International Review of Financial Analysis最新文献_第6页

The impact of the carbon reduction policy effectiveness on energy companies' ESG performance 碳减排政策效果对能源企业ESG绩效的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103720

Shengnan Peng , Chan Liu , Ze Wang , Zihan Ye , Xialing Sun , Zhanglu Tan

{"title":"The impact of the carbon reduction policy effectiveness on energy companies' ESG performance","authors":"Shengnan Peng , Chan Liu , Ze Wang , Zihan Ye , Xialing Sun , Zhanglu Tan","doi":"10.1016/j.irfa.2024.103720","DOIUrl":"10.1016/j.irfa.2024.103720","url":null,"abstract":"<div><div>As one of the largest sources of carbon emissions, energy companies are motivated to improve their environmental, social, and governance (ESG) performance to attract investment and meet sustainability goals under the constraints of carbon reduction policies. However, it is currently unclear whether and how carbon reduction policies can help energy companies improve their ESG performance. Therefore, this paper comprehensively examines the impact of carbon reduction policies on the ESG performance of energy companies. First, we use the content analysis method to construct a novel index as a proxy of policy influence based on policy text, i.e., the carbon reduction policy effectiveness (CRPE) index. Then, we empirically examine the impact of CRPE on the ESG performance of energy companies using the panel data of Chinese A-share listed energy companies from 2010 to 2022. The empirical study shows that the CRPE can significantly improve the ESG performance of energy companies and remains robust to robustness tests. Mechanism tests show that it is due to the increase in executives with environmental backgrounds and executive compensation. For the three indicators (E, S, and G) of ESG performance, CRPE promotes environmental and social performance but reduces governance performance. Notably, the effect of CRPE on the ESG performance of clean energy companies and state-owned enterprises (SOEs) is more significant. These findings enrich environmental economic theories and provide a reference for energy companies to promote ESG practices and the low-carbon transition, helping to accelerate the process of carbon neutrality.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103720"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142586841","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

Differentiating between successful VC exit strategies: The influences of time-since-first-funding-received by the venture and strength of US VCs in cross-border syndicates 区分成功的风险投资退出战略：风险企业获得首次融资后的时间和美国风险投资公司在跨国银团中的实力的影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103758

Kanhaiya K. Sinha , Sanjay Goel , Nga Nguyen

引用次数: 0

Data factor agglomeration and urban green finance: A quasi-natural experiment based on the National Big Data Comprehensive Pilot Zone 数据要素集聚与城市绿色金融：基于国家大数据综合试验区的准自然实验

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103732

Huizong Wang , Yulong Hao , Qiang Fu

{"title":"Data factor agglomeration and urban green finance: A quasi-natural experiment based on the National Big Data Comprehensive Pilot Zone","authors":"Huizong Wang , Yulong Hao , Qiang Fu","doi":"10.1016/j.irfa.2024.103732","DOIUrl":"10.1016/j.irfa.2024.103732","url":null,"abstract":"<div><div>Using panel data from 246 cities in China from 2008 to 2021, we investigate the impact of data factor agglomeration on the development of urban green finance through a quasi-natural experiment based on the National Big Data Comprehensive Pilot Zone. Findings reveal that the effect of data agglomeration, characterized by the construction of big data comprehensive pilot zone, has significantly improved urban green finance development in the pilot zones. Further research shows that data factor agglomeration can expand the development scale of urban green finance by promoting industrial structure upgrading and improve the development efficiency of urban green finance by driving innovation in digital technology, both of which can promote urban green finance development. Furthermore, the impact of data factor agglomeration on urban green finance development is influenced by geographic location and urban administrative level, with greater significance for cities in the eastern region and those with high administrative levels. Meanwhile, the human capital level and environmental regulation strength positively moderate the efficacy of the data factors' agglomeration. Our study explores the effective and realistic approaches to promote the development of urban green finance from the perspective of data factor agglomeration, providing a reference for countries to accelerate the construction of good data factor ecosystems and promote green finance reform in depth.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103732"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663272","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

Synergistic abatement effects of Broadband China and environmental regulation: Firm-level evidence 宽带中国与环境监管的协同减排效应：企业层面的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103750

Dongyang Zhang , Dingchuan Bai , Yurun He , Qiaobing Sun

{"title":"Synergistic abatement effects of Broadband China and environmental regulation: Firm-level evidence","authors":"Dongyang Zhang , Dingchuan Bai , Yurun He , Qiaobing Sun","doi":"10.1016/j.irfa.2024.103750","DOIUrl":"10.1016/j.irfa.2024.103750","url":null,"abstract":"<div><div>Based on the new era context of digital economy and green development, this study uses Broadband China (BC) as a quasi-natural experiment, combining its strategic interaction with environmental regulation (ER), to empirically test the policy synergistic abatement effect of BC and ER. BC has resulted in an average of 6 % reduction in corporate carbon emissions, and the BC–ER policy interaction has encouraged firms to further reduce their emissions. This policy mix mainly exerts an abatement effect on firms by increasing green factors at the input–output stage and improving production efficiency. Furthermore, the digitalization effect of BC reduces corporate carbon emissions. Our empirical results are stronger for firms with high financial constraints, non-heavily polluting firms, non-high-technology firms, state-owned enterprises, and developed urban agglomerations. Furthermore, BC significantly suppresses the sectoral and spatial spillover effects of corporate carbon emissions, and external shocks to ER exacerbate this suppression effect. This study provides empirical evidence supporting the “tripartite win–win” of digital construction, green transformation, and energy conservation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103750"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663659","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

Spillover between investor sentiment and volatility: The role of social media 投资者情绪与波动性之间的溢出效应：社交媒体的作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103643

Ni Yang , Adrian Fernandez-Perez , Ivan Indriawan

引用次数: 0

How bankruptcy system innovation affects firm investment behavior: A quasi-natural experiment based on the establishment of bankruptcy courts in China 破产制度创新如何影响企业投资行为：基于中国设立破产法院的准自然实验

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103723

Tingyong Zhong , Ying Duan , Zhiguo Ding

{"title":"How bankruptcy system innovation affects firm investment behavior: A quasi-natural experiment based on the establishment of bankruptcy courts in China","authors":"Tingyong Zhong , Ying Duan , Zhiguo Ding","doi":"10.1016/j.irfa.2024.103723","DOIUrl":"10.1016/j.irfa.2024.103723","url":null,"abstract":"<div><div>This study investigates the effects of bankruptcy system innovation on firm investment behavior. Taking the establishment of bankruptcy courts in China as a quasi-natural experiment and using the difference-in-differences method, we show a significant positive relationship between the bankruptcy system and firm investment in financial assets. Improving creditor protection, increasing firms' financing constraints and costs, and increasing the bankruptcy reorganization rate are the main mechanisms through which the establishment of bankruptcy courts promotes firm investment in financial assets. Moreover, the effects of bankruptcy court establishment on firm investment in financial assets are more significant for non-state-owned firms, firms with <em>CEO</em>s who do not have a financial background, and firms in regions with better institutional environments. Finally, we find that the increased investment in financial assets by firms after the establishment of the bankruptcy court balances the efficiency of investment in financial assets at the same time. The findings of this study can provide a reference for optimizing the allocation of market resources and improving the financial rules of the legal system.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103723"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663275","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 companies' input of data factor eliminate investors' home biases? 公司输入的数据因子能否消除投资者的家庭偏见？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103763

Rongda Chen , Weidao Mao , Shengnan Wang , Chenglu Jin

引用次数: 0

Are more analysts better? The case of convertible bond announcement effects 分析师越多越好吗？可转换债券公告效应案例

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103696

Jörg Prokop , Matthias Walting , Franziska Kahlen

引用次数: 0

Competitive dynamics between decentralized and centralized finance lending markets 分散和集中融资借贷市场的竞争态势

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103699

Jaemin Son, Doojin Ryu

引用次数: 0

External guarantees and ESG performance in China: Resource constraints or impression management? 中国的外部担保与环境、社会和公司治理绩效：资源限制还是印象管理？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2024-11-01 DOI: 10.1016/j.irfa.2024.103762

Yunling Song , Chengying Xu , Li Wei

{"title":"External guarantees and ESG performance in China: Resource constraints or impression management?","authors":"Yunling Song , Chengying Xu , Li Wei","doi":"10.1016/j.irfa.2024.103762","DOIUrl":"10.1016/j.irfa.2024.103762","url":null,"abstract":"<div><div>External guarantees provided by listed firms are prevalent in China, influencing firms' motivations and capabilities concerning other business strategies. ESG (Environmental, Social, and Governance) represents a strategic imperative for companies aiming at sustainable development. Understanding how external guarantees impact ESG performance is essential for advancing the ESG agenda. This study examines the relationship between the intensity of external guarantees and ESG performance among Chinese listed firms from 2009 to 2021. Our results consistently show a negative correlation between external guarantee intensity and ESG performance, impacting all ESG pillars and remaining robust through various robustness and endogeneity checks. The mechanisms underlying this impact include reduced resources, diminished stakeholder welfare, and hindered green innovation. The extent of this impact is influenced by environmental regulation, social trust, and market position while unaffected by the needs for impression management. These findings suggest that regulatory interventions in external guarantees could improve ESG outcomes, with significant implications for policymakers and corporate governance.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"96 ","pages":"Article 103762"},"PeriodicalIF":7.5,"publicationDate":"2024-11-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142663607","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