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

How does Fintech drive corporate climate information risk disclosure? New evidence from China's A-share listed companies 金融科技如何推动企业气候信息风险披露？来自中国a股上市公司的新证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-29 DOI: 10.1016/j.irfa.2025.104210

Wenfeng Ge , Xu Yang , Xiaodong Yang , Xu Pan , Qiying Ran

{"title":"How does Fintech drive corporate climate information risk disclosure? New evidence from China's A-share listed companies","authors":"Wenfeng Ge , Xu Yang , Xiaodong Yang , Xu Pan , Qiying Ran","doi":"10.1016/j.irfa.2025.104210","DOIUrl":"10.1016/j.irfa.2025.104210","url":null,"abstract":"<div><div>Corporate climate risk disclosure (CRD) is increasingly crucial for enterprises striving to navigate climate risks and foster sustainable development, particularly in the context of the dual‑carbon goal. Against the backdrop of rapid financial technological advancements, the inquiry into whether enterprises can leverage these innovations to enhance their CRD performance has garnered significant attention within the framework of green development. This paper utilizes data from Chinese A-share listed enterprises in Shanghai and Shenzhen spanning from 2011 to 2022 to systematically investigate the direct influence and underlying mechanisms of Fintech on CRD. The findings indicate that Fintech notably facilitates CRD, a conclusion substantiated by various endogeneity and robustness tests. Two primary mechanisms are identified: firstly, external pressure manifested through analysts' attention effectively amplifies the impact of Fintech on CRD; secondly, institutional arrangements such as corporate internal control mechanisms bolster the effect of Fintech on CRD. Heterogeneity analysis further reveals that the influence of Fintech on CRD is particularly pronounced for state-owned enterprises, enterprises audited by the “Big Four” accounting enterprises, companies with highly educated management teams, and those operating in high energy-consuming industries. Lastly, the paper investigates the economic ramifications of Fintech on CRD, elucidating how the promotion of CRD by Fintech can enhance both the quantity and quality of corporate green innovation. These findings offer empirical insights into advancing Fintech adoption and reinforcing CRD efforts.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104210"},"PeriodicalIF":7.5,"publicationDate":"2025-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143748156","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

Foreign investment policy, market entry and corporate ESG performance 外商投资政策、市场准入与企业ESG绩效

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-29 DOI: 10.1016/j.irfa.2025.104199

Xinge Li , Zheren Chang , Jiangyi Qi

{"title":"Foreign investment policy, market entry and corporate ESG performance","authors":"Xinge Li , Zheren Chang , Jiangyi Qi","doi":"10.1016/j.irfa.2025.104199","DOIUrl":"10.1016/j.irfa.2025.104199","url":null,"abstract":"<div><div>This study examines the impact of foreign investment policies on the Environmental, Social, and Governance (ESG) performance of domestic enterprises, utilizing data from Chinese manufacturing listed companies spanning from 2013 to 2022. Employing a Difference-in-Differences (DiD) methodology for empirical analysis, the research reveals that the liberalization of foreign investment policies significantly enhances corporate ESG performance. This finding remains robust after conducting parallel trends tests, placebo tests, and robustness checks. The relaxation of foreign investment policies facilitates the market entry of foreign-invested enterprises and increases foreign capital penetration, thereby exposing domestic enterprises to stricter international environmental standards and regulatory requirements. Consequently, this leads to improved environmental performance and elevated social reputation and brand value for domestic firms. Mediation analysis indicates that foreign market entry plays a pivotal role in the influence of foreign investment policies on ESG performance. Heterogeneity analysis further demonstrates that state-owned enterprises (SOEs) experience a more pronounced improvement in ESG performance compared to non-state-owned enterprises (NSOEs) under the relaxation of foreign investment policies. This research offers valuable insights for governments in formulating foreign investment policies and for enterprises in enhancing their ESG performance, emphasizing the need to continue advancing the liberalization of foreign investment policies and encouraging domestic enterprises to learn from foreign advanced experiences and technologies to achieve sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104199"},"PeriodicalIF":7.5,"publicationDate":"2025-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143761029","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

The impact of interest rate liberalization on loan pricing efficiency: Theory and evidence 利率市场化对贷款定价效率的影响：理论与证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-29 DOI: 10.1016/j.irfa.2025.104207

Wen Chen , Guangzi Li , Jianxiong Liu

{"title":"The impact of interest rate liberalization on loan pricing efficiency: Theory and evidence","authors":"Wen Chen , Guangzi Li , Jianxiong Liu","doi":"10.1016/j.irfa.2025.104207","DOIUrl":"10.1016/j.irfa.2025.104207","url":null,"abstract":"<div><div>Based on the concepts of transaction and relationship loans, we derive a loan pricing model under interest rate regulation and analyze the effect of removing the cap and the floor in interest rate regulations on loan pricing efficiency. Our model shows that the impact on loan pricing efficiency of lifting the cap on loan interest rates is not definite, whereas removing the floor on loan interest rates significantly improves loan pricing efficiency. An important mechanism for improving loan pricing efficiency by removing the floor is that this change has encouraged more borrowers to shift from relationship loans to transaction loans, thereby reducing the banks' monopoly pricing power over borrowers. Our empirical analyses using a sample of loan contracts at Chinese listed firms around the time of interest rate deregulation support the model predictions. Collectively, our results suggest that liberalization of interest rate caps increases demand for relationship loans and thus might or might not increase loan pricing efficiency, depending on the monopoly power of banks. Our findings contribute to the policy of liberation interest rate regulation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104207"},"PeriodicalIF":7.5,"publicationDate":"2025-03-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143776799","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

Economic policy uncertainty, information production, and transparency 经济政策的不确定性、信息生产和透明度

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-29 DOI: 10.1016/j.irfa.2025.104203

Binsheng Qian , Yusen Tan , Gabriel Power , Anandadeep Mandal

引用次数: 0

Financial development for energy access: Evidence from credit rationing and carbon emission in MENA region 能源获取的金融发展：来自中东和北非地区信贷配给和碳排放的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104176

Wajid Ali , Devi Prasad Dash , Vishal Dagar , Muneza Kagzi , Khaled Elmawazini

{"title":"Financial development for energy access: Evidence from credit rationing and carbon emission in MENA region","authors":"Wajid Ali , Devi Prasad Dash , Vishal Dagar , Muneza Kagzi , Khaled Elmawazini","doi":"10.1016/j.irfa.2025.104176","DOIUrl":"10.1016/j.irfa.2025.104176","url":null,"abstract":"<div><div>The research aims to investigate the shifting pattern associated with domestic credit, carbon emissions, access to electricity, and financial development in the Middle East and North African (MENA) region from 2000 to 2021. This study employs a panel quantile regression to examine the impact of domestic credit, carbon emissions, and access to electricity on financial development at different levels of economic growth. A Dynamic ARDL modelling approach is employed to evaluate to assess the short- and long-term relationships between the variables. For robustness check, the study employs Kernel-Based Regularized Least Squares (KRLS) and Bayesian regression, findings indicate that domestic credit contributes a vital part in fostering financial development, irrespective of the state of the economy. Moreover, the impact of domestic credit is particularly strong in economies with lower levels of financial development. Access to electricity has varying effects, with a stronger influence on financial development in advanced economies, but a less significant impact in regions with underdeveloped infrastructure. Finally, in line with the Environmental Kuznets Curve (EKC) hypothesis, the non-linear influence of financial development in the MENA region has a negative influence on carbon emission and follows a U-shape curve, initially increasing emissions before leading to a reduction. This research provides a valuable insight for policymakers, financial institutions, and environmental agencies committed to advancing sustainable financial development in the MENA region.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104176"},"PeriodicalIF":7.5,"publicationDate":"2025-03-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143738108","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

A closed-form formula for pricing exchange options with regime switching stochastic volatility and stochastic liquidity 具有制度转换、随机波动率和随机流动性的外汇期权定价的封闭公式

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104159

Xin-Jiang He , Wenting Wei , Sha Lin

引用次数: 0

How does the cybersecurity law affect corporate investment 网络安全法如何影响企业投资

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104185

Yao Xu , Feng Zhao , Qi Zhang

引用次数: 0

ESG performance and seasoned equity offering discount – Evidence from investor share subscriptions in China ESG绩效与经验丰富的股票发行折扣——来自中国投资者股票认购的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104189

Qingbin Meng , Yujia Wang , Solomon Wang

引用次数: 0

Physical climate risk, fund holdings, and idiosyncratic risk 实物气候风险、基金持有和特质风险

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104183

Lei Zhang, Shanghong Sun

引用次数: 0

Multiple large shareholders and cash holdings: Evidence from China 多家大股东和现金持有：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-27 DOI: 10.1016/j.irfa.2025.104180

Yinghui Chen , Miao Chen , Yong Huang

引用次数: 0