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

Climate finance and the short-term debt long-term use of enterprises 气候融资与企业长期使用的短期债务

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104525

Zirong Li , Hong Li , Yan Peng , Jingbo Li

{"title":"Climate finance and the short-term debt long-term use of enterprises","authors":"Zirong Li , Hong Li , Yan Peng , Jingbo Li","doi":"10.1016/j.irfa.2025.104525","DOIUrl":"10.1016/j.irfa.2025.104525","url":null,"abstract":"<div><div>The phenomenon of short-term debt long-term use is common among Chinese enterprises. Climate finance is changing the allocation of credit resources, leading to profound changes in corporate debt financing. How does climate finance affect the short-term debt long-term use of enterprises? Based on theoretical analysis and data from the climate finance index calculated for 2008–2022, as well as panel data from A-share listed companies in the Shanghai and Shenzhen stock markets, this paper employs a two-way fixed effects panel model to study the impact of climate finance on the short-term debt long-term use of Chinese enterprises. The results indicate that: First, climate finance exacerbates the extent of short-term debt long-term use; for every unit increase in the climate finance level of the city where a company is located, the degree of short-term debt long-term use increases by 1.3607 percentage points. Second, climate finance enhances the availability of bank loans, alleviating financing constraints for enterprises; it reduces the uncertainty of climate policies, prompting companies to increase the supply of commercial credit; both of these factors lead to an increase in short-term debt long-term use. This research provides a new perspective for managing the risks associated with short-term debt long-term use in enterprises and serves as a warning for the healthy development of climate finance.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104525"},"PeriodicalIF":9.8,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144920360","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

Quality differences, location, and coffee price returns networks: Insights from a high-dimensional CoVaR-copula analysis 质量差异、地理位置和咖啡价格回报网络：来自高维CoVaR-copula分析的见解

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104537

Luis Fernando Melo-Velandia , Jesús Otero , Mahicol Stiben Ramírez-González

引用次数: 0

Can brand co-branding trigger stock price volatility? The insider effect of executive trading behavior 品牌联合品牌是否会引发股价波动？高管交易行为的内幕效应

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104589

Guobin Zhao , Wei Shao , Haroon Iqbal Maseeh , Xue Lei , Ouwen Lin , Yanzhe Yuan

{"title":"Can brand co-branding trigger stock price volatility? The insider effect of executive trading behavior","authors":"Guobin Zhao , Wei Shao , Haroon Iqbal Maseeh , Xue Lei , Ouwen Lin , Yanzhe Yuan","doi":"10.1016/j.irfa.2025.104589","DOIUrl":"10.1016/j.irfa.2025.104589","url":null,"abstract":"<div><div>Brand co-branding has emerged as a key strategy for enterprises seeking to expand market reach and enhance competitiveness, becoming a prominent feature of modern business practice. However, its actual impact on firm value remains insufficiently validated. This paper investigates the effects of brand co-branding events on stock price volatility and the underlying mechanisms, using Chinese A-share listed companies from 2015 to 2023 as the study sample. Employing difference-in-differences and triple-difference models, the analysis reveals that brand co-branding events generally trigger significant positive stock price reactions. Mechanism tests show that these events influence stock prices through two main channels: first, they increase institutional investors' attention, leading to higher institutional ownership; second, they prompt analysts to raise earnings forecasts, thereby transmitting positive market signals. Further analysis demonstrates that executive trading behavior significantly moderates the effect of co-branding where executive stock purchases prior to co-branding events serve as strong positive signals that amplify market reactions, while executive sales tend to dampen them. Cross-sectional analysis identifies distinct differences across co-branding types, with product co-branding generating significantly stronger market responses than marketing collaborations or intellectual property licensing. These findings not only validate the market relevance of brand co-branding but also highlight the critical role of executive trading behavior as an internal information signal, offering new empirical insights for corporate strategy formulation and investor decision-making.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104589"},"PeriodicalIF":9.8,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144903846","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

Climate risk, environmental supervision, and corporate green innovation 气候风险、环境监管与企业绿色创新

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104581

Jian Zhou , Yin Feng

{"title":"Climate risk, environmental supervision, and corporate green innovation","authors":"Jian Zhou , Yin Feng","doi":"10.1016/j.irfa.2025.104581","DOIUrl":"10.1016/j.irfa.2025.104581","url":null,"abstract":"<div><div>Using data from Chinese A-share listed companies from 2012 to 2023, this study systematically examines the impact mechanism and economic consequences of climate risk on corporate green innovation. Results indicate that climate risk considerably promotes corporate green innovation activities, driving corporate green transformation through a dual pathway. First, climate risk exacerbates the superposition effect of physical risks (such as asset destruction caused by extreme weather) and transition risks (such as asset stranding triggered by policy uncertainty), compelling governments to strengthen environmental regulations and prompting enterprises to transform environmental compliance into strategic opportunities. Second, climate risk reshapes managers' cognitive frameworks and decision-making paradigms, enhancing innovation willingness by mitigating short-termism (e.g., reducing excessive focus on short-term financial indicators), thereby establishing a positive cycle of risk perception–innovation trial-and-error–capability building. Heterogeneity analysis reveals that financing constraints moderate the transmission mechanism, with less financially constrained enterprises efficiently converting climate risk into innovation momentum.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104581"},"PeriodicalIF":9.8,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144912049","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

Modeling a nonradial measure in nonconvex global technology for banking sector: Evidence from commercial banks in China 银行业非凸全球技术的非径向测度建模：来自中国商业银行的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104588

Jie Wu, Jipeng Liu, Yinghao Pan

{"title":"Modeling a nonradial measure in nonconvex global technology for banking sector: Evidence from commercial banks in China","authors":"Jie Wu, Jipeng Liu, Yinghao Pan","doi":"10.1016/j.irfa.2025.104588","DOIUrl":"10.1016/j.irfa.2025.104588","url":null,"abstract":"<div><div>This study proposes a nonconvex global slack-based directional distance function that incorporates a nondiscretionary input to improve the accuracy of bank efficiency measurement. First, the model treats fixed asset depreciation as a nondiscretionary input, thereby capturing its influence on the production possibility set. Second, the nonconvex global technology assumption is adopted to avoid infeasible input–output combinations across periods and to better reflect technological heterogeneity. Third, the global Malmquist index and its decomposition components are employed to assess efficiency changes over the sample period and identify their key drivers. The results show that the overall efficiency of the 16 sampled banks declined in the latter part of the study period, with widening disparities indicating an increasingly polarized banking sector. During the observation period, pure efficiency change exhibited a fluctuating downward trend, while scale efficiency change showed moderate improvement. These findings suggest that improving productivity in China's commercial banks requires more than internal technical adjustments. Policymakers should focus on encouraging leading banks to engage in continuous fintech and management innovation, while promoting the sector-wide adoption of proven strategies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104588"},"PeriodicalIF":9.8,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144907783","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

Dynamic corporate payout smoothing: A structural vector autoregressive model 动态公司股利平滑：一个结构向量自回归模型

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104570

Antonio Renzi, Pietro Taragoni, Gianluca Vagnani

引用次数: 0

A study of the impact of digital finance on the economic development of Latin American countries 数字金融对拉美国家经济发展的影响研究

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104587

Yaoxin Sun

{"title":"A study of the impact of digital finance on the economic development of Latin American countries","authors":"Yaoxin Sun","doi":"10.1016/j.irfa.2025.104587","DOIUrl":"10.1016/j.irfa.2025.104587","url":null,"abstract":"<div><div>This paper takes Latin American countries from 2012 to 2022 as a research sample, focusing on the impact of digital finance on the economic development of Latin American countries and its internal mechanism of action. By constructing a regression model from a macro perspective for in-depth analysis, the research results show that digital finance has a significant role in promoting the economic development of Latin American countries, but there is heterogeneity, the impact of digital finance on economic development is not significant at a low level of economic development, and digital finance can significantly improve the level of economic development at a high level of economic development. In terms of the global governance index, regulatory quality and political stability have a significant positive impact on the economic development of Latin American countries, and the interaction with digital finance can strengthen the promotion of digital finance on economic development; corruption control itself does not have a significant impact on economic development, but its interaction with digital finance can strengthen the promotion of digital finance on economic growth. In terms of global economic freedom, financial freedom, commercial freedom, and monetary freedom all have a significant positive impact on economic development in Latin American countries, and interacting with digital finance significantly strengthens digital finance's promotion of economic development. This study helps to understand the relationship between digital finance and the economic development of Latin American countries, and provides a reference for Latin American countries to formulate relevant policies to promote the synergistic development of digital finance and economy.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104587"},"PeriodicalIF":9.8,"publicationDate":"2025-08-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144916496","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

Biodiversity risk and agricultural futures markets 生物多样性风险与农产品期货市场

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-25 DOI: 10.1016/j.irfa.2025.104582

Qiaoqi Lang , Chenyu Li , Lixuan Wen , Hanlin Wu

引用次数: 0

Financial institution coverage and firm's cross-regional investment: Evidence from China 金融机构覆盖率与企业跨区域投资：来自中国的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-23 DOI: 10.1016/j.irfa.2025.104571

Jennhae Liou , Zijin Wang , Tzeryan Jiau , Qiuyun Zhao

{"title":"Financial institution coverage and firm's cross-regional investment: Evidence from China","authors":"Jennhae Liou , Zijin Wang , Tzeryan Jiau , Qiuyun Zhao","doi":"10.1016/j.irfa.2025.104571","DOIUrl":"10.1016/j.irfa.2025.104571","url":null,"abstract":"<div><div>This study examines the role of financial institution coverage in facilitating cross-regional capital flows within China, offering insights into how financial market development influences spatial capital allocation. Using granular data on 10.5 million city-year observations of Chinese listed firms and their subsidiaries (2007–2022), we demonstrate that cities with greater financial institution density attract significantly more cross-regional investments. Policy banks emerge as key drivers compared to commercial banks, particularly for firms operating in competitive markets or exhibiting higher risk tolerance. Mechanism analyses reveal that financial institution coverage facilitates non-local corporate investment by lowering financing costs through the effects of mitigating information frictions and reducing financial institute market power. Our findings extend the discourse on intra-national capital mobility by identifying financial infrastructure as a critical determinant of spatial investment patterns, with implications for understanding institutional roles in emerging markets' financial integration.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104571"},"PeriodicalIF":9.8,"publicationDate":"2025-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144895632","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

Time-varying relationship and diversification between sin stocks, Bitcoin and gold 股票、比特币与黄金的时变关系及分散化

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-23 DOI: 10.1016/j.irfa.2025.104533

Barbara Čeryová, Peter Árendáš

{"title":"Time-varying relationship and diversification between sin stocks, Bitcoin and gold","authors":"Barbara Čeryová, Peter Árendáš","doi":"10.1016/j.irfa.2025.104533","DOIUrl":"10.1016/j.irfa.2025.104533","url":null,"abstract":"<div><div>Although market preferences appear to have shifted toward sustainability, sin stocks, linked to activities such as gambling, tobacco, alcohol, or weapons, continue to outperform sustainable stocks in returns and resilience to market shocks. However, their relationship with other asset classes remains underexplored. Thus, this paper examines the connections and diversification benefits of sin stocks with gold, a traditional safe haven, and Bitcoin, a quasi-safe haven, for January 1, 2014–December 31, 2024 period. Our findings reveal a weak to negligible positive relationship between sin stocks, Bitcoin, and gold under stable market conditions, which quickly intensifies in market downturns. Both assets provide substantial diversification benefits for sin stocks until mid-2019, when their positive co-movement is minimal. Nevertheless, it strengthens during global crises occurring afterwards, including the COVID-19 pandemic, energy crisis, and Russia–Ukraine conflict, and neither Bitcoin nor gold act as safe haven assets. Nonetheless, the diversification benefits, although reduced, remain more pronounced for gold than for Bitcoin. Bitcoin exhibits both short- and long-term positive correlations with sin stocks, along with unstable lead–lag dynamics, whereas gold displays only short-term positive co-movement before reverting to weaker correlations.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104533"},"PeriodicalIF":9.8,"publicationDate":"2025-08-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144895639","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