International Review of Financial Analysis最新文献_第8页

Can government green subsidies improve corporate labor income share? 政府绿色补贴能提高企业劳动收入份额吗？

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-14 DOI: 10.1016/j.irfa.2025.104340

Chunyang Zhang , Xin Liu

引用次数: 0

The asymmetric effects of European carbon emission trading system on European stock market returns: The moderating role of oil price uncertainty 欧洲碳排放交易制度对欧洲股票市场收益的非对称影响：油价不确定性的调节作用

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-13 DOI: 10.1016/j.irfa.2025.104324

Mosab I. Tabash , Umaid A. Sheikh , Refk Selmi , Mamdouh Abdulaziz Saleh Al-Faryan , Shawkat Hammoudeh

{"title":"The asymmetric effects of European carbon emission trading system on European stock market returns: The moderating role of oil price uncertainty","authors":"Mosab I. Tabash , Umaid A. Sheikh , Refk Selmi , Mamdouh Abdulaziz Saleh Al-Faryan , Shawkat Hammoudeh","doi":"10.1016/j.irfa.2025.104324","DOIUrl":"10.1016/j.irfa.2025.104324","url":null,"abstract":"<div><div>The first objective is to examine the asymmetric impact of European Union carbon emission trading system (EU-ETS) and oil price uncertainty (OPU) on the quantiles of European equity market returns. After confirming nonlinear dynamics in the daily time-series data for EU-ETS, OPU, and European stock returns, we use the quantile-based autoregressive distributive lag (QARDL) model. The second objective is to analyze OPU's moderating impact on dynamic conditional correlations (DCCs) and asymmetric dynamic conditional correlations (ADCCs) between EU-ETS returns and European equity market returns. To extract DCCs and ADCCs between carbon and stock returns, we employ the DCC-EGARCH and ADCC-EGARCH approaches with a range of robustness diagnostics. Thirdly, we utilize the hedge ratio and optimal portfolio weight selection approaches, guided by the DCC-GARCH-t copula method, to examine the hedging effectiveness (HE) against long-term OPU shocks through short-term positioning in European financial market returns and EU-ETS returns. Overall findings reveal asymmetric spillovers in extreme conditions, negatively affecting Belgian and Spanish firms in the long term due to EU-ETS-induced price increases. Long-term investors are advised to consider reallocating investment funds to the stock markets that are favorably impacted by EU-ETS fluctuations (Finland, France, Germany, Ireland, Italy, and the Netherlands) to achieve optimal gains during bullish equity market trends. However, simultaneous short-term negative OPU effects are observed in all economies' stock markets at all quantiles. The results also underscore OPU's moderating impact on stock‑carbon conditional connectedness, emphasizing the need for fund managers to acknowledge OPU as a moderating risk factor for carbon-stock hedging effectiveness.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104324"},"PeriodicalIF":7.5,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144084362","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

Impact of financial decentralisation on industrial structure upgrading: From the coordination perspective of fiscal decentralisation 财政分权对产业结构升级的影响：基于财政分权的协调视角

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-13 DOI: 10.1016/j.irfa.2025.104301

Tianqi Zhu , Lijuan Zhao , Lu Zhao , Xiaohong Kang

{"title":"Impact of financial decentralisation on industrial structure upgrading: From the coordination perspective of fiscal decentralisation","authors":"Tianqi Zhu , Lijuan Zhao , Lu Zhao , Xiaohong Kang","doi":"10.1016/j.irfa.2025.104301","DOIUrl":"10.1016/j.irfa.2025.104301","url":null,"abstract":"<div><div>The upgrading of industrial structure is the driving force of economic transformation. This study explores the quantitative relationship between fiscal decentralisation, financial decentralisation and industrial structure upgrading. The results show that: (1) Financial decentralisation has a positive impact on the industrial structure advancement, and fiscal decentralisation has a positive impact on the industrial structure rationalisation. (2) Financial decentralisation has a positive spillover effect on the industrial structure rationalisation of neighbouring cities, while fiscal decentralisation has a negative spillover effect on the industrial structure advancement of neighbouring cities. (3) When fiscal decentralisation exceeds the threshold, the impact of financial decentralisation on the industrial structure advancement in non-coordinated cities shifts from positive to negative, while in coordinated cities, the impact remains positive. (4) When fiscal decentralisation exceeds the threshold, the impact of financial decentralisation on the industrial structure rationalisation in non-coordinated cities turns from negative to positive, while in coordinated cities, the impact is not significant.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104301"},"PeriodicalIF":7.5,"publicationDate":"2025-05-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144089110","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

Greening the retail banking industry: Evidence from German bank account consumers 绿色零售银行业：来自德国银行账户消费者的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-12 DOI: 10.1016/j.irfa.2025.104326

Sophie Maria Anneke Klein , Friedemann Polzin

{"title":"Greening the retail banking industry: Evidence from German bank account consumers","authors":"Sophie Maria Anneke Klein , Friedemann Polzin","doi":"10.1016/j.irfa.2025.104326","DOIUrl":"10.1016/j.irfa.2025.104326","url":null,"abstract":"<div><div>While investor behaviour in relation to sustainable finance products has recently received scholarly attention, consumer adoption of these products remains poorly understood. This study investigates the reasoning behind adopting sustainable bank accounts at the household level using a quantitative approach with a nationally representative sample of 1501 consumers in Germany. The most important determinant for adopting these accounts was sustainable finance self-efficacy – in other words, the perceived impact that the consumer can make by using the product. Other significant determinants include the consumers' willingness to pay a premium for the sustainability characteristic. Sustainable values, trust in bank in provider, and financial literacy are less relevant drivers of adoption. The study identified five distinct consumer clusters with different levels of adoption to generate more targeted industry and policy responses due to limited uptake. The results highlight the need for product providers and policymakers to raise awareness of the impact of private finances on sustainability in order to accelerate the adoption of sustainable banking products.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104326"},"PeriodicalIF":7.5,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144098437","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

Gender and ESG investing: Same behavior but different motivations 性别与ESG投资：相同的行为，不同的动机

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-12 DOI: 10.1016/j.irfa.2025.104327

Cynthia Assaf , Jérôme Monne , Loic Harriet

{"title":"Gender and ESG investing: Same behavior but different motivations","authors":"Cynthia Assaf , Jérôme Monne , Loic Harriet","doi":"10.1016/j.irfa.2025.104327","DOIUrl":"10.1016/j.irfa.2025.104327","url":null,"abstract":"<div><div>How does gender influence ESG (Environmental, Social, Governance) investing behavior? Using survey data from a sample of French investors, we primarily find no significant gender differences in the proportion of ESG funds or stocks held, nor in the <em>willingness to pay</em> to invest in a firm with a high ESG score. However, this lack of significance results from two simultaneous significant indirect gender effects acting in opposite directions. On the one hand, women, compared to men, are found to more strongly endorse specific sustainability criteria related to the fight against discrimination, which, in turn, increases the adoption of socially responsible investing behavior. On the other hand, women's weaker interest in great global environmental challenges results in a decrease in their ESG exposure. These attitudinal differences by men and women align with findings in social psychology literature, which suggests that women's adoption of pro-social/environmental behaviors is typically motivated by <em>communal</em> attitudes (i.e. community-oriented), whereas for men, such behaviors are more often driven by <em>agentic</em> motivations (self-rewarding). A clearer segmentation of ESG investment products, focusing on gender-specific preferences, could improve their adoption by both women and men, and help firms meet MiFID II's requirements by better aligning with investors' preferences.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104327"},"PeriodicalIF":7.5,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144089113","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 nonlinear dynamic effects of fintech on carbon emissions: Evidence from Chinese cities 金融科技对碳排放的非线性动态影响：来自中国城市的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-12 DOI: 10.1016/j.irfa.2025.104335

Xiao Yan Li , Huanbo Zhang , Zhenfeng Peng

{"title":"The nonlinear dynamic effects of fintech on carbon emissions: Evidence from Chinese cities","authors":"Xiao Yan Li , Huanbo Zhang , Zhenfeng Peng","doi":"10.1016/j.irfa.2025.104335","DOIUrl":"10.1016/j.irfa.2025.104335","url":null,"abstract":"<div><div>The rapid evolution of financial technology (fintech) is reshaping the financial ecosystem, yet its environmental implications remain understudied. Leveraging a novel dataset spanning 280 Chinese cities, this study examines the non-linear relationship between fintech maturity and carbon emissions, with a focus on the moderating role of banking competition. Using web crawlers and text recognition techniques to quantify fintech levels through Baidu News keyword frequency, we demonstrate that fintech development follows an inverted U-shaped trajectory in relation to carbon emissions: early-stage expansion increases emissions, whereas post-2015 advancements drive mitigation. Mechanism analysis reveals that green innovation and manufacturing servitization are critical pathways. Heterogeneity analysis further demonstrates that the inverted U-shaped effect of fintech on carbon emissions is predominantly observed in non-resource-dependent cities, while in resource-dependent cities, carbon emissions consistently rise with fintech development. Furthermore, intensified banking competition amplifies fintech's emission-reduction potential, particularly in non-resource-dependent regions. These findings provide actionable insights for policymakers to align fintech-driven financial reforms with sustainable development goals.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104335"},"PeriodicalIF":7.5,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144123957","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

Unpacking the impact of public attention on green investment: Insights from climate sentiment on social media 解读公众关注对绿色投资的影响：来自社交媒体气候情绪的洞察

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-12 DOI: 10.1016/j.irfa.2025.104325

Yamin Xie , Qixuan Ying

{"title":"Unpacking the impact of public attention on green investment: Insights from climate sentiment on social media","authors":"Yamin Xie , Qixuan Ying","doi":"10.1016/j.irfa.2025.104325","DOIUrl":"10.1016/j.irfa.2025.104325","url":null,"abstract":"<div><div>This study examines the impact of public attention on corporate green investment decisions and the mechanisms involved, focusing on the role of climate sentiment. Public attention is measured using the Baidu search index, while corporate green investment is assessed as the ratio of environmental investments to total revenue. A climate sentiment index is constructed using text analysis and lexicon methods. The results indicate that increased public attention significantly enhances corporate green investment, with negative climate sentiment amplifying the effects of public oversight. Non-technology firms exhibit greater responsiveness than technology firms. Additionally, the new “Environmental Protection Law” strengthens the moderating role of sentiment. Firms located in eastern regions and major urban centers demonstrate higher sensitivity to public attention and climate sentiment. This research underscores the critical role of climate sentiment in shaping corporate sustainability strategies, offering new theoretical insights and practical guidance for advancing green finance and sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104325"},"PeriodicalIF":7.5,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144134977","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

Executive retirement plan freezes and firm policies 高管退休计划冻结，政策坚定

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-12 DOI: 10.1016/j.irfa.2025.104328

Zacharias Petrou , Adamos Vlittis

引用次数: 0

Data element marketization and corporate investment efficiency: Evidence from China 数据要素市场化与企业投资效率：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-12 DOI: 10.1016/j.irfa.2025.104329

Shan Wu , Mengqi Zou , Tongen Jin

{"title":"Data element marketization and corporate investment efficiency: Evidence from China","authors":"Shan Wu , Mengqi Zou , Tongen Jin","doi":"10.1016/j.irfa.2025.104329","DOIUrl":"10.1016/j.irfa.2025.104329","url":null,"abstract":"<div><div>Data elements have been a crucial driving force for companies in optimizing resource allocation. For improved collection, availability, and access, marketization of data elements, as a significant development trend in the digital economy era, is gradually becoming integrated with and profoundly transforming corporate operational models and decision-making logics, exerting a far-reaching impact on corporate investment decisions and efficiency. Based on the research scenario in which data-trading platforms have been successively established in various cities in China since 2014, this study constructs a multiperiod difference-in-differences model to explore the impact and mechanism of data element marketization on corporate investment efficiency. Results indicate that data element marketization can significantly enhance corporate investment efficiency, with mechanism analysis revealing that this effect occurs by intensifying market competition, alleviating financing constraints, and improving management efficiency. Heterogeneity analysis reveals that data element marketization has a more pronounced effect on investment efficiency in samples with better corporate governance, higher corporate technological intensity, better regional legal institutional environments, and greater local government attention to the digital economy. Further analysis shows that data element marketization can alleviate overinvestment and underinvestment. This study reveals the value-creation role of data element marketization from the perspective of investment efficiency, providing empirical evidence and policy insights for the government to further its reforms in the market-oriented allocation of data elements.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104329"},"PeriodicalIF":7.5,"publicationDate":"2025-05-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144071885","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 nonlinear impact of firms' ESG disclosures on analysts' earnings forecast accuracy 企业ESG披露对分析师盈利预测准确性的非线性影响

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-11 DOI: 10.1016/j.irfa.2025.104332

Xuehui Zhang , Guoying Mu , Fei Han

{"title":"The nonlinear impact of firms' ESG disclosures on analysts' earnings forecast accuracy","authors":"Xuehui Zhang , Guoying Mu , Fei Han","doi":"10.1016/j.irfa.2025.104332","DOIUrl":"10.1016/j.irfa.2025.104332","url":null,"abstract":"<div><div>The disclosure of environmental, social, and governance (ESG) information by firms can signal to the capital markets the potential sustainable development capabilities of the company and provide oversight to curb opportunistic management practices. However, the continuous disclosure of ESG information not only leads to excessive investment and increased operational risks but also contributes to information overload in the capital markets. We examine the impact of firms' ESG disclosures on analyst earnings forecast accuracy (AEFA) using a nonlinear approach to capture both sides of ESG effects. Our nonlinear findings suggest that ESG disclosure has a U-shaped effect on AEFA. Specifically, a firm's ESG disclosure enhances AEFA but at a decreasing rate. The favorable effect becomes smaller as firms disclose more ESG, and eventually, increases in ESG disclosure led to worsening AEFA. The conclusion remains unchanged after an array of robustness checks. The mechanism test reveals that earnings management and media attention mediate the U-shaped relation between ESG disclosure and AEFA. Additional analysis shows that the U-shaped relation is more salient for SOEs and non-polluting firms. The findings not only broaden the research on the impact of ESG disclosure on AEFA, but also help investors make sound investment decisions.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104332"},"PeriodicalIF":7.5,"publicationDate":"2025-05-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144070544","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