International Review of Financial Analysis最新文献

{"title":"International capital flows, financial development, and economic growth fluctuations","authors":"Fang Li ,&nbsp;Shuyong Ouyang ,&nbsp;Victor Chen","doi":"10.1016/j.irfa.2025.104125","DOIUrl":"10.1016/j.irfa.2025.104125","url":null,"abstract":"<div><div>This paper examines the effect of international capital flows on economic growth fluctuations across 84 countries from 1980 to 2020. We find that international capital flows have a positive impact on economic growth fluctuations, a conclusion consistent across various measures of economic growth, including real output, potential output, output gap, and per capita output. Additionally, our analysis reveals that financial development can reduce the destabilizing effect of international capital flows on economic growth. These findings suggest that a well-developed financial system can stabilize economic growth during periods of high international capital flows.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104125"},"PeriodicalIF":7.5,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143678305","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}

{"title":"External audit quality and green innovation: Does environmental information disclosure matter?","authors":"Junhua Yang ,&nbsp;Ying Li ,&nbsp;Yu Zheng ,&nbsp;Mengqi Zhu ,&nbsp;Yasir Shahab ,&nbsp;Chengang Ye","doi":"10.1016/j.irfa.2025.104151","DOIUrl":"10.1016/j.irfa.2025.104151","url":null,"abstract":"<div><div>This study investigates the impact of external audit quality on green innovation. Utilizing comprehensive data of Chinese listed firms from 2008 to 2021, this study offers three key findings. First, we find that high-quality external audit increases green innovation. Second, this relation is significantly mediated and positively moderated by environmental information disclosure. Third, the positive effect is more pronounced in firms that have a high level of environmental information disclosure, are large-scale, are state-owned, or are green. This study identifies a reasonable policy approach to mitigate the dual externalities of corporate green innovation from the perspective of external governance. This approach is of significant theoretical and practical importance for heavy-polluting enterprises to enhance their environmental performance and contribute to green development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104151"},"PeriodicalIF":7.5,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143725522","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}

{"title":"Salary incentives, internal control, and firm's total factor productivity","authors":"Zhuo Cheng ,&nbsp;Siqi Huang ,&nbsp;Jingyi Yuan","doi":"10.1016/j.irfa.2025.104153","DOIUrl":"10.1016/j.irfa.2025.104153","url":null,"abstract":"<div><div>Using data from Chinese A-share listed state-owned enterprises from 2012 to 2022, this study systematically analyzes the impact mechanism of executive compensation incentives and equity incentives on enterprise total factor productivity (TFP). Furthermore, it examines the mediating role of internal control and the moderating effect of managerial myopia. Findings indicate that compensation and equity incentives significantly improve the TFP of state-owned enterprises, demonstrating their critical function as a primary means of improving business operational efficiency. Internal control serves as a partial mediator in this process, boosting the effectiveness of incentive programs. However, managerial myopia harms the positive effects of compensation and equity incentives. This study offers a unique perspective for understanding corporate incentive mechanisms and their influencing factors.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104153"},"PeriodicalIF":7.5,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143685638","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}

{"title":"China's green transformation under the dual incentives of economic growth and environmental protection","authors":"Shujun Zhang ,&nbsp;Dingyang Chen ,&nbsp;Qifeng Zou","doi":"10.1016/j.irfa.2025.104150","DOIUrl":"10.1016/j.irfa.2025.104150","url":null,"abstract":"<div><div>Drawing on panel data from 31 provinces in China from 2008 to 2020, this study examines the effects of green transformation on regional economic growth and environmental protection. Results demonstrate that green transformation significantly improves both regional economic growth and environmental sustainability. This outcome is robust under a series of validation tests. Moreover, digital economy policies positively moderate the green transformation process, significantly increasing the efficiency of environmental measures and the achievement of related objectives. However, for heterogeneity tests show that the impact of green transformation can differ according to population density. Overall, these results underscore the importance of formulating targeted regional green transformation strategies, especially in developing countries experiencing rapid economic growth.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104150"},"PeriodicalIF":7.5,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143685723","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}

{"title":"Digital economy, human capital accumulation, and corporate green total factor productivity: Based on strategic emerging industries","authors":"Hong Chen ,&nbsp;Zuwei Yu ,&nbsp;Shangui Hu","doi":"10.1016/j.irfa.2025.104152","DOIUrl":"10.1016/j.irfa.2025.104152","url":null,"abstract":"<div><div>Using data from publicly traded companies in China's strategic emerging industries from 2011 to 2022, this study investigates how the digital economy influences firms' green total factor productivity (GTFP). Findings indicate that the development of the digital economy significantly improves the GTFP of companies in strategic emerging industries. Human capital accumulation operates as a moderating variable between the digital economy and GTFP of these enterprises, with this moderating effect exhibiting heterogeneity between state-owned and private enterprises. Furthermore, firm size acts as a threshold in the interaction between the digital economy and companies' GTFP in strategic emerging industries.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104152"},"PeriodicalIF":7.5,"publicationDate":"2025-03-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143725312","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}

{"title":"Stakeholders and regulatory pressure on ESG disclosure","authors":"Enrica Bolognesi ,&nbsp;Alberto Burchi ,&nbsp;John W. Goodell ,&nbsp;Andrea Paltrinieri","doi":"10.1016/j.irfa.2025.104145","DOIUrl":"10.1016/j.irfa.2025.104145","url":null,"abstract":"<div><div>We focus on the impact of stakeholders' pressure on the levels of ESG transparency exhibited by companies operating under different regulatory frameworks – specifically, within voluntary or mandatory disclosure regimes – between 2012 and 2020. Our analysis encompasses European and US listed companies, each having taken distinct paths toward sustainability reporting. Europe underwent the transition to a mandatory disclosure regime with the implementation of the EU 2014 Non-Financial Reporting Directive, while the US adopted a market-based approach, often referring to disclosure frameworks established by non-governmental entities. Our findings reveal that, under the voluntary disclosure regime, higher pressure toward transparency is primarily driven by employee-oriented and environmentally sensitive companies. However, during the mandatory regime for European firms, regulatory pressure takes the place of the previously exerted pressure by stakeholders. US-listed firms are indirectly impacted by the European regulatory transition, exhibiting heightened levels of pressure on reporting demanded by stakeholders in environmentally sensitive industries, as well as by institutional investors.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104145"},"PeriodicalIF":7.5,"publicationDate":"2025-03-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143705997","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}

{"title":"Warehouse receipt pledge financing using blockchain data asset","authors":"Junhuan Zhang ,&nbsp;Kewei Cai ,&nbsp;Qiuhong Zhao","doi":"10.1016/j.irfa.2025.104104","DOIUrl":"10.1016/j.irfa.2025.104104","url":null,"abstract":"<div><div>The core essence of corporate governance lies in the governance framework and system that integrates accountability, transparency, fairness, responsibility, and risk management. This paper constructs a warehouse receipt data asset pledge financing model to analyze the financing decisions and behaviors between banks and enterprises. It aims to address the issues of information asymmetry and risk management in corporate governance within the context of blockchain technology. Firstly, in order to evaluate the value of data assets, this paper constructs a data asset evaluation model based on the data assets of the participants in the warehouse receipt pledge financing business which is divided into three parts: the financing party, the transaction partner, and the transaction environment. Secondly, based on the lending game between banks and enterprises, this paper constructs a warehouse receipt data asset pledge financing model to explore the financing interest rate and pledge rate levels provided by banks to different enterprises. Finally, an evolutionary game model is established based on the warehouse receipt pledge financing business of the bank and supply chain system, and the factors affecting the behavior and choice of the bank and supply chain system in the process of blockchain technology practice are visualized through simulation analysis. The results show that, firstly, the relationship between corporate operating income and loan scale is the initial consideration for banks when formulating loan conditions. The pledge rate and financing interest rate have a negative correlation. Higher data asset value leads to a higher pledge rate, which lowers the cost of funding for enterprises. Secondly, under certain circumstances, the equilibrium is that banks tend to use blockchain technology while supply chain systems tend to uphold promises. Thirdly, the blockchain construction cost and information cost restrict banks’ adoption of blockchain technology. Fourthly, the penalty mechanism significantly influences firms in choosing a stable compliance strategy.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104104"},"PeriodicalIF":7.5,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143678309","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}

{"title":"Government open data and corporate supply chain concentration","authors":"Yufan Dai ,&nbsp;Suping Kang ,&nbsp;Wei Liu","doi":"10.1016/j.irfa.2025.104144","DOIUrl":"10.1016/j.irfa.2025.104144","url":null,"abstract":"<div><div>This study examines how the construction of government open data platforms influences corporate supply chain concentration. Utilizing data from A-share listed companies on the Shanghai and Shenzhen stock exchanges from 2001 to 2022, and leveraging the staggered implementation of local government open data platforms as a quasi-natural experiment, we apply a multiperiod difference-in-differences approach for empirical analysis. The findings reveal that government open data significantly reduces corporate supply chain concentration, primarily by mitigating information asymmetry and alleviating financial mismatches. Additionally, heterogeneity analysis indicates that this effect is more pronounced for firms lacking political connections, those with low audit quality, and those with low equity concentration.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104144"},"PeriodicalIF":7.5,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143678311","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}

{"title":"The role of common ownership in shaping ESG rating uncertainty: A collaborative governance perspective across time horizons","authors":"He Yang","doi":"10.1016/j.irfa.2025.104083","DOIUrl":"10.1016/j.irfa.2025.104083","url":null,"abstract":"<div><div>This study integrates ESG considerations into the production decision-making model and empirically examines the relationship between common ownership and ESG rating uncertainty from a collaborative governance perspective. The analysis uses data from China's listed enterprises spanning from 2000 to 2023. The findings suggest that, the presence of common ownership reduces the uncertainty surrounding ESG factors for enterprises, indicating a collaborative governance effect that alleviates fluctuations in ESG performance and lightens overall ESG rating uncertainty. Mechanism analysis reveals how common ownership enhances enterprises' market power, amplifies the collaborative governance effect, and consequently lessens ESG rating uncertainty. Among common ownership, short-term, pressure-resistant, and domestic common ownership exert a more significant influence on ESG rating uncertainty. Among listed firms, common ownership has a greater impact on ESG rating uncertainty in those with lower environmental disclosure, higher media scrutiny, and those that are larger or privately owned. Regarding the rating uncertainties of ESG sub-items, the impact of common ownership on the rating uncertainty of the three factors—E, S, and G—is significant and similar in magnitude.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104083"},"PeriodicalIF":7.5,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686177","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}

{"title":"Sales investment, marketing digitalization, and corporate growth","authors":"Xinyue Wang ,&nbsp;Bo Zhang ,&nbsp;Linyi Tang","doi":"10.1016/j.irfa.2025.104146","DOIUrl":"10.1016/j.irfa.2025.104146","url":null,"abstract":"<div><div>Using balanced panel data from 1868 A-share listed companies across 19 industries from 2014 to 2021, this study investigates how sales investment influences corporate growth while considering moderating and mediating factors such as marketing digitalization, corporate heterogeneity, and market competitive position. Findings reveal that sales investment significantly boosts corporate growth. Marketing digitalization positively moderates the relationship between sales investment and corporate growth. Meanwhile, sales investment positively influences corporate growth, regardless of whether they are state-owned enterprises or private enterprises; however, the effect is more pronounced in the latter. Finally, market share partially mediates the effect of sales investment on corporate growth, implying that sales expenditure promotes corporate growth by increasing the company's market share.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104146"},"PeriodicalIF":7.5,"publicationDate":"2025-03-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143678308","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}