International Review of Financial Analysis最新文献

{"title":"The AI-sustainability Nexus: How does intelligent transformation affect corporate green innovation?","authors":"Chongchong Xu ,&nbsp;Boqiang Lin","doi":"10.1016/j.irfa.2025.104107","DOIUrl":"10.1016/j.irfa.2025.104107","url":null,"abstract":"<div><div>The deep integration of the digital economy and sustainable development has emerged as a critical theme in the current socio-economic transformation. However, existing research lacks a comprehensive exploration of how enterprise intelligent transformation empowers green innovation. This study employs intelligent manufacturing demonstration projects as a quasi-experiment, utilizing a staggered difference-in-differences model to examine the impact of enterprise intelligent transformation on green innovation. We analyze data from Chinese manufacturing A-share listed companies from 2011 to 2022. The findings reveal that: (1) Intelligent transformation significantly enhances both the quantity and quality of corporate green innovation. (2) This effect is realized through channels such as attracting on-site investigations by institutional investors, increasing media attention, improving internal control quality, and promoting human capital upgrading. (3) Heterogeneity analysis indicates that intelligent transformation exerts a more pronounced influence on green innovation in large-scale firms, high-tech industry firms, and firms located in regions with stringent environmental regulations. Based on these findings, we propose targeted recommendations for refining policies on enterprise intelligent transformation and green innovation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104107"},"PeriodicalIF":7.5,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143642142","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}

{"title":"Family digital competence, residents' subjective well-being, and tourism consumption levels—A study based on CFPS data","authors":"Shuguang Wang ,&nbsp;Guangbin Cheng ,&nbsp;Yuanhan Chen","doi":"10.1016/j.irfa.2025.104114","DOIUrl":"10.1016/j.irfa.2025.104114","url":null,"abstract":"<div><div>Using data from the China Family Panel Studies (CFPS) conducted by the Institute of Social Science Survey at Peking University, this study explores the impact of household digital competence (DigComp) on tourism consumption expenditure and its underlying transmission mechanisms. By constructing a probit regression model and incorporating mediation and moderation effect analyses, along with heterogeneity analysis, the study draws the following conclusions: First, a significant positive correlation exists between household DigComp and tourism consumption expenditure. Second, the application of digital technology has not only enhanced the tourism consumption environment but also improved residents' quality of life and satisfaction, thereby stimulating greater demand for tourism consumption. Furthermore, the positive influence of household DigComp on tourism consumption expenditure is more pronounced among individuals with higher education (those who had spent more years in education). Finally, heterogeneity analysis reveals that the effect of household DigComp on tourism consumption expenditure is most evident in both developed and less-developed regions, whereas it is relatively weaker in moderately developed areas.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104114"},"PeriodicalIF":7.5,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143629586","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}

{"title":"The effect of national culture and social capital on banking ESG performance: Evidence from Europe","authors":"Filippos Ioannidis ,&nbsp;Kyriaki Kosmidou ,&nbsp;Constantin Zopounidis","doi":"10.1016/j.irfa.2025.104084","DOIUrl":"10.1016/j.irfa.2025.104084","url":null,"abstract":"<div><div>This study explores the role of a country's culture and social capital in the performance of European banks concerning Environmental, Social, and Governance (ESG) factors. We applied a random effects model using ESG data of 112 banks from 25 countries for 7 years (2017–2023). Our empirical findings suggest that the dimensions of national culture have a statistically significant impact on the ESG performance of European banks. Specifically, power distance and uncertainty avoidance have a positive association with banking ESG scores. However, empirical findings indicate that individualism, indulgence and social capital have a statistically significant negative impact on the ESG performance of European banks. Our findings related to masculinity and long-term orientation show that those dimensions do not affect the ESG scores of European banks. Finally, we found no significant impact of cultural dimensions and social capital on the performance of the environmental and governance sub-pillars when solely examined.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104084"},"PeriodicalIF":7.5,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143629589","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}

{"title":"Crop damage, local climate risk perceptions, and small business access to credit","authors":"Jun Duanmu ,&nbsp;Yongjia Li ,&nbsp;Salman Tahsin ,&nbsp;Jiayi Xu","doi":"10.1016/j.irfa.2025.104096","DOIUrl":"10.1016/j.irfa.2025.104096","url":null,"abstract":"<div><div>This paper examines the impact of natural disasters on Small Business Administration (SBA) 7(a) loan originations, highlighting how such events influence lenders' perceptions of climate and thus affect credit access for small businesses. We find a significant reduction in SBA loan originations in disaster-affected counties, suggesting a more cautious approach by lenders. This paper also explores how geographical diversification and minority ownership affect loan origination and investigates the role of public climate belief in shaping lending activities. The findings highlight the important connection between natural disasters and bank lending decisions, offering valuable insights into the challenges small businesses face in areas affected by climate change.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104096"},"PeriodicalIF":7.5,"publicationDate":"2025-03-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143642146","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}

{"title":"Opportunism in crisis: Big baths and COVID-19 disclosure","authors":"Meng Guo,&nbsp;Danglun Luo,&nbsp;Chen Liu","doi":"10.1016/j.irfa.2025.104134","DOIUrl":"10.1016/j.irfa.2025.104134","url":null,"abstract":"<div><div>We investigate the tools that managers use to conceal big baths in times of crisis. Our study is based on 7623 firm-year observations of A-share listed companies in China during the COVID-19 pandemic. The empirical evidence suggests that during the COVID-19 pandemic, managers are more likely to take advantage of the crisis to engage in big baths. Specifically, managers engaging in big baths tend to convey a more negative tone regarding the pandemic and utilize the pandemic for self-serving attribution in financial reports. Moreover, managers have a heightened motivation to use COVID-19 disclosures to conceal big baths driven by stronger opportunistic intent, particularly those occurring in the fourth quarter, leading to negative earnings surprises, or those involving non-goodwill asset accounts. The correlation between big baths and a negative pandemic tone is less pronounced for firms with greater transparency in disclosure, higher analyst attention, CEO duality, and higher management ownership. Furthermore, we find that using the COVID-19 pandemic as a cover can help mitigate the stock price crash risks associated with big baths. The findings draw stakeholder attention to the opportunistic nature of earnings manipulation and discretionary disclosures during the COVID-19 pandemic.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104134"},"PeriodicalIF":7.5,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143642148","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}

{"title":"Banking competition and the enhancement of new quality productive forces: Evidence from China","authors":"Yuanming Ren ,&nbsp;Jingyi Gao ,&nbsp;Xinyu Zhan ,&nbsp;Qizhou Xu","doi":"10.1016/j.irfa.2025.104099","DOIUrl":"10.1016/j.irfa.2025.104099","url":null,"abstract":"<div><div>During China's economic change, understanding how the banking industry can support the development of new quality productive forces (NQPFs) is crucial. This study empirically examines the relationship between banking competition and NQPFs using data from the China Bank Branch Database, China Innovation Survey Enterprise Database, China Industrial Enterprise Database, and China Urban Statistical Yearbook, at macro and micro levels. Findings reveal that banking competition significantly enhances the development of NQPFs, which holds true at the macro-city and micro-enterprise levels. This conclusion remains consistent after addressing endogeneity issues using this study's instrumental variables. Further mechanism analysis suggests that banking competition primarily enhances total factor productivity and the level of NQPFs in cities by alleviating corporate financing constraints and fostering independent innovation within enterprises. This study offers important insights into the types of banking structures that can better promote technological innovation in emerging countries undergoing economic transition.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104099"},"PeriodicalIF":7.5,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143685636","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}

{"title":"Foreign exchange markets, climate risks and contextual news: An intraday analysis","authors":"Mohamed A. Ayadi,&nbsp;Walid Ben Omrane,&nbsp;Pari Gholi Panah","doi":"10.1016/j.irfa.2025.104103","DOIUrl":"10.1016/j.irfa.2025.104103","url":null,"abstract":"<div><div>This paper examines the dynamics of the foreign exchange market, focusing on the impact of macroeconomic, climate risk, and COVID-19 pandemic-related news on currency returns and volatility. Our findings show that prior to the pandemic, currency returns were mainly driven by macroeconomic news, but the onset of COVID-19 shifted attention to pandemic-related news. Vaccine-related announcements consistently increased volatility across markets, reflecting heightened uncertainty. Additionally, climate risk was found to strengthen the four major currencies relative to the US dollar. Finally, the study highlights context-specific effects, with certain indicators losing relevance while others gained prominence during the pandemic.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104103"},"PeriodicalIF":7.5,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143642149","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}

{"title":"Education, technology and high-quality economic development","authors":"Su Meiwen ,&nbsp;Ji Ming ,&nbsp;Li Mengyu","doi":"10.1016/j.irfa.2025.104143","DOIUrl":"10.1016/j.irfa.2025.104143","url":null,"abstract":"<div><div>The drivers of high-quality economic development in emerging economies remain a subject of intense debate. Although education and technology are recognized as crucial factors, their interplay, synergistic effects, and relative significance in the context of China's economic transformation are not yet fully understood. This study addresses this gap by examining the impacts of education and technology investments on high-quality economic development across Chinese provinces. Using panel data from 30 provinces over 2007–2022 as well as fixed effects models, mediation analysis, and interaction terms, this study determines the direct, indirect, and synergistic effects of these investments. Results reveal that education and technology positively influence high-quality development, and technology has a more pronounced direct effect. Human capital and information technology levels partially mediate these relationships, highlighting the complex pathways through which investments can translate into economic outcomes. Notably, we uncover a significant synergistic effect in which the impact of education (technology) investment is enhanced by higher levels of technology (education) investment. Furthermore, we find substantial regional heterogeneity, with technology investments yielding higher returns in less developed regions. These findings contribute to a more nuanced understanding of the drivers of high-quality economic development, offering insights for policymakers to optimize the balance and interaction between education and technology investments in diverse economic contexts.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104143"},"PeriodicalIF":7.5,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143686180","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}

{"title":"Explainable-machine-learning-based online transaction analysis of China property rights exchange capital market","authors":"Yu Zhou ,&nbsp;Zihe Zhang ,&nbsp;Zitong Guo","doi":"10.1016/j.irfa.2025.104098","DOIUrl":"10.1016/j.irfa.2025.104098","url":null,"abstract":"<div><div>The emerging China Property Rights Exchange Capital Market shows distinctive features in its organizational structure compared to the existing over-the-counter (OTC) market. In order to regulate trading behavior, regulators have imposed strict rules on the trading process in this capital market. Trading institutions have standardized the process online to enhance trading efficiency. While the size and value of bids in the market are growing, there is a problem of decreasing deal closure rates. The recommendations proposed in the current study are more indicative than specific. To investigate the impact of online standardized transaction process elements on the transaction rate within China Property Rights Exchange Capital Market, this paper undertakes research using an explainable machine learning approach to online transaction analysis. Drawing on real data from the platform, this study constructs a framework for examining prediction and influencing factors of transaction results based on explainable machine learning-based standard transactions. The best prediction model is determined through metrics such as prediction accuracy, and the SHAP value is then applied to assess the model features for interpretability. To validate the modeling method's effectiveness, the analysis results are compared with traditional empirical methods utilizing the same dataset. The results indicate that the XGBoost model has higher forecast precision and is more interpretable than traditional empirical methods with the addition of SHAP values. Using the interpretable XGBoost method based on SHAP values, it is found that the four characteristics of duration, number of working days, relisting and location have the greatest impact on the transaction turnover rate. The results of the study can provide a decision-making basis for trading institutions to improve the transaction process and increase the transaction rate, which can help to enhance the resource allocation and optimization efficiency of China Property Rights Exchange Capital Market.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104098"},"PeriodicalIF":7.5,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143636640","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}

{"title":"Does digital transformation affect systemic risk? Evidence from the banking sector in China","authors":"Yawen Li ,&nbsp;Yufei Xia ,&nbsp;Zongting Sun ,&nbsp;Naili Sun","doi":"10.1016/j.irfa.2025.104137","DOIUrl":"10.1016/j.irfa.2025.104137","url":null,"abstract":"<div><div>Digital transformation (DT) has reshaped the banking industry's competition patterns and operational approaches and introduced new challenges and risks to banks. This study examines the effect of DT on systemic risk. Using panel data from 2011Q1 to 2021Q4, we empirically confirm that commercial banks' DT promotion can significantly mitigate systemic risk. A 1 % increase in the standard deviation of DT can result in a maximum 8.54 % decrease in the mean banks' systemic risk. Furthermore, DT reduces banks' systemic risk by increasing bank concentration, enhancing business diversification, optimizing cost control, and reducing charter value. We further determine the negative moderating effect of economic policy uncertainty on the DT–systemic risk nexus. The impacts of DT on commercial banks' systemic risk exhibit some heterogeneity based on different DT dimensions, systemically (un)important banks, and bank size. Our main conclusions remain robust after addressing potential endogeneity and employing alternative dependent variables, sample periods, and clustered standard errors. We also analyze the effects of DT on banks' future practices by reducing systemic risk. As DT advances, mitigating systemic risk in banks results in lower earnings and higher risk-taking in the next period. Finally, we propose some implications for banks and regulators.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"102 ","pages":"Article 104137"},"PeriodicalIF":7.5,"publicationDate":"2025-03-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143628654","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}