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

Which companies are most at low-carbon transition risks? Evidence from ripple effects in multi-order moments 哪些公司面临的低碳转型风险最大？多阶矩的涟漪效应证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-03 DOI: 10.1016/j.irfa.2025.104843

Haiying Wang , Ting Luo , Chonghui Jiang , Jiangze Du

引用次数: 0

Cultural foundations of corporate integrity: Evidence from Confucian influence in China 企业诚信的文化基础：来自中国儒家影响的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-05 DOI: 10.1016/j.irfa.2025.104938

Guoxing Li , Linsi Li , Kaizhi Zhang

{"title":"Cultural foundations of corporate integrity: Evidence from Confucian influence in China","authors":"Guoxing Li , Linsi Li , Kaizhi Zhang","doi":"10.1016/j.irfa.2025.104938","DOIUrl":"10.1016/j.irfa.2025.104938","url":null,"abstract":"<div><div>This study examines the impact of traditional cultural values on corporate integrity systems in China. We develop a novel cultural dataset by deploying an AI-enabled web crawler to identify all Confucian temples nationwide and extract their geographic coordinates. These data allow us to construct a firm-level measure of exposure to Confucian cultural impact based on both the number and spatial proximity of nearby temples. Using a panel dataset of publicly listed Chinese firms, we reveal that firms embedded in robust Confucian cultural environments are significantly more likely to adopt formal anti-corruption systems. This relationship is especially pronounced among firms with weaker board independence and those located in central and eastern China. Moreover, we document that Western cultural exposure weakens the positive impact of Confucian norms on the implementation of anti-corruption mechanisms, suggesting a cultural substitution dynamic. Taken together, our findings underscore the significance of cultural context in shaping ethical corporate governance and demonstrate the analytical value of AI-assisted cultural data collection for governance and organizational behavior research.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104938"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840955","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

Artificial intelligence and corporate financialization 人工智能和企业金融化

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.2025.104906

Xiaomeng Deng , Chuan Qin

{"title":"Artificial intelligence and corporate financialization","authors":"Xiaomeng Deng , Chuan Qin","doi":"10.1016/j.irfa.2025.104906","DOIUrl":"10.1016/j.irfa.2025.104906","url":null,"abstract":"<div><div>Against the backdrop of deep integration of artificial intelligence (AI) into corporate operations, this study examines how AI adoption influences firms' financial asset allocation decisions using panel data of Chinese listed firms with 30,070 observations covering 2010–2023. Drawing on resource-based theory and corporate finance perspectives, we find that AI adoption significantly increases firms' financial asset ratios. This effect operates through two competing mechanisms: AI enhances profitability, generating surplus funds allocated to financial assets, while simultaneously alleviating financing constraints, with the profitability channel dominating. Importantly, this relationship is significantly moderated by three contextual factors: firms' digital transformation foundations, top management teams' technological expertise, and regional digital infrastructure quality. Heterogeneity analyses reveal that AI's financial impact is substantially stronger in large firms, digital economy industries, and competitive markets. These findings contribute theoretically by extending resource-based and corporate finance perspectives to emerging technologies, demonstrating how AI reshapes corporate resource allocation through dual pathways contingent on organizational capabilities and environmental conditions. Practically, firms should strengthen digital capabilities and technological leadership to maximize AI returns, while policymakers should prioritize digital infrastructure development to amplify AI's economic benefits. Future research should examine these relationships across institutional contexts and employ quasi-experimental designs to strengthen causal inference.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104906"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145840954","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

Financial accounting regulations, digitalization, and corporate earnings management 财务会计法规、数字化与企业盈余管理

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.2025.104878

Zhengliang Ren , Peng Nie

{"title":"Financial accounting regulations, digitalization, and corporate earnings management","authors":"Zhengliang Ren , Peng Nie","doi":"10.1016/j.irfa.2025.104878","DOIUrl":"10.1016/j.irfa.2025.104878","url":null,"abstract":"<div><div>Based on data from listed companies between 2014 and 2023, this study examines the relationships among financial accounting regulations, digitalization, and corporate earnings management. The results indicate a negative correlation between financial accounting regulations and the degree of earnings management. Further analysis reveals that the impact of financial accounting regulations on earnings management varies significantly across industries and regions with different regulatory environments. In addition, the level of digitalization is also negatively correlated with corporate earnings management. The effect of digitalization on earnings management similarly exhibits heterogeneity across industries and regulatory environments in different regions. Finally, digitalization plays a significant moderating role in the relationship between financial accounting regulations and earnings management. This study provides new insights into the interactions among financial accounting regulations, digitalization, and earnings management, and offers theoretical foundations and practical guidance for corporate managers and policymakers seeking to improve accounting standards and promote digital transformation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104878"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145704976","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 “Is Bitcoin a better safe-haven investment than gold and commodities?” [FINANA 63 (2019) 322–330] “比特币是比黄金和大宗商品更好的避险投资吗？”[finance 63 (2019) 322-330]

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2026-01-14 DOI: 10.1016/j.irfa.2026.105081

Syed Jawad Hussain Shahzad , Elie Bouri , David Roubaud , Ladislav Kristoufek , Brian Lucey

引用次数: 0

Digital technology upgrading in manufacturing, digital finance, and revenue liquidity 制造业数字技术升级、数字金融、收入流动性

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.2025.104857

Zhouding Liu , Chang Zhou

{"title":"Digital technology upgrading in manufacturing, digital finance, and revenue liquidity","authors":"Zhouding Liu , Chang Zhou","doi":"10.1016/j.irfa.2025.104857","DOIUrl":"10.1016/j.irfa.2025.104857","url":null,"abstract":"<div><div>With the rapid development of the digital economy, upgrading digital technologies in the manufacturing sector has become an important driver of high-quality corporate development. This paper systematically examines the impact of digital technology upgrading in the manufacturing industry on corporate revenue liquidity, based on data from A-share manufacturing listed companies in China from 2011 to 2023. The research findings indicate that: first, digital technology upgrading in manufacturing significantly enhances corporate revenue liquidity; second, digital finance plays a mediating role between manufacturing digital technology upgrading and corporate revenue liquidity; third, the improvement of human capital also serves as a mediator in the relationship between manufacturing digital technology upgrading and corporate revenue liquidity; fourth, heterogeneity analysis reveals that the impact of digital technology upgrading on corporate revenue liquidity varies depending on different levels of board independence; fifth, there is heterogeneity in the effect of digital technology upgrading on corporate revenue liquidity between loss-making and non-loss-making enterprises. Based on these conclusions, this paper recommends accelerating the digital transformation of manufacturing, promoting the deep integration of digital finance with the real economy, placing emphasis on human capital investment and talent structure optimization, improving corporate governance structure, and implementing differentiated policy support according to the heterogeneous characteristics of enterprises to enhance operational resilience and sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104857"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689480","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

Patient capital and supply chain resilience in manufacturing enterprises: An analysis from the perspectives of funding, governance, and innovation 制造业企业的耐心资本与供应链弹性：资金、治理和创新视角的分析

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.2025.104905

Jianan Li, Yunlong Guo, Lei Wei, Xiaoxiao Niu, Wentong Li

{"title":"Patient capital and supply chain resilience in manufacturing enterprises: An analysis from the perspectives of funding, governance, and innovation","authors":"Jianan Li, Yunlong Guo, Lei Wei, Xiaoxiao Niu, Wentong Li","doi":"10.1016/j.irfa.2025.104905","DOIUrl":"10.1016/j.irfa.2025.104905","url":null,"abstract":"<div><div>Against the backdrop of rising uncertainties such as de-globalization, trade frictions, and geopolitical tensions, enhancing supply chain resilience has become a key strategic imperative for China's transformation from a “manufacturing giant” to a “manufacturing power.” This paper investigates the impact and underlying mechanisms of patient capital on the supply chain resilience of Chinese A-share listed manufacturing firms from 2011 to 2023. The findings show that Patient capital has a positive effect on the supply chain resilience of manufacturing enterprises, and this conclusion remains robust after addressing endogeneity concerns and conducting multiple robustness checks. Mechanism analyses reveal that patient capital strengthens resilience by alleviating financing constraints, enhancing ESG performance, and promoting technological innovation—thus contributing from the perspectives of funding, governance, and innovation. Heterogeneity analyses indicate that the positive effect of patient capital on supply chain resilience is more pronounced under the following conditions: (1) Internal factors—non-state-owned enterprises (non-SOEs), small and medium-sized enterprises (SMEs), and high-tech enterprises; (2) External factors—firms located in eastern regions, with higher marketization levels and stronger intellectual property protection;(3) Supply chain factors—firms with diversified supplier structures, stable customer relationships, higher supply chain transparency, and better supply chain operating environments. Further analysis indicates that the digital economy and trade friction risks enhance the positive effect of patient capital on supply chain resilience. Additionally, patient capital creates sustainable long-term financial value for companies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104905"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689477","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

Estimating undisclosed corporate greenhouse gas emissions using energy consumption data as privileged information 利用能源消耗数据作为特权信息估算未披露的企业温室气体排放量

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2025-12-10 DOI: 10.1016/j.irfa.2025.104987

Haonan Wen , Yingjie Tian , Kun Guo

{"title":"Estimating undisclosed corporate greenhouse gas emissions using energy consumption data as privileged information","authors":"Haonan Wen , Yingjie Tian , Kun Guo","doi":"10.1016/j.irfa.2025.104987","DOIUrl":"10.1016/j.irfa.2025.104987","url":null,"abstract":"<div><div>Corporate greenhouse gas (GHG) emissions disclosure remains incomplete, particularly in markets with weak regulatory enforcement. Given the strong correlation between energy consumption and GHG emissions, energy consumption data can serve as a crucial predictor for estimating corporate GHG emissions. However, similar to GHG emissions, corporate disclosure on energy consumption is often unavailable on a scale, limiting their utility in existing estimation methods. To address this challenge, we introduce frameworks of Learning Using Privileged Information (LUPI) and Generalized Distillation (GD) into the problem of corporate GHG emissions estimation, treating energy consumption data as privileged information, which is available during model training but not available during inference. We propose a teacher–student framework that incorporates a reliability-weighted distillation loss, enabling the student model to selectively learn from more reliable teacher outputs. Empirical results based on Chinese A-share and Hong Kong-listed companies demonstrate that our method improves the accuracy of the estimation while preserving the universality of the model across companies with varying disclosure levels, offering a scalable solution to address corporate GHG emissions disclosure gaps.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104987"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145731908","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

Trolls at the gate: How Chinese “internet water armies” undermine corporate social responsibility 门口的巨魔：中国的“互联网水军”如何破坏企业的社会责任

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.2025.104832

Jian Hu , Dekun Liu , Zhi Tan

引用次数: 0

The role of new quality productive forces in manufacturing green innovation performance under tax incentives 税收优惠下新型优质生产力对制造业绿色创新绩效的影响

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.2025.104852

Yuan Qi , Zhongliang Wen

引用次数: 0