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

Audit committee chairs' narcissism and audit quality 审计委员会主席的自恋与审计质量

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-02 DOI: 10.1016/j.irfa.2025.104841

Rui Huang , Yanran Liu , Xiang Li

{"title":"Audit committee chairs' narcissism and audit quality","authors":"Rui Huang , Yanran Liu , Xiang Li","doi":"10.1016/j.irfa.2025.104841","DOIUrl":"10.1016/j.irfa.2025.104841","url":null,"abstract":"<div><div>Audit committee chairs (ACCs) are the pivotal figures of the audit committee of the board of directors, assuming more important oversight responsibilities. This paper empirically examines the impact of ACCs' narcissism on audit quality using data from 2008 to 2022 for companies listed on the main board of Shanghai and Shenzhen. The findings reveal a significant positive association between ACCs' narcissism and the occurrence of financial statement restatements and regulatory violations. Specifically, higher levels of narcissism among ACCs are linked to a greater likelihood of diminished audit quality. In the endogeneity analysis this paper uses the opening of the high-speed railway and the outbreak of the self-media platform as exogenous shocks to conduct DID tests. The results show that the opening of the high-speed railway mitigates the degree of information asymmetry among the audit committee members, and that the impact of the narcissistic ACCs on the quality of the audit is significantly reduced after the opening of the high-speed railway. In contrast, following the surge in multimedia platform usage, companies receive more public attention, ACCs are more inclined to exhibit authoritarian and radical decision-making behaviors in response to increased social media attention, thereby undermining audit quality. This paper enriches the literature on ACCs' narcissism, and also helps to provide a theoretical basis and policy reference for listed companies and regulators to further optimize the selection criteria of ACCs.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104841"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145657234","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

Breaking the green investment dilemma of heavily polluting firms: Evidence from carbon market trading through the Lens of signaling and risk sharing 打破重污染企业绿色投资困境：基于信号和风险分担视角的碳市场交易证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-11-23 DOI: 10.1016/j.irfa.2025.104813

Kejing Shu , Jingjing Jiang , Dong Wang

{"title":"Breaking the green investment dilemma of heavily polluting firms: Evidence from carbon market trading through the Lens of signaling and risk sharing","authors":"Kejing Shu , Jingjing Jiang , Dong Wang","doi":"10.1016/j.irfa.2025.104813","DOIUrl":"10.1016/j.irfa.2025.104813","url":null,"abstract":"<div><div>This study explores whether carbon market trading can help overcome the “green investment dilemma” faced by heavily polluting firms, with particular emphasis on signaling and risk-sharing mechanisms. Drawing on a panel dataset of Chinese A-share listed companies, the analysis reveals that carbon trading significantly promotes firm-level green investment, especially among enterprises with initially low environmental engagement. The signaling mechanism operates as firms observe peer participation in carbon markets and respond by aligning with emerging environmental norms. Meanwhile, the risk-sharing mechanism captures firms' strategic response to increased earnings volatility under carbon regulation, leading them to invest in green projects as a hedge against future uncertainty. Together, these mechanisms illustrate how market-based environmental regulation can reshape corporate investment behavior through both informational and financial channels. The findings offer new theoretical insight into the interaction between environmental policy and firm strategy, and carry important implications for the development of carbon market systems in emerging economies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104813"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145575598","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 network centrality explain mutual fund alpha: Evidence from China 网络中心性能否解释共同基金alpha：来自中国的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-12 DOI: 10.1016/j.irfa.2025.104988

He Ni , Jiahao He , Weijia Wang

{"title":"Can network centrality explain mutual fund alpha: Evidence from China","authors":"He Ni , Jiahao He , Weijia Wang","doi":"10.1016/j.irfa.2025.104988","DOIUrl":"10.1016/j.irfa.2025.104988","url":null,"abstract":"<div><div>This study examines how network centrality influences mutual fund performance among Chinese equity funds from 2007–2024. We construct networks using quarterly top-ten holdings where edges represent shared significant positions, and employ five complementary centrality measures: degree, closeness, betweenness, eigenvector, and structural holes to capture different dimensions of information access. Our findings reveal that funds occupying central network positions generate significantly higher risk-adjusted returns. We identify two key channels through which network effects operate. First, network advantages require active human management processes to transform soft information into returns, including dynamic portfolio rebalancing, discretionary strategy positioning, and strategic risk adjustment. Second, technological adoption disrupts this transformation pathway for funds with higher FinTech adoption and quantitative investment strategies, as automated systems substitute for the human judgment capabilities necessary to capitalize on network-derived information. Our results highlight the evolving trade-offs in modern asset management, where optimal investment strategies require balancing technological capabilities with the preservation of human management processes necessary to capitalize on discretionary information advantages.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104988"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145738205","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

Retraction notice to “The impacts of climate policy uncertainty on stock markets: Comparison between China and the US” [FINANA 88 (2023) 102671] 关于“气候政策不确定性对股市的影响：中美比较”的撤回通知[finance 88 (2023) 102671]

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2026-01-15 DOI: 10.1016/j.irfa.2026.105075

Xin Xu , Shupei Huang , Brian M. Lucey , Haizhong An

引用次数: 0

Dual pathways for high-quality development: The role of cultural tourism integration and digital-intelligent transformation in Chinese tourism enterprises 高质量发展的双路径：文化旅游融合与中国旅游企业数字化智能化转型的作用

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-05 DOI: 10.1016/j.irfa.2025.104867

Peigen Wang , Yingying Hu , Na Wei , Xiaoxu Wu

{"title":"Dual pathways for high-quality development: The role of cultural tourism integration and digital-intelligent transformation in Chinese tourism enterprises","authors":"Peigen Wang , Yingying Hu , Na Wei , Xiaoxu Wu","doi":"10.1016/j.irfa.2025.104867","DOIUrl":"10.1016/j.irfa.2025.104867","url":null,"abstract":"<div><div>This study conducts an empirical investigation using data from Chinese publicly listed tourism enterprises between 2009 and 2023. It focuses on analyzing the two key pathways of cultural tourism integration and digital-intelligent transformation, examining their specific roles in promoting high-quality development among Chinese tourism enterprises. The research findings indicate that both cultural tourism integration and digital-intelligent transformation display robust driving forces that can significantly facilitate the achievement of high-quality development in tourism enterprises. The moderation mechanism analysis reveals that cultural tourism integration plays a positive moderating role in the process of digital-intelligent transformation aiding the high-quality development of tourism enterprises. Additionally, heterogeneity tests reveal distinct characteristics in the impact of cultural tourism integration and digital-intelligent transformation on the high-quality development of tourism enterprises, demonstrating notable differences across samples with varying levels of managerial compensation and different proportions of female managers.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104867"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145738301","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

Internal control quality, supply chain risk perception, and corporate risk-taking 内部控制质量、供应链风险感知与企业风险承担

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-05 DOI: 10.1016/j.irfa.2025.104859

Rui Zhao , Dandan Wang , Ping Cao , Hui Cui , Na Wang , Ming Zhao , Yingjie Zhang

{"title":"Internal control quality, supply chain risk perception, and corporate risk-taking","authors":"Rui Zhao , Dandan Wang , Ping Cao , Hui Cui , Na Wang , Ming Zhao , Yingjie Zhang","doi":"10.1016/j.irfa.2025.104859","DOIUrl":"10.1016/j.irfa.2025.104859","url":null,"abstract":"<div><div>Using Chinese A-share listed firms from 2012 to 2023 as the sample, this paper systematically examines the relationships among internal control quality, supply chain risk perception, and corporate risk-taking (RiskTaking). The findings are as follows: First, internal control quality significantly reduces RiskTaking, while there exists a significant positive association between supply chain risk perception and RiskTaking. Second, the impacts of supply chain risk perception and internal control quality on RiskTaking differ significantly between firms with high versus low managerial ownership. Finally, supply chain risk perception plays a mediating role in the effect of internal control quality on RiskTaking, and this mediating effect exhibits heterogeneity between regions with high and low levels of digital economy development. This study not only deepens the understanding of how internal control influences firms' risk decisions, but also provides empirical evidence and theoretical insights for firms to optimize internal governance, manage risk expectations, and make prudent decisions in complex environments.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104859"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689483","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

Retraction notice to “Cryptocurrencies as a financial asset: A systematic analysis” [FINANA 62 (2019) 182–199] 对“加密货币作为金融资产：系统分析”的撤回通知[FINANA 62 (2019) 182-199]

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2026-01-12 DOI: 10.1016/j.irfa.2026.105078

Shaen Corbet , Brian Lucey , Andrew Urquhart , Larisa Yarovaya

引用次数: 0

Log-periodicity: Fact or fiction? 日志周期性：事实还是虚构？

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-04 DOI: 10.1016/j.irfa.2025.104848

Klaus Grobys

引用次数: 0

The inclusive finance mechanism and gradient effect of digital rural areas driving rural revitalization 普惠金融机制与数字农村对乡村振兴的梯度效应

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-05 DOI: 10.1016/j.irfa.2025.104858

Shubo Liu , Shiyou Zhu

引用次数: 0

How job mobility history affects employability in Chinese labour market? A paradoxical perspective of experience breadth and depth 工作流动历史如何影响中国劳动力市场的就业能力？对经验广度和深度的矛盾看法

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-05 DOI: 10.1016/j.irfa.2025.104837

Yongqiu Wu , Shuyuan Qin , Ting Wang , Ruihan Zhang

{"title":"How job mobility history affects employability in Chinese labour market? A paradoxical perspective of experience breadth and depth","authors":"Yongqiu Wu , Shuyuan Qin , Ting Wang , Ruihan Zhang","doi":"10.1016/j.irfa.2025.104837","DOIUrl":"10.1016/j.irfa.2025.104837","url":null,"abstract":"<div><div>Job mobility, the movement of workers between employers, has become a key strategy for individuals to enhance their employability in the labor market. While prior studies mostly focus on single job changes, they provide limited theoretical and practical insight into the cumulative effects of multiple job changes over one's career. This study investigates how job mobility history affects employability by examining the paradoxical effects between breadth and depth of work experience. Utilizing the China Labour Dynamic Survey (CLDS), we find that work experience, in both breadth and depth, positively influences individual employability. However, an inverted U-shaped relationship emerges between frequency of job mobility and employability, highlighting a paradoxical relationship between the breadth and depth of work experience. This study finds that job mobility history affects employability by influencing human capital and social capital accumulation. The heterogeneity test indicates that workers with higher skill levels benefit from rich job mobility history, while managers exhibit a lower optimal frequency of job mobility than general employees. In the context of job mobility, the marginal earnings premium declines as work experience increases, lending support to the notion of an early-career job mobility advantage.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104837"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145738204","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