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

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

Retraction notice to “Identifying the multiscale financial contagion in precious metal markets” [FINANA 63 (2019) 209–219] 关于“识别贵金属市场的多尺度金融传染”的撤回通知[FINANA 63 (2019) 209-219]

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2026-01-12 DOI: 10.1016/j.irfa.2026.105077

Xinya Wang , Huifang Liu , Shupei Huang , Brian Lucey

引用次数: 0

Biodiversity risk exposure and corporate risk-taking 生物多样性风险暴露与企业风险承担

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.2025.104844

Jinyu Yang, Chao Liang, Lihua Shen

引用次数: 0

Can digital finance mitigate the inhibitory effect of cultural distance on infrastructure investment? An empirical analysis based on countries along the belt and road initiative 数字金融能否缓解文化距离对基础设施投资的抑制作用？基于“一带一路”沿线国家的实证分析

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.2025.104893

Haiyan Zeng , Zhichao Zhang , Xiaoyun Ma

{"title":"Can digital finance mitigate the inhibitory effect of cultural distance on infrastructure investment? An empirical analysis based on countries along the belt and road initiative","authors":"Haiyan Zeng , Zhichao Zhang , Xiaoyun Ma","doi":"10.1016/j.irfa.2025.104893","DOIUrl":"10.1016/j.irfa.2025.104893","url":null,"abstract":"<div><div>Based on panel data from Belt and Road Initiative (BRI) countries spanning 2001 to 2023, this paper systematically analyzes the impact of cultural distance on infrastructure investment and examines the moderating roles of digital finance and foreign direct investment (FDI) in this relationship. The research findings indicate that, first, cultural distance significantly inhibits the level of infrastructure investment; second, digital finance plays a moderating role between cultural distance and infrastructure investment; third, FDI also functions as a moderator in the relationship between cultural distance and infrastructure investment; and fourth, the inhibitory effect of cultural distance on infrastructure investment exhibits heterogeneity across countries with different geopolitical risks and varying per capita Gross National Income (GNI). The conclusions of this paper not only enrich the body of research on the relationships among cultural distance, digital finance, and infrastructure investment, but also provide insights for policymakers in BRI countries formulating relevant policies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 104893"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145689481","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

Gaussian Mixture systemic risk measures in international equity markets 国际股票市场的高斯混合系统风险测度

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2026-02-01 Epub Date: 2026-01-13 DOI: 10.1016/j.irfa.2026.105094

Sung Ik Kim

{"title":"Gaussian Mixture systemic risk measures in international equity markets","authors":"Sung Ik Kim","doi":"10.1016/j.irfa.2026.105094","DOIUrl":"10.1016/j.irfa.2026.105094","url":null,"abstract":"<div><div>We develop a framework to measure systemic risk in international equity markets by integrating ARMA-GARCH dynamics with Dynamic Conditional Correlation (DCC) and Gaussian Mixture (GM) innovations. The specification captures heavy tails, regime dependence, and time-varying co-movement, and incorporates foreign exchange (FX) risk by modeling all equity returns in U.S. dollars. Using daily data for 10 major equity indices from 2000–2024, we estimate rolling joint predictive distributions and simulate conditional tail measures — <span><math><mrow><mi>C</mi><mi>o</mi><mi>V</mi><mi>a</mi><mi>R</mi></mrow></math></span>, <span><math><mrow><mi>Δ</mi><mi>C</mi><mi>o</mi><mi>V</mi><mi>a</mi><mi>R</mi></mrow></math></span>, <span><math><mrow><mi>C</mi><mi>o</mi><mi>A</mi><mi>V</mi><mi>a</mi><mi>R</mi></mrow></math></span>, and <span><math><mrow><mi>Δ</mi><mi>C</mi><mi>o</mi><mi>A</mi><mi>V</mi><mi>a</mi><mi>R</mi></mrow></math></span>. Out-of-sample backtests (Kupiec, Christoffersen, and Dynamic Quantiles tests) indicate strong tail calibration and conditional coverage. Empirically, systemic spillovers are highly time varying and intensify around major global stress episodes; adjusting for FX materially amplifies magnitudes and often reorders systemic risk contributors, especially in emerging markets. These results underscore the importance of modeling currency risk and non-Gaussian shocks when assessing cross-border vulnerabilities. The proposed GM-DCC framework provides a practical tool for investors, policymakers, and regulators to detect and monitor global financial fragility with greater precision.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"110 ","pages":"Article 105094"},"PeriodicalIF":9.8,"publicationDate":"2026-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145961873","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