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

Can business-financial integration mitigate agency problems? Evidence from China's listed firms

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-14 DOI: 10.1016/j.irfa.2025.104132

Liyang Jin , Kaidong Yu , Xuan Zhang

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引用次数: 0

Top management team stability and stock price crash risk: Evidence from China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104126

Bofu Deng , Zhenge Peng , Kam C. Chan , Hongce Chen

引用次数: 0

Common institutional investors and the tone of key audit matters

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104118

Xiaoliang Wang , Wei Zhao , Ruizhi Liu

{"title":"Common institutional investors and the tone of key audit matters","authors":"Xiaoliang Wang , Wei Zhao , Ruizhi Liu","doi":"10.1016/j.irfa.2025.104118","DOIUrl":"10.1016/j.irfa.2025.104118","url":null,"abstract":"<div><div>Common institutional investors have attracted considerable attention for their potential to collaborate and influence corporate governance, especially in relation to auditor behavior. Based on A-share listed companies from 2016 to 2022, this study examines the impact of common institutional investors on the tone of key audit matters (KAMs). Empirical findings show that these investors tend to push portfolio firms toward collusive fraud, prompting auditors to use a more negative tone in KAM disclosures. Moreover, major shareholders moderate the effect of common institutional investors on the tone of KAMs. Mechanism examinations reveal that common institutional investors increase a company's operational risks and reduce the comparability of its accounting information, prompting auditors to adopt a more negative tone in KAM disclosures. Heterogeneity analysis shows that the collusive fraud effect of common institutional investors is more significant in groups with low external competition, short-term institutional investors, and less developed regional markets. Furthermore, economic consequence analysis demonstrates that a negative KAM tone acts as an external monitoring tool and reduces the impact of common institutional investors on the risk of stock price crashes. This study complements the literature on the factors influencing KAM tone and the economic outcomes of common institutional investors' influence on auditor behavior. Furthermore, it has significant implications for companies to improve corporate governance and standardize market order.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104118"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143629585","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 corporate site visits by institutional investors improve the quality of corporate environmental information disclosure? Evidence from China

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104138

Chao Feng , Xi Cheng , Jiaxing Luo , Hao Zheng , Miao Wang

{"title":"Can corporate site visits by institutional investors improve the quality of corporate environmental information disclosure? Evidence from China","authors":"Chao Feng , Xi Cheng , Jiaxing Luo , Hao Zheng , Miao Wang","doi":"10.1016/j.irfa.2025.104138","DOIUrl":"10.1016/j.irfa.2025.104138","url":null,"abstract":"<div><div>With global environmental challenges intensifying, the environmental impact of economic activities has garnered widespread societal attention, heightening stakeholder concerns about the transparency and quality of corporate environmental information. This study examines the influence of institutional investors' corporate site visits on the quality of corporate environmental information disclosure, using a sample of 2264 A-share companies listed on the Shenzhen Stock Exchange from 2013 to 2022. The findings reveal that (1) institutional investors' site visits contribute to improving the quality of corporate environmental information disclosure. (2) Economic policy uncertainty amplifies this positive impact, but environmental regulations weaken this effect. (3) Media attention plays a crucial mediating role in this relationship. (4) The visits enhance the quality of monetary environmental disclosure more significantly than non-monetary disclosure. (5) The impact is more pronounced in non-state-owned enterprises, small- and medium-sized firms, and companies with low equity concentration. These findings offer valuable insights for governments, businesses, and institutional investors seeking to promote and support sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104138"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686108","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

Acquirer board independence and acquisitions performance: A meta-analysis

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104130

Mussa Hussaini

{"title":"Acquirer board independence and acquisitions performance: A meta-analysis","authors":"Mussa Hussaini","doi":"10.1016/j.irfa.2025.104130","DOIUrl":"10.1016/j.irfa.2025.104130","url":null,"abstract":"<div><div>Using meta-analytical techniques, this study examines whether and how acquirer board independence affects acquisition performance. It also investigates the moderating effects of country-level formal institutions on this relationship to shed light on the fragmented empirical results reported by prior studies. Using a sample of 85 primary studies representing 646 effect sizes and a total of 1,131,639 observations, the overall results indicate a positive and significant relationship between acquirer board independence and acquisition performance. Moreover, the results of the three-level meta-regression analysis reveal that the country-level formal institutional factor of shareholder rights negatively moderates the focal relationship, while creditor rights have, at best, a minimal impact. This study blends insights from two theoretical perspectives—agency theory and transaction cost economics—and clarifies the strength and direction of the association between acquirer board independence and acquisition performance. Moreover, by incorporating institutional theory to examine the moderating effects of formal institutions, this study sheds light on how broader institutional contexts impact the effectiveness of corporate governance practices and their value implications in acquisition transactions. Accordingly, this study provides novel findings with empirically validated theoretical underpinnings.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104130"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143636639","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Can digital inclusive finance narrow the internal and external wage gaps in enterprises?

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104140

Ruichen Jiang, Qingtian Wu

引用次数: 0

Heterogeneous effects of common volatility in energy commodity markets on the structure of inter-sectoral connectedness within the Chinese stock market

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104128

Baifan Chen , Jionghao Huang , Lianzhou Tang , Jialu Wu , Xiaohua Xia

{"title":"Heterogeneous effects of common volatility in energy commodity markets on the structure of inter-sectoral connectedness within the Chinese stock market","authors":"Baifan Chen , Jionghao Huang , Lianzhou Tang , Jialu Wu , Xiaohua Xia","doi":"10.1016/j.irfa.2025.104128","DOIUrl":"10.1016/j.irfa.2025.104128","url":null,"abstract":"<div><div>Understanding how volatility in energy commodity markets reshapes the return and risk dependencies among financial assets is crucial for maintaining financial stability. This study investigates the effects of common volatility in energy commodity markets (COVOE) on the network structure of inter-sectoral return connectedness within the Chinese stock market. We classify 5178 Chinese mainland-listed companies into 18 sectors and compute COVOE for these sectors, employing the global common volatility methodology. Concurrently, we construct daily sectoral composite stock price indices, weighted by market capitalization, and employ the Diebold-Yilmaz (DY) connectedness approach to measure return connectedness among them. Further, we develop a novel algorithm to remove insignificant links within inter-sectoral return connectedness networks. Results reveal that increases in common volatility in global energy, oil, and natural gas commodity markets significantly enhance the return connectedness among Chinese stock sectors, whereas rising common volatility in the coal market reduces the connectedness. Different types of energy commodity market volatility exhibit varying impacts on the net spillover of sectoral return information. Time-varying analysis suggests a declining impact of common volatility in energy commodity markets on sectoral return connectedness. Additionally, temporal and cross-sectoral heterogeneity is observed in the impact of common volatility in energy commodity markets on the net spillover of sectoral return information. The study highlights the intricate relationship between energy market volatility and the financial market, providing valuable insights for risk management and policy formulation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104128"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143685715","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

Hedging geopolitical risks with diverse commodities

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104129

Dror Parnes , Sapir S. Parnes

{"title":"Hedging geopolitical risks with diverse commodities","authors":"Dror Parnes , Sapir S. Parnes","doi":"10.1016/j.irfa.2025.104129","DOIUrl":"10.1016/j.irfa.2025.104129","url":null,"abstract":"<div><div>We examine the relations between geopolitical risks and 14 different commodity future contracts, purposely selected from diverse classes (precious metals including gold, silver, and platinum, industrial metals including copper and aluminum, energy resources including crude oil and natural gas, grains including wheat, sugar, corn, soybeans, and coffee, livestock including live cattle, and wood products including lumber) and two popular commodity future indices (S&P GSCI and CRB), from 2000 until the end of 2023. This topical time period is recognized as somewhat intense and ample with geopolitical risks, events, and threats. We find a plethora of relationships along the respective returns (discrete and continuous) and volatilities (intra-day representing short-term and two-week denoting mid-term). We conclude that, by using either long or short positions in some of these commodity future contracts and composite indices, investors can hedge geopolitical hazards and construct safe haven strategies. We also identify some associations to contango and backwardation cycles and document that the information content embedded in worldwide geopolitical risks, actual events, and threats stretches up to a four-day range. Our empirical findings have further policy implications for financial institutions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104129"},"PeriodicalIF":7.5,"publicationDate":"2025-03-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143678314","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

Green governance and value relevance of earnings

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104120

Bo Zhu, Shaoqian Wu

引用次数: 0

Tournament incentives, corporate overinvestment, and economic consequences

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-03-13 DOI: 10.1016/j.irfa.2025.104090

Heeick Choi , Khondkar Karim , Yin Liu

引用次数: 0