFS的证据
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103631
Zhihao Zhan , Anqi Zhang , Mingxin Zhang , Mingxin Zhang
{"title":"Unveiling the adverse selection problem in China's digital lending market: Evidence from CHFS","authors":"Zhihao Zhan ,&nbsp;Anqi Zhang ,&nbsp;Mingxin Zhang ,&nbsp;Mingxin Zhang","doi":"10.1016/j.irfa.2024.103631","DOIUrl":"10.1016/j.irfa.2024.103631","url":null,"abstract":"<div><div>Using data from the China Household Finance Survey (CHFS) 2019, we reveals a substantial adverse selection issue within China's Internet Credit Loan (ICL) market. Empirical evidence indicates that households with higher Debt-to-Income Ratios (DIR) are more inclined to apply for Internet Credit Loans (ICLs), with an average DIR of 76.9 %, constituting 20 % of ICL applications. While Internet Credit Loans (ICLs) provide alternative financing options, their high fixed interest rates undermine the potential cost advantages associated with digital technology. Adverse selection is especially pronounced in the case of operational loans. Our findings underscore the urgency for regulatory intervention to address these issues effectively.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103631"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142658324","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 Fintech mitigates credit mismatches to promote green innovation: Evidence from Chinese listed enterprises 金融科技如何缓解信贷错配以促进绿色创新？来自中国上市企业的证据
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103740
Shaohui Wang , Yanlan Yong , Xizhang Liu , Yunliang Wang
{"title":"How Fintech mitigates credit mismatches to promote green innovation: Evidence from Chinese listed enterprises","authors":"Shaohui Wang ,&nbsp;Yanlan Yong ,&nbsp;Xizhang Liu ,&nbsp;Yunliang Wang","doi":"10.1016/j.irfa.2024.103740","DOIUrl":"10.1016/j.irfa.2024.103740","url":null,"abstract":"<div><div>The intersection of financial technology (fintech) and sustainable development has gained increasing attention, particularly regarding how fintech can support corporate green innovation. However, the role of fintech in mitigating credit mismatches—a key barrier for enterprises pursuing green initiatives—remains underexplored, especially within the context of Chinese listed enterprises. Addressing this gap, our study utilizes a panel dataset from 2010 to 2021 to investigate the influence of fintech on green innovation and the mediating role of credit mismatches. Through a series of baseline regressions, endogeneity tests, and heterogeneity analyses, we find a significant positive relationship between fintech adoption and green innovation, with credit mismatches serving as a crucial mediator. Moreover, the effects of fintech are most pronounced in eastern China and in industries with lower pollution levels. These findings provide new insights into how fintech can bridge financing gaps, foster green innovation, and promote the transition to a more sustainable economy. Our results carry important implications for policymakers aiming to leverage fintech as a tool for both financial inclusion and environmental sustainability.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103740"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663263","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
Management myopia and corporate innovation in China: Focus on the moderating role of equity incentives 中国的管理近视与企业创新：关注股权激励的调节作用
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103733
Xiu-e Zhang , Na Li
{"title":"Management myopia and corporate innovation in China: Focus on the moderating role of equity incentives","authors":"Xiu-e Zhang ,&nbsp;Na Li","doi":"10.1016/j.irfa.2024.103733","DOIUrl":"10.1016/j.irfa.2024.103733","url":null,"abstract":"<div><div>This study selected a sample of A-listed companies on the Shanghai and Shenzhen stock exchanges from 2010 to 2022 to examine the relationship between management myopia and corporate innovation. The findings are as follows. First, management myopia has an inhibiting effect on corporate innovation, whereas market competition significantly enhances such innovation. Second, equity incentives can alleviate the inhibiting effect of management myopia on corporate innovation by motivating managers to focus more on long-term development and innovation investments. Third, market competition has different impacts on innovation of companies with different levels of ownership. In this regard, its impact on companies with high equity concentration is more significant. Finally, market competition has different impacts on the innovation of state-owned and private enterprises, with a more significant impact on the latter.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103733"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663267","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
Decrypting Metaverse crypto Market: A nonlinear analysis of investor sentiment 解密 Metaverse 加密货币市场：投资者情绪的非线性分析
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103714
Samet Gunay , Mohamed M. Sraieb , Shahnawaz Muhammed
{"title":"Decrypting Metaverse crypto Market: A nonlinear analysis of investor sentiment","authors":"Samet Gunay ,&nbsp;Mohamed M. Sraieb ,&nbsp;Shahnawaz Muhammed","doi":"10.1016/j.irfa.2024.103714","DOIUrl":"10.1016/j.irfa.2024.103714","url":null,"abstract":"<div><div>This study aims to investigate the role of investor sentiment in the emerging metaverse market, a novel entrepreneurship model. Empirical analyses are conducted through various causality tests to reveal the predictive power of investor sentiment on the price developments of the metaverse market. The Nonlinear Granger causality test indicates causal effects running from BTC (Bitcoin), GT (Google Trend), and FGI (Fear-Greed Index) to MVI (Metaverse Index). Further examination of these interactions through MS-VAR analysis reveals that under bear market regimes, both investor sentiment proxies (GT and FGI) and BTC have a statistically significant causal effect on the returns of MVI. This finding suggests that metaverse crypto market returns are substantially influenced by investor sentiment during periods of anxiety and turmoil, evident in steep bear markets, rather than during periods of tranquility and euphoria characteristic of bull markets. The results of the time-varying approach confirm this finding by indicating spikes in causal effects towards the end of 2021, during which a severe crash in cryptocurrency markets occurred. Overall, the causal links during market downturns may stem from the fear of missing out (FOMO) in retail investors, who mainly dominate the sentimental factors utilized in this study.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103714"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663270","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
Has digital transformation enhanced the corporate resilience in the face of COVID-19? Evidence from China 面对 COVID-19，数字化转型是否增强了企业的应变能力？来自中国的证据
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103709
Yihui Chen , Qingfeng Cai , Zhenkai Wang , Zhenfeng Xu
{"title":"Has digital transformation enhanced the corporate resilience in the face of COVID-19? Evidence from China","authors":"Yihui Chen ,&nbsp;Qingfeng Cai ,&nbsp;Zhenkai Wang ,&nbsp;Zhenfeng Xu","doi":"10.1016/j.irfa.2024.103709","DOIUrl":"10.1016/j.irfa.2024.103709","url":null,"abstract":"<div><div>Based on 3146 Chinese A-share listed firms, we reveal that digital transformation significantly enhances corporate resilience, including both traditional corporate resilience constructed using cross-sectional data and anticipated resilience built using panel data, in the face of the COVID-19 pandemic. This finding is consistent across both Ordinary Least Squares and generalized Difference-in-Differences analyses. Moreover, the enhancing effect of digital transformation on corporate resilience is more pronounced for firms located in regions with a low level of digital economy, labour- and capital-intensive firms, small firms, and private firms. Furthermore, we find that the enhancing effect of digital transformation on corporate resilience is achieved by improving firms' operational efficiency, increasing diversity in the firms' suppliers and customers, and enhancing firms' financing capabilities during the pandemic.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103709"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142551894","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
The backfire of mutual funds balancing financial objectives in ESG investments: Evidence from China 共同基金在 ESG 投资中平衡财务目标的反作用：来自中国的证据
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103686
Qiling Luo , Minggao Xue , Yeqin Xiong , Xiaowen Ge
{"title":"The backfire of mutual funds balancing financial objectives in ESG investments: Evidence from China","authors":"Qiling Luo ,&nbsp;Minggao Xue ,&nbsp;Yeqin Xiong ,&nbsp;Xiaowen Ge","doi":"10.1016/j.irfa.2024.103686","DOIUrl":"10.1016/j.irfa.2024.103686","url":null,"abstract":"<div><div>In response to ESG (Environment, Social, and Governance) shock, mutual funds seem to be moving toward balancing the ESG objectives with traditional financial objectives. We observe such efforts in a sample of the Chinese active mutual funds from 2016 to 2022. These funds fulfill the Principles for Responsible Investment (PRI) requirements by investing in assets that combine superior ESG performance with excellent returns. However, the balance strategy falls short of its intended goals compared to normal ESG investments but rather leads to additional underperformance. Although our work reveals potential opportunities for balancing ESG and financial objectives, the lack of learning process and the limited attention make mutual funds miss such opportunities when they switch to balance strategy to speculatively cope with PRI constraints. This outcome suggests that in the face of the new investment trends driven by ESG shock, funds would pay a price for a superficial understanding of balance strategy and hasty actions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103686"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142571280","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 components and equity returns: Evidence from real estate investment trusts 环境、社会和治理要素与股票回报：房地产投资信托的证据
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103716
Kwok Yuen Fan , Jianfu Shen , Eddie C.M. Hui , Louis T.W. Cheng
{"title":"ESG components and equity returns: Evidence from real estate investment trusts","authors":"Kwok Yuen Fan ,&nbsp;Jianfu Shen ,&nbsp;Eddie C.M. Hui ,&nbsp;Louis T.W. Cheng","doi":"10.1016/j.irfa.2024.103716","DOIUrl":"10.1016/j.irfa.2024.103716","url":null,"abstract":"<div><div>This study examines the relationships between the individual components of environmental, social, and governance (ESG) performance and future stock returns of US Real Estate Investment Trusts (REITs). The findings demonstrate a negative association between environmental performance and expected returns, while social performance shows a positive relationship with future returns. Moreover, the study investigates whether the observed negative (positive) relationship between environmental (social) performance and equity returns can be attributed to the predictability of ESG components on future firm fundamentals or investor preferences towards different ESG components. The results indicate that environmental performance has a detrimental impact on firm fundamentals in REITs, including future profits, external financing, and stock risk. Conversely, social performance exhibits a positive association with future firm fundamentals. Institutional investors do not significantly reduce ownership to REITs with strong environmental performance but increase their ownership of REITs with strong social performance. In summary, this study highlights that the relationship between ESG and equity varies depending on the specific ESG components under consideration.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103716"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142578837","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
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