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

Corrigendum to “ESG performance and private enterprise resilience: Evidence from Chinese financial markets” [International Review of Financial Analysis, 98(2025)103884] “ESG绩效与民营企业弹性：来自中国金融市场的证据”[国际金融分析评论，98(2025):103884]

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-07 DOI: 10.1016/j.irfa.2025.104298

Shaorong Jin, Ruoyu Xiong, Huan Peng, Shiyu Tang

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Digital finance and new quality productive force of enterprise: Based on the analysis of enterprise industrial and commercial big data 数字金融与企业新型优质生产力：基于企业工商大数据分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-06 DOI: 10.1016/j.irfa.2025.104303

Haijun Wang , Lili Zhou , Xin Liu , Huiyang Li , Ying Liu

{"title":"Digital finance and new quality productive force of enterprise: Based on the analysis of enterprise industrial and commercial big data","authors":"Haijun Wang , Lili Zhou , Xin Liu , Huiyang Li , Ying Liu","doi":"10.1016/j.irfa.2025.104303","DOIUrl":"10.1016/j.irfa.2025.104303","url":null,"abstract":"<div><div>Digital finance addresses challenges related to inadequate supply and financing imbalances in traditional financial systems, supporting enterprise innovation and development. This study examines how digital finance affects high-quality productive forces in enterprises by constructing an evaluation index based on text-based big data from the registration records of Chinese industrial and commercial enterprises (2011−2022). The findings indicate four key patterns. First, digital finance significantly contributes to developing high-quality productive forces in enterprises. Second, it enhances these forces by increasing digital penetration rates, enabling technological advancements, and alleviating financing constraints. Third, heterogeneity analysis reveals that its effects vary across regions and industries, with a more significant impact on enterprises in Eastern regions and future-oriented sectors. Fourth, the influence of digital finance emerges with a lag, peaking after one year. These findings offer practical insights for enhancing how digital finance contributes to the real economy and guide strategies for advancing the global digital economy and improving high-quality productive forces.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104303"},"PeriodicalIF":7.5,"publicationDate":"2025-05-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143916508","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}

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Stock returns and macroeconomic uncertainty 股票收益与宏观经济的不确定性

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-06 DOI: 10.1016/j.irfa.2025.104263

Leonardo Iania , P. Thao Nguyen , Kristien Smedts

引用次数: 0

Biodiversity risk or climate risk? Which factor affects corporate ESG rating divergence 生物多样性风险还是气候风险？影响企业ESG评级差异的因素是什么

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-05 DOI: 10.1016/j.irfa.2025.104302

Feng He , Lin Duan , Brian Lucey , Jing Hao

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Chasing ESG performance: How methodologies shape outcomes 追求ESG绩效：方法如何塑造结果

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-03 DOI: 10.1016/j.irfa.2025.104239

Matteo Benuzzi , Karoline Bax , Sandra Paterlini , Emanuele Taufer

{"title":"Chasing ESG performance: How methodologies shape outcomes","authors":"Matteo Benuzzi , Karoline Bax , Sandra Paterlini , Emanuele Taufer","doi":"10.1016/j.irfa.2025.104239","DOIUrl":"10.1016/j.irfa.2025.104239","url":null,"abstract":"<div><div>ESG metrics play a crucial role in sustainable finance but face growing criticism for their inability to accurately capture actual sustainability improvements. This study investigates how methodological choices can introduce distortions in ESG scores, with a primary focus on Refinitiv ESG data, while offering insights applicable to other providers as well. We show that data aggregation and score normalization through percentile ranking significantly impact the ability to reflect genuine sustainability progress. Specifically, the inclusion of new, smaller in size entrants with more missing data can artificially inflate the scores of top-ranked companies, obscuring actual sustainability improvements in the underlying metrics by relying on peer comparisons. Moreover, our analysis reveals that once companies achieve an A-rating category, they are unlikely to be downgraded, further highlighting the impact of these methodological decisions on the dynamics of ESG scoring. Overall, our analysis of three key sectors from 2012 to 2021 reveals that less than 45% of total absolute score variation is attributable to company disclosures, emphasizing the influence of score construction methodologies. We show that replacing percentile ranking with a simpler Performance Ratio methodology could mitigate these issues, offering more representative scores.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104239"},"PeriodicalIF":7.5,"publicationDate":"2025-05-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144068350","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-integration investment strategy for TDFs with a multi-objective dynamic programming 基于多目标动态规划的tdf esg集成投资策略

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-02 DOI: 10.1016/j.irfa.2025.104262

Wenling liu , Zhi-Long Dong , Fengmin Xu , Kui Jing

{"title":"ESG-integration investment strategy for TDFs with a multi-objective dynamic programming","authors":"Wenling liu , Zhi-Long Dong , Fengmin Xu , Kui Jing","doi":"10.1016/j.irfa.2025.104262","DOIUrl":"10.1016/j.irfa.2025.104262","url":null,"abstract":"<div><div>ESG (Environmental, social, and governance) has become increasingly crucial in the investment of pension funds. This paper develops a multi-objective dynamic model to analyze the ESG-integration investment strategy of Target Date Funds (TDFs). The model optimizes three objectives: expected return, variance, and ESG score, incorporating human capital in the budget constraint and considering inflation-linked bonds as one of the candidate assets. Our model facilitates ESG into the long-term investment of pension funds and extends the multi-objective framework for ESG investment into a dynamic context. To solve the model, we propose a bipolar genetic algorithm that addresses challenges arising from the varying magnitudes of objectives and time inconsistency. In the numerical experiments, we compare our model to the non-ESG model, demonstrating the benefits of ESG in the long term. Our findings show that, unlike the traditional glide path of TDFs, the ESG-integration glide path prefers equity assets and achieves superior performance. Additionally, the glide paths and TDFs’ performance are associated with human capital and preferences among the three objectives, highlighting the need for customized glide paths of different investors. This study provides insights for TDFs fund managers to incorporate ESG into investment decisions and develop strategies accommodating investor heterogeneity.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104262"},"PeriodicalIF":7.5,"publicationDate":"2025-05-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143916507","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

Physical vs. Transition climate risks: Asymmetric effects on stock return predictability 物理与转型气候风险：对股票收益可预测性的不对称影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-02 DOI: 10.1016/j.irfa.2025.104266

Mingtao Zhou, Yong Ma

引用次数: 0

Do climate risks impede green innovation? 气候风险会阻碍绿色创新吗？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-01 DOI: 10.1016/j.irfa.2025.104295

Siying Quan , Peng Cheng , Jia Zhai

{"title":"Do climate risks impede green innovation?","authors":"Siying Quan , Peng Cheng , Jia Zhai","doi":"10.1016/j.irfa.2025.104295","DOIUrl":"10.1016/j.irfa.2025.104295","url":null,"abstract":"<div><div>Climate change poses significant challenges to global sustainability transitions, with emerging markets confronting distinct systemic barriers including severe resource constraints and institutional voids that disproportionately impede green productivity. While green innovation inherently demands substantial R&D investments and extended development cycles, its progression under resource-constrained countries remains underexplored. Drawing on resource-based and institution-based views, this study presents the first empirical evidence of the adverse impact of the prince-level climate risk on green innovation. It identifies financing constraints, operational solvency, and public awareness as key channels through which climate risk affects green innovation. Employing a difference-in-differences design that exploits China's national climate policy implementation as a quasi-natural experiment, we reinforce causal inference. Notably, state-owned enterprises, a dominant force in China's economy, underperform in green innovation due to agency problems whereas non-SOEs demonstrate greater adaptive capacity. These findings challenge conventional assumptions about climate risks' positive role in driving green innovation and offer insights for policymakers and managers addressing the green transition paradox in emerging markets.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104295"},"PeriodicalIF":7.5,"publicationDate":"2025-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143904346","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 change and the rise of shadow banking: A global analysis 气候变化与影子银行的兴起：全球分析

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-30 DOI: 10.1016/j.irfa.2025.104275

Solomon Y. Deku , Diego Morris

{"title":"Climate change and the rise of shadow banking: A global analysis","authors":"Solomon Y. Deku , Diego Morris","doi":"10.1016/j.irfa.2025.104275","DOIUrl":"10.1016/j.irfa.2025.104275","url":null,"abstract":"<div><div>Climate change is a growing challenge for global economic stability, with significant implications for financial sector development. This study examines the relationship between climate vulnerability and the growth and structure of financial systems across a global sample of 29 countries. Using panel data, we find a positive relationship between climate risks and the overall size of financial systems, but the effects of climate change vary across financial subsectors. While climate vulnerability is associated with a decline in traditional banking assets, it is positively linked to the expansion of shadow banking activities. This shift suggests a compensatory dynamic, where financial activities migrate from heavily regulated traditional banks to less-regulated shadow banks in response to heightened climate risks. This finding is robust even when we focus only on the bank-like shadow banking sector, modify the estimation strategy, or include a vast array of control variables. Our analysis also shows that these effects are most pronounced in developed countries, where institutional environments play a key role in mediating these relationships. Strong governance indicators, including rule of law and government effectiveness, mitigate the adverse impacts of climate risks on traditional banks, while greater public accountability and transparency discourage excessive shadow banking growth. These findings underscore the urgent need for more regulatory scrutiny beyond the confines of traditional banking to enhance financial stability.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104275"},"PeriodicalIF":7.5,"publicationDate":"2025-04-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143907881","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

Analysing art as a safe-haven asset in times of crisis 分析艺术作为危机时期的避险资产

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-04-29 DOI: 10.1016/j.irfa.2025.104194

Dimitrios Dimitriou , Alexandros Tsioutsios , Shaen Corbet

{"title":"Analysing art as a safe-haven asset in times of crisis","authors":"Dimitrios Dimitriou , Alexandros Tsioutsios , Shaen Corbet","doi":"10.1016/j.irfa.2025.104194","DOIUrl":"10.1016/j.irfa.2025.104194","url":null,"abstract":"<div><div>This study investigates the hedging and safe-haven properties of art investments relative to traditional financial assets, employing a Time-Varying Parameter Vector Autoregression (TVP-VAR) approach across major art market sub-indices during several periods of financial crises, including the collapse of the dot-com bubble, the Global Financial Crisis, and the COVID-19 pandemic. Art indices are found to exhibit near-zero correlation with the S&P 500 in the short term, suggesting substantial hedging benefits without evidence of safe-haven characteristics. Over medium to long-term horizons, this same correlation becomes significantly positive, presenting evidence of diminishing hedging benefits with the exception of the painting and sculpture sub-indices, which maintain strong hedging utility. Interestingly, art indices and gold show a near-zero relationship across all examined time and frequency domains, pointing to the existence of unique diversification opportunities. These results highlight the role of art as an alternative investment, offering insights into its potential for enhancing portfolio diversification strategies during episodes of financial crises.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104194"},"PeriodicalIF":7.5,"publicationDate":"2025-04-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143899292","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