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

The impact of strict environmental regulations on firms heterogeneous choices of pollutant abatement technology 严格环境法规对企业污染物减排技术异质选择的影响

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-03 DOI: 10.1016/j.irfa.2025.104601

Zheming Yan , Yutong Lin , Kerui Du , Shuai Shao

引用次数: 0

Does digitalizing supply chains enhance corporate financial stability? 数字化供应链是否增强了企业的财务稳定性？

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-03 DOI: 10.1016/j.irfa.2025.104603

Ying Yu , Haoyang Wu , Yijiang Tan

引用次数: 0

Internationalization labels of executives and corporate innovation—Form over substance? 高管国际化标签与企业创新——形式重于实质？

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-03 DOI: 10.1016/j.irfa.2025.104602

Haiyue Pan , Xue Lei , Ouwen Lin

{"title":"Internationalization labels of executives and corporate innovation—Form over substance?","authors":"Haiyue Pan , Xue Lei , Ouwen Lin","doi":"10.1016/j.irfa.2025.104602","DOIUrl":"10.1016/j.irfa.2025.104602","url":null,"abstract":"<div><div>Amid fierce competition for innovation due to globalization, internationalized executives are viewed as crucial links that connect global innovation resources. This research examines the impact of internationalized executives on corporate innovation performance and the underlying mechanisms. Using difference-in-differences and instrumental variable approaches, this study analyzes listed Chinese A-share listed firms from 2013 to 2023. Findings indicate that internationalized executives substantially enhance innovation efficiency primarily by optimizing resource allocation, i.e., shifting resources from noncore activities to innovative practices. Ownership structure and equity concentration significantly moderate this relationship. Internationalized executives in family businesses and high equity concentration firms merely serve as “window dressing” and are not involved in core decision-making, weakening their impact in driving innovation. The research identifies dynamic characteristics of internationalized executives, which gradually manifest and stabilize after an initial “honeymoon period.” Different types of internationalized executives exert varying influences. “Returnees,” who combine international perspectives with local roots, are most impactful, whereas “parachuted” executives, lacking local networks, are less impactful. This study extends the cross-application of upper echelons and institutional theories and provides empirical evidence and guidance for firms' precision talent recruitment.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104602"},"PeriodicalIF":9.8,"publicationDate":"2025-09-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144997116","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

Tracing the evolution of finance research: A topic modeling analysis of AJG-ranked journals 追踪金融研究的演变：ajg排名期刊的主题建模分析

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-09-02 DOI: 10.1016/j.irfa.2025.104559

Yang Su , Brian M. Lucey , Ashish Kumar Jha , Yuqi Zheng

{"title":"Tracing the evolution of finance research: A topic modeling analysis of AJG-ranked journals","authors":"Yang Su , Brian M. Lucey , Ashish Kumar Jha , Yuqi Zheng","doi":"10.1016/j.irfa.2025.104559","DOIUrl":"10.1016/j.irfa.2025.104559","url":null,"abstract":"<div><div>This study provides a comprehensive analysis of evolving research trends in academic finance, using data from 78,822 articles published across 110 finance journals between 2000 and 2022, and tracks citation changes for 96% of these articles over an 18-month period. Structural Topic Modeling (STM) identifies 20 key research topics grouped into five broader themes: Financial Markets, Corporate Finance, Risk and Reward, Money, Credit and Banks, and Other Finance. Findings indicate that Corporate Governance and Corporate Finance dominate publication volume and citations, reflecting their continued influence, while interest in Option Pricing and Market Volatility has declined in favor of rapidly growing areas such as Alternative Finance. Through comparative word-frequency analysis, we observe minor but notable thematic differences in finance research topics before and after the financial crisis. Furthermore, our analysis reveals increased collaborative research, especially in top-tier journals, alongside insights into topic performance across journal tiers using linear regression modeling. We also find that certain ABS4 journals under-perform in citation impact compared to the average performance of ABS3 journals. Overall, this study provides a data-driven overview of the structure and evolution of finance research, offering practical insights for scholars, journal editors, and policymakers. By mapping topic dynamics and citation performance across time and journal tiers, the study serves as a valuable reference for shaping future research agendas, publication strategies, and funding priorities in the finance discipline.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104559"},"PeriodicalIF":9.8,"publicationDate":"2025-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145004630","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

Digital technology application and green technological innovation under economic policy uncertainty: Empirical evidence from China's manufacturing industry 经济政策不确定性下的数字技术应用与绿色技术创新——来自中国制造业的经验证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-30 DOI: 10.1016/j.irfa.2025.104597

Xiaoyu Xie , Kaige Guo , Zhongya Han

引用次数: 0

Artificial intelligence and investment management: Structure, strategy, and governance 人工智能和投资管理：结构、策略和治理

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-30 DOI: 10.1016/j.irfa.2025.104599

Charilaos Mertzanis

{"title":"Artificial intelligence and investment management: Structure, strategy, and governance","authors":"Charilaos Mertzanis","doi":"10.1016/j.irfa.2025.104599","DOIUrl":"10.1016/j.irfa.2025.104599","url":null,"abstract":"<div><div>Artificial intelligence (AI) is transforming investment management by enabling data-driven decision-making across portfolio optimization, forecasting, risk assessment, advisory services, and regulatory compliance. Despite growing interest, much of the existing research remains fragmented, focusing narrowly on specific techniques or domains. This study addresses that gap through a comprehensive and systematic literature review of 178 peer-reviewed studies indexed in Scopus, covering the structure, strategy, and governance of AI applications in investment management. Adopting established review protocols and integrating thematic and visual analysis, the review categorizes the literature into six grand themes: AI-driven portfolio management and optimization; AI in financial forecasting and market prediction; AI-powered robo-advisory and personalized financial services; AI for risk management, fraud detection, and regulatory compliance; AI and strategic investment decision-making; and enablers and constraints in AI adoption. Findings reveal that AI is not just enhancing operational efficiency but also reconfiguring strategic and institutional practices. The review identifies key research gaps related to explainability, adoption barriers, and ethical concerns, and offers an integrated framework to guide future research, policy design, and industry adoption. By synthesizing a diverse body of work, this study advances our understanding of how AI is reshaping the architecture and dynamics of modern investment management.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104599"},"PeriodicalIF":9.8,"publicationDate":"2025-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144933551","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 rating disagreement and the cost of equity financing ESG评级分歧与股权融资成本

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-30 DOI: 10.1016/j.irfa.2025.104565

Ye He , Yuetong Pan , Tao Shan , Yanyu Zhou

引用次数: 0

Does participation in pension insurance promote or inhibit high-quality economic development? A heterogeneity and threshold effects analysis 参加养老保险是促进还是抑制经济高质量发展？异质性和阈值效应分析

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-30 DOI: 10.1016/j.irfa.2025.104600

Yongfang Li , Mei Ge , Yifeng Liu

{"title":"Does participation in pension insurance promote or inhibit high-quality economic development? A heterogeneity and threshold effects analysis","authors":"Yongfang Li , Mei Ge , Yifeng Liu","doi":"10.1016/j.irfa.2025.104600","DOIUrl":"10.1016/j.irfa.2025.104600","url":null,"abstract":"<div><div>Using panel data from 31 provincial-level administrative regions in China from 2010 to 2023, this paper constructs an econometric model to empirically assess the impact of pension insurance participation on high-quality economic development. The findings show that pension insurance participation significantly promotes high-quality regional economic development, and this conclusion remains robust after addressing potential endogeneity. Social security expenditure exerts a significant moderating influence on the pathway through which pension insurance participation affects high-quality development. Moreover, the positive effect of pension insurance participation displays pronounced regional heterogeneity, with the impact being strongest in the western region compared with the eastern and central regions. The economic benefits of pension insurance participation are also constrained by the degree of population aging, exhibiting a nonlinear threshold effect: once the aging rate surpasses a critical point, the marginal contribution of pension insurance participation to high-quality economic development begins to decline. This paper uncovers the mechanism of pension insurance participation on high-quality economic development and its regional heterogeneity, clarifies the moderating effect of social security expenditure and the nonlinear threshold characteristics of aging, providing policy references for optimizing the social security system, promoting coordinated regional development, and addressing aging challenges.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104600"},"PeriodicalIF":9.8,"publicationDate":"2025-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049685","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

Impact of supply chain digitalization on total factor productivity of agricultural enterprises 供应链数字化对农业企业全要素生产率的影响

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-29 DOI: 10.1016/j.irfa.2025.104584

Zijian Zhao , Qiang Liu , Yunzhe Qiu

{"title":"Impact of supply chain digitalization on total factor productivity of agricultural enterprises","authors":"Zijian Zhao , Qiang Liu , Yunzhe Qiu","doi":"10.1016/j.irfa.2025.104584","DOIUrl":"10.1016/j.irfa.2025.104584","url":null,"abstract":"<div><div>Against the backdrop of accelerating integration between digital technologies and supply chains, supply chain digitalization presents new opportunities for enhancing total factor productivity (TFP) in agricultural enterprises. Based on the pilot program for supply chain innovation and application, this study utilizes data from A-share listed companies in China from 2013 to 2023 to empirically examine the impact of supply chain digitalization on the TFP of agricultural enterprises. The findings indicate that supply chain digitalization significantly improves the TFP of agricultural enterprises, with its mechanisms primarily operating through three pathways: alleviating financing constraints, driving green innovation, and optimizing supply chain efficiency. Heterogeneity analysis indicates that supply chain digitalization has a more significant promoting effect on the TFP of state-owned agricultural enterprises, those with low supply chain concentration, and agricultural enterprises operating in regions with low marketization levels. The conclusions provide policy implications for building digital supply chains and enhancing total factor productivity.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104584"},"PeriodicalIF":9.8,"publicationDate":"2025-08-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144933552","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

Does information connectivity affect tunneling: Evidence from a quasi-natural experiment 信息连接是否会影响隧道效应：来自准自然实验的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-29 DOI: 10.1016/j.irfa.2025.104523

Xinlu Zhao , Xin Wang , Xiaoen Liu , Xiaodong Tang

引用次数: 0