International Review of Financial Analysis最新文献_第5页

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

Strengthening of financial regulation and financial enterprise risk-taking: Analysis based on threshold effects, subindustry heterogeneity, and the moderating role of firm size 金融监管加强与金融企业风险承担：基于门槛效应、子行业异质性和企业规模调节作用的分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-09 DOI: 10.1016/j.irfa.2025.104296

Lilong Huang , Yikun Zhuang , Dongdong Dong , Xueqin Dong

{"title":"Strengthening of financial regulation and financial enterprise risk-taking: Analysis based on threshold effects, subindustry heterogeneity, and the moderating role of firm size","authors":"Lilong Huang , Yikun Zhuang , Dongdong Dong , Xueqin Dong","doi":"10.1016/j.irfa.2025.104296","DOIUrl":"10.1016/j.irfa.2025.104296","url":null,"abstract":"<div><div>Amid the growing complexity of the global financial system and tightening regulatory standards, this study examines the relationship between intensified financial regulation and the risk-taking behavior of financial enterprises. Using a comprehensive dataset of publicly traded financial firms from 2009 to 2022, the analysis reveals a nuanced relationship: stronger financial regulation generally enhances these enterprises' risk-taking capacity, but the correlation displays a clear threshold effect. By segmenting the data across financial banking, insurance, and securities subsectors, the study identifies distinct differences in how each sector responds to regulatory changes. Notably, firm size emerges as a key moderating factor, significantly amplifying the positive effect of stricter financial regulation on risk-taking, particularly within the banking industry. This research advances theoretical understanding of the regulation–risk nexus and offers policymakers robust empirical evidence and strategic insights to refine regulatory frameworks, safeguard financial stability, and promote sustainable growth.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104296"},"PeriodicalIF":7.5,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084361","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 multimodal sentiment classifier for financial decision making 金融决策的多模态情感分类器

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-09 DOI: 10.1016/j.irfa.2025.104322

Andrew Todd , James Bowden , Mark Cummins , Yang Su

{"title":"A multimodal sentiment classifier for financial decision making","authors":"Andrew Todd , James Bowden , Mark Cummins , Yang Su","doi":"10.1016/j.irfa.2025.104322","DOIUrl":"10.1016/j.irfa.2025.104322","url":null,"abstract":"<div><div>This study pioneers a multimodal approach to financial sentiment analysis through the integration of audio and textual data to enhance predictive accuracy. Motivated by the underutilisation of paralinguistic features and deep learning techniques in financial sentiment analysis, we introduce a novel deep learning-enabled multimodal classifier trained on corporate earnings calls using a subset of S&P 100 constituents. Our methodology incorporates FinBERT, a financial variant of Bidirectional Encoder Representation Transformations (BERT), alongside paralinguistic features and a deep learning classifier. Comparative analysis against established sentiment analysis methods, including dictionary approaches and machine learning models, suggests that our multimodal classifier achieves improved out-of-sample accuracy. Specifically, the inclusion of paralinguistic characteristics improves sentiment detection accuracy. Our research provides nuanced insights into sentiment analysis detection of different speakers (managers and analysts) during both the management discussion and Q&A sections of corporate earnings calls. Combined, our results suggest that multimodal sentiment analysis classification possesses the ability to deepen our understanding of the interplay between sentiment and market characteristics.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104322"},"PeriodicalIF":7.5,"publicationDate":"2025-05-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144222049","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

Fault-tolerance and error-correction mechanisms and mergers and acquisitions of state-owned enterprises: Evidence from China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-08 DOI: 10.1016/j.irfa.2025.104306

Liangkai Zhao , Huayue Yang

{"title":"Fault-tolerance and error-correction mechanisms and mergers and acquisitions of state-owned enterprises: Evidence from China","authors":"Liangkai Zhao , Huayue Yang","doi":"10.1016/j.irfa.2025.104306","DOIUrl":"10.1016/j.irfa.2025.104306","url":null,"abstract":"<div><div>This study empirically investigates the impact of fault-tolerance and error-correction mechanisms (FEMs), which have been implemented by the Chinese government in a staggered manner, on the mergers and acquisitions (M&As) of state-owned enterprises (SOEs) using data from China's A-share listed companies from 2010 to 2021. Our analysis reveals that FEMs promote the M&As of central, provincial and municipal SOEs significantly and contribute to the improved long-term accounting and market performance of SOEs after M&As by improving corporate governance and risk-taking levels. The robustness of our findings is confirmed through a variety of identification methods and alternative measures. Moreover, the incentive effect of FEMs on the M&As of SOEs is more pronounced in enterprises characterized by stronger promotion incentives and shorter tenure for managers. Additionally, our results indicate that FEMs raise the level of related diversified and cross-regional M&As of SOEs. These findings enhance the understanding of the significant role that FEMs play in shaping the investment strategies of SOEs.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104306"},"PeriodicalIF":7.5,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943032","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

Predicting credit risk in SCF: A novel framework with explainable GraphSAGE based on network integration

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-08 DOI: 10.1016/j.irfa.2025.104305

Jing Li , Chi Xie , Gang-Jin Wang , Matteo Foglia

{"title":"Predicting credit risk in SCF: A novel framework with explainable GraphSAGE based on network integration","authors":"Jing Li , Chi Xie , Gang-Jin Wang , Matteo Foglia","doi":"10.1016/j.irfa.2025.104305","DOIUrl":"10.1016/j.irfa.2025.104305","url":null,"abstract":"<div><div>We integrate three enterprise networks, i.e., the stock return network, risk spillover network, and market transaction network to predict the credit risk in supply chain finance (SCF) by applying the explainable GraphSAGE model. We construct the aforementioned networks to comprehensively illustrate the relationships among enterprises, train the GraphSAGE model to classify the nodes in the graph structure, and use GNNExplainer to analyze the explainability of model's predictions. We find that (i) GraphSAGE significantly outperforms the baseline models and achieves the highest scores in terms of all performance metrics in predicting credit risk; (ii) GNNExplainer is able to identify the financial indicators (reflecting the profitability, liquidity and leverage of enterprises) that have significant impacts on the predictions; and (iii) the influential neighbors of risky enterprises tend to be risky themselves, while those of the non-risky enterprises are often non-risky, thus demonstrating a credit risk alignment among enterprise relationships. Our findings offer market participants valuable insights into enhancing credit risk prediction by utilizing advanced graph-based models, identifying the critical financial indicators, and assessing credit risk based on enterprise networks.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104305"},"PeriodicalIF":7.5,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943115","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

Climate risks and financial stability: Evidence from China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-08 DOI: 10.1016/j.irfa.2025.104307

Xuejin Zhao , Xinbin Yao , Jiayi Huang

{"title":"Climate risks and financial stability: Evidence from China","authors":"Xuejin Zhao , Xinbin Yao , Jiayi Huang","doi":"10.1016/j.irfa.2025.104307","DOIUrl":"10.1016/j.irfa.2025.104307","url":null,"abstract":"<div><div>In recent years, extreme high-temperature events and other climate disasters have occurred frequently around the world, and climate risks have become one of the sources of financial risks. This paper clarifies the transmission mechanism of climate risks and empirically analyzes the impact of climate change on regional financial risk based on data from 31 provinces in China. The theoretical analysis indicates that climate risks affect the financial system through the real economy, and the economy and finance in turn affect the climate through low-carbon transformation, forming a complex network transmission mechanism of the “Climate-Economy-Finance” dual circulation. The empirical results confirm that climate change significantly increases regional financial risk at the national level. Specifically, regions with developed economies and high insurance coverage have stronger capabilities to resist climate risks. In terms of transmission mechanism test, climate risks propagate into financial markets through multiple channels, including deterioration of corporate operating performance, increase in non-performing loan ratios, expansion of government fiscal deficits, and obstruction to macroeconomic development. This study enriches the existing research on climate risks and provides references for the financial industry to improve its climate risk management capabilities.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104307"},"PeriodicalIF":7.5,"publicationDate":"2025-05-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943033","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