International Review of Financial Analysis最新文献_第7页

Reductions of external director liability and corporate payout policy 减少外部董事责任和公司派息政策

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-29 DOI: 10.1016/j.irfa.2025.104583

Chia-Wei Huang , Chih-Yen Lin

引用次数: 0

Biodiversity risk and corporate debt maturity 生物多样性风险与企业债务到期

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-29 DOI: 10.1016/j.irfa.2025.104556

Kiet Tuan Duong , Thong Trung Nguyen , Huong Thi Xuan Tram

引用次数: 0

The influence of carbon risk on debt structure 碳风险对债务结构的影响

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-28 DOI: 10.1016/j.irfa.2025.104591

Hamdi Ben-Nasr , Shabeen Afsar Basha , Syed Shams

{"title":"The influence of carbon risk on debt structure","authors":"Hamdi Ben-Nasr , Shabeen Afsar Basha , Syed Shams","doi":"10.1016/j.irfa.2025.104591","DOIUrl":"10.1016/j.irfa.2025.104591","url":null,"abstract":"<div><div>We add to the literature on the effect of carbon risk on the availability and cost of bank loans, by focusing on the impact of carbon risk on the proportion of bank debt relative to total debt. Using a global sample of 58 countries covering the period 2007–2020, we find that carbon risk is negatively associated with bank debt ratio, indicating that high emitter firms are less able to secure bank debt. The findings support our hypothesis that high-emitter firms reduce bank debt to avoid bank scrutiny and it is likely banks avoid lending to high-emitter firms for reputational concerns. Our results are robust to a battery of sensitivity tests and addressing endogeneity concerns using several approaches. We add to this literature by distinguishing between the demand-side vs. supply-side. Our channel tests are in line with the demand-side perspective. Indeed, we show that the negative relationship between carbon risk and bank debt is more (less) pronounced in firms with severe agency (information asymmetry) problems. We also provide support for the supply-side perspective. We show that the negative association between carbon risk and bank debt is stronger in financially developed countries and in countries with stringent environmental regulations. We offer many practical and policy implications based on our results. Our study highlights the potential role of banks in aiding climate policy implementation. Furthermore, firms can adopt carbon risk mitigating strategies to amplify their capital sources.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104591"},"PeriodicalIF":9.8,"publicationDate":"2025-08-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049688","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 stock market liberalization restrain corporate misconduct: Evidence from research and development manipulation 股票市场自由化是否能抑制企业不当行为：来自研发操纵的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-28 DOI: 10.1016/j.irfa.2025.104595

Zhida Zhang, Peiheng Ruan, Yuetang Wang

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Corporate reputation, information disclosure and cost of capital 企业声誉、信息披露和资金成本

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-27 DOI: 10.1016/j.irfa.2025.104592

Zhijie Yang , Zezhong Yang

引用次数: 0

How the Four Asian Tigers navigate systemic risk: A Basel framework perspective 亚洲四小龙如何应对系统性风险：巴塞尔框架的视角

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-27 DOI: 10.1016/j.irfa.2025.104593

Baolin Ma , Siqintana , Kung-Cheng Ho , Shih-Cheng Lee

{"title":"How the Four Asian Tigers navigate systemic risk: A Basel framework perspective","authors":"Baolin Ma , Siqintana , Kung-Cheng Ho , Shih-Cheng Lee","doi":"10.1016/j.irfa.2025.104593","DOIUrl":"10.1016/j.irfa.2025.104593","url":null,"abstract":"<div><div>The Basel Framework serves as a guiding model for mitigating risks within corporate systems and aligning financing standards for cross-border financial intermediaries. Following the widespread adoption of the Basel Accords, financial institutions in Asia have increasingly prioritized credit risk management and maintaining adequate capital buffers. Through a review and risk analysis of 26 years of data from 54,477 corporations across the Four Asian Tigers regions, this study finds evidence that undiversifiable systemic risk in overseas investment and financing activities can lead to higher-than-expected losses. The significant increase in systemic risk observed in the Four Asian Tigers regions during the 2008 financial crisis underscores the importance of risk diversification mechanisms, such as credit insurance, which enable banks to distribute their risks through multiple investments and financing channels, as well as managing their capital adequacy ratios through asset selection and management. Furthermore, our analysis suggests that as corporations and industries expand, associated increases in systemic risk may be mitigated through asset-light business strategies, potentially reducing expected losses for asset-heavy corporations and industries. It shows that asymmetrical procyclicality observed in the systemic risk of corporations within the Four Asian Tigers regions must be carefully considered. To this point, this study shows when there is an increase in expected loss due to overseas investment and financial projects during a recession causes banks to increase their capital by reducing their risk-weighted assets (e.g., loans and investments), which can exacerbate international financial crises. Therefore, our findings support the need for a macroscopic early warning system to monitor individual regions and enhance existing risk control mechanisms, contributing to the overall goals of the Basel Framework.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104593"},"PeriodicalIF":9.8,"publicationDate":"2025-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144916494","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 transformation, product market competition, and dynamic adjustment of working capital 数字化转型，产品市场竞争，流动资金动态调整

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-27 DOI: 10.1016/j.irfa.2025.104590

Xiaotao Li , Hua Zhou

{"title":"Digital transformation, product market competition, and dynamic adjustment of working capital","authors":"Xiaotao Li , Hua Zhou","doi":"10.1016/j.irfa.2025.104590","DOIUrl":"10.1016/j.irfa.2025.104590","url":null,"abstract":"<div><div>Based on the financial data of China's A-share listed companies from 2007 to 2023, this study empirically analyzes the mechanism by which product market competition influences the deviation of working capital from the target level of enterprises and path of its adjustment speed from a dynamic perspective. Further, it explores the moderating effect of digital transformation on it. The results show that an optimal target value for working capital requirements exists for listed companies in China. Product market competition is one of the key factors affecting this target value. It also significantly impacts the degree of deviation from the target level and the speed of adjustment of working capital requirements. The higher the degree of product market competition, the greater the deviation of actual working capital requirements. From the target level. However, the speed of adjustment to the target level is significantly accelerated. Further research finds that digital transformation can effectively inhibit the amplifying effect of product market competition on the degree of working capital requirements deviation and further strengthen the facilitating effect of product market competition on the speed of adjustment. This study provides a decision-making basis and a theoretical framework for enterprises to optimize working capital allocation, enhance supply chain synergy efficiency, and prevent liquidity risk in the competitive market environment of the digital economy.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104590"},"PeriodicalIF":9.8,"publicationDate":"2025-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144989020","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

Research on the impact of extended life expectancy on household risk asset allocation: Examining the moderating effects of human capital accumulation 预期寿命延长对家庭风险资产配置的影响研究：检视人力资本积累的调节作用

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104586

Chenyu Kang , Xiaoyu Xie

{"title":"Research on the impact of extended life expectancy on household risk asset allocation: Examining the moderating effects of human capital accumulation","authors":"Chenyu Kang , Xiaoyu Xie","doi":"10.1016/j.irfa.2025.104586","DOIUrl":"10.1016/j.irfa.2025.104586","url":null,"abstract":"<div><div>Human society is moving toward an era of longevity, health, and wealth. The level of human capital accumulation is an important factor influencing household investment portfolios, and the impact of increased life expectancy on human capital accumulation is becoming increasingly prominent. Based on the theoretical framework of the new dynamic life-cycle asset selection model, this study utilizes panel data from 31 OECD member countries spanning 2003 to 2017 to construct a dynamic panel model. The empirical analysis examines how life expectancy influences household allocations to risky assets, while further investigating the moderating effects of health and educational human capital in this relationship. The study finds that risk asset investment exhibits significant inertia, with current risk asset allocation depending on the proportion of investment in the previous period; increased life expectancy makes residents' investment decisions more cautious, reducing the proportion of risk assets in the portfolio; health human capital and educational human capital significantly increase the holding of risk assets, but the accumulation of human capital brought by increased life expectancy is insufficient to fully offset the cautious effect of life expectancy on risk asset investment. These findings have important practical implications for household investors and financial market development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104586"},"PeriodicalIF":9.8,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049683","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

Executives' financial background, corporate financialization and corporate innovation 高管财务背景、企业金融化与企业创新

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104580

Tongtong Sun , Ziliang Xie , Yunxing Song , Maopeng Lu

引用次数: 0

The dual effects of supplier stability on corporate innovation: A path dependence perspective 供应商稳定性对企业创新的双重影响：路径依赖视角

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104585

Chen He , Bo Peng , Yahao Dong , Bofu Deng

{"title":"The dual effects of supplier stability on corporate innovation: A path dependence perspective","authors":"Chen He , Bo Peng , Yahao Dong , Bofu Deng","doi":"10.1016/j.irfa.2025.104585","DOIUrl":"10.1016/j.irfa.2025.104585","url":null,"abstract":"<div><div>Amid the escalating trend of trade protectionism, an increasing number of firms have been exposed to critical technological deficiencies following the disruption of their long-term supplier relationships. To explain this phenomenon, this paper explores the impact of supplier stability on corporate innovation from the perspective of path dependence theory. The findings suggest that while stable suppliers enhance a firm's innovative output, they also reduce its propensity for breakthrough innovations, leading firms to focus on incremental innovations and diminishing their motivation to engage in inventive ones. It is observed that deepening technological integration between firms and suppliers, as well as increasing asset specificity, may be key channels through which innovation path dependence is intensified. However, the evidence indicates that enhancing bargaining power and facilitating information exchange among supply chain partners can mitigate these adverse effects, thereby optimizing the innovation advantages of supplier stability. Firms are advised to exercise caution regarding excessive innovation path dependence when establishing stable supply chain relationships, as this could create vulnerabilities if supplier changes occur.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104585"},"PeriodicalIF":9.8,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144920310","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