International Review of Financial Analysis最新文献_第9页

Boards' green background and corporate ESG 董事会绿色背景与企业ESG

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-04 DOI: 10.1016/j.irfa.2025.104386

Liangyu Chen , Alkut Yusuyin , Renyi Zhang , Yongmin Zhang

引用次数: 0

Digital government and corporate ESG performance 数字政府与企业ESG绩效

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-03 DOI: 10.1016/j.irfa.2025.104379

Liming Chen , Tao Dai , Chen Zhang , Zhi Zhang

{"title":"Digital government and corporate ESG performance","authors":"Liming Chen , Tao Dai , Chen Zhang , Zhi Zhang","doi":"10.1016/j.irfa.2025.104379","DOIUrl":"10.1016/j.irfa.2025.104379","url":null,"abstract":"<div><div>This study examines the impact of digital government on environmental, social, and governance (ESG) performance, highlighting its importance in advancing sustainable development. By applying a staggered difference-in-differences approach, we find that digital government significantly enhances ESG performance, particularly in the environmental and governance aspects. These results remain robust after addressing endogeneity issues and in a series of robustness checks. Regarding the influencing mechanisms, digital government can enhance regulatory efficiency directly while attracting increased attention from institutional investors, analysts, and the public. These regulatory pressures motivate company managers to make more proactive ESG decisions. Additionally, digital government helps reduce perceived economic policy uncertainty among corporate management and curbs extreme greenwashing behaviors. Heterogeneity analysis indicates that the impact of digital government on corporate ESG performance varies under different external environments and internal governance conditions. Specifically, the promoting effect is more pronounced in regions with well-developed digital infrastructure and in industries characterized by high competition intensity and low pollution levels. Furthermore, in cases of significant agency conflicts between shareholders and management or between controlling and other shareholders, the impact of digital government becomes even more favorable. Lastly, an examination of economic consequences reveals that ESG improvements through digital government enhance firms' long-term financing capacity and contribute to higher market valuation. These findings underscore the role of digital governance in generating tangible financial benefits from ESG engagement and offer a government-oriented solution for promoting sustainable development</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104379"},"PeriodicalIF":7.5,"publicationDate":"2025-06-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144240478","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

Risk factors in cryptocurrency pricing 加密货币定价中的风险因素

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-03 DOI: 10.1016/j.irfa.2025.104389

Tian Lan, Michael Frömmel

引用次数: 0

Analyzing the market's reaction to AI narratives in corporate filings 分析市场对公司文件中人工智能叙述的反应

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-02 DOI: 10.1016/j.irfa.2025.104378

Anup Basnet , Maxim Elias , Galla Salganik-Shoshan , Thomas Walker , Yunfei Zhao

{"title":"Analyzing the market's reaction to AI narratives in corporate filings","authors":"Anup Basnet , Maxim Elias , Galla Salganik-Shoshan , Thomas Walker , Yunfei Zhao","doi":"10.1016/j.irfa.2025.104378","DOIUrl":"10.1016/j.irfa.2025.104378","url":null,"abstract":"<div><div>The recent surge in artificial intelligence (AI) interest and investment, driven by advances in large language models, has led the market to reward adopters and penalize laggards. Yet, AI integration predates this “AI gold rush,” with earlier adopters reaping significant benefits. Drawing on a 2005–2018 sample, a formative period before AI became mainstream, this paper examines how early AI adoption and its disclosure in corporate filings affect U.S. firms. Analyzing 10-K filings, we categorize AI-related mentions as actionable, speculative, or irrelevant. We establish causal links between these disclosures and firm value, with innovation and productivity as likely channels. Our findings indicate that markets distinguish between substantive AI initiatives and opportunistic signaling, swiftly pricing anticipated future gains. Actionable disclosures outlining clear implementation plans yield significant valuation benefits, particularly upon first introduction, whereas speculative or irrelevant disclosures have no impact. Moreover, firms with substantive AI disclosures subsequently increase innovation activities, evidenced by higher R&D spending and patent filings, which are a key step in a pathway to modest, lagged productivity gains and ultimately improved valuation. We further find that these innovation activities act as concurrent signals of strategic reorientation towards AI, reinforcing the market's swift positive valuation. We show that early adopters of actionable disclosures gain competitive advantages, while peers that either remain silent or offer only vague AI disclosures face market penalties. These findings highlight that the strategic communication of genuine technological initiatives can significantly impact a company's perceived value and competitive positioning in the market.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104378"},"PeriodicalIF":7.5,"publicationDate":"2025-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144221942","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

Exploring the intersection of sustainability performance and M&A activity: A review of the literature 探讨可持续发展绩效与并购活动的交集：文献综述

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-02 DOI: 10.1016/j.irfa.2025.104375

Valentina Beretta, Enrico Cotta Ramusino, Maria Chiara Demartini, Emanuel Bagna

引用次数: 0

Commodity futures option valuation – An ensemble model 商品期货期权估值-一个集合模型

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-01 DOI: 10.1016/j.irfa.2025.104372

Yi Cao , Jia Zhai , Conghua Wen , Lu Zong , Ao Yang

引用次数: 0

The dark side of corporate digital transformation: Evidence from corporate bribery 企业数字化转型的阴暗面：来自企业贿赂的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-06-01 DOI: 10.1016/j.irfa.2025.104373

Na He , Ling He , Junjie Yang , Heng Zhu

引用次数: 0

Tail risk contagion and connectedness between clean cryptocurrency, green assets and commodity markets 清洁加密货币、绿色资产和大宗商品市场之间的尾部风险传染和连通性

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-31 DOI: 10.1016/j.irfa.2025.104370

Walid Mensi , Houssem Eddine Belghouthi , Sami Al-Kharusi , Sang Hoon Kang

{"title":"Tail risk contagion and connectedness between clean cryptocurrency, green assets and commodity markets","authors":"Walid Mensi , Houssem Eddine Belghouthi , Sami Al-Kharusi , Sang Hoon Kang","doi":"10.1016/j.irfa.2025.104370","DOIUrl":"10.1016/j.irfa.2025.104370","url":null,"abstract":"<div><div>This study investigates tail contagion risks among seven clean cryptocurrencies (Cardano, EOS, NANO, TRON, Stellar, Tezos, and Ripple), green assets (the Green Bond Index, Global Clean Energy Index, and ESG Leader Index), and strategic commodities (Gold and WTI). To achieve this objective, the Conditional Autoregressive Value at Risk (CAViaR) model (Engle & Manganelli, 2004) and quantile connectedness framework (Ando et al., 2022) are employed. The analysis covers the period from November 9, 2017, to July 31, 2024, encompassing significant financial crises. The findings indicate that green cryptocurrencies are linked to higher tail risks, particularly during market disruptions, whereas green bonds, ESG indices, and gold show greater resilience. Market interconnectedness is notably stronger during extreme conditions, with spillovers more pronounced in the bullish phases. EOS acts as a net receiver, offering diversification, whereas TRX is a net transmitter of systemic risk. XRP and gold shifted their roles, becoming net receivers during crises. During the pandemic, green bonds and gold served as safe havens, whereas in wartime, green bonds became net transmitters. The oil market acts as a net receiver in bearish periods and as a shock transmitter in bullish phases, impacting cryptocurrency markets because of its energy-intensive nature. These findings carry significant financial ramifications for portfolio managers and policymakers, underscoring the necessity of strategic asset allocation and risk management, particularly during periods of market turbulence, to optimize diversification and mitigate systemic risk.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104370"},"PeriodicalIF":7.5,"publicationDate":"2025-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144221940","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

Outward foreign direct investment and pollution: Evidence from China 对外直接投资与污染：来自中国的证据

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-30 DOI: 10.1016/j.irfa.2025.104355

Jingyi Gao , Yuanming Ren , Xinyu Zhan

引用次数: 0

Signal received? Carbon price and financial–environmental performance prioritization in EU ETS firms 信号收到?欧盟碳排放交易体系企业的碳价格与财务-环境绩效优先排序

IF 7.5 1区经济学

International Review of Financial Analysis Pub Date : 2025-05-29 DOI: 10.1016/j.irfa.2025.104348

Ethan Eslahi , Anna Creti , María-Eugenia Sanin

{"title":"Signal received? Carbon price and financial–environmental performance prioritization in EU ETS firms","authors":"Ethan Eslahi , Anna Creti , María-Eugenia Sanin","doi":"10.1016/j.irfa.2025.104348","DOIUrl":"10.1016/j.irfa.2025.104348","url":null,"abstract":"<div><div>Understanding how firms interpret and respond to carbon price signals based on their strategic priorities is crucial for aligning climate policies with corporate financial and environmental objectives. We propose a novel composite financial–environmental performance index that adjusts the emphasis on each dimension. Using a machine learning model, we evaluate the sensitivity of this index to carbon emissions allowance prices for a large sample of firms under the European Union Emissions Trading System (EU ETS) from 2008 to 2022, while controlling for a comprehensive set of potential competing predictors. Results suggest that prioritizing financial performance induces negative responses to rising carbon prices, whereas emphasizing environmental performance, without strong profitability incentives, shows limited sensitivity. By examining how carbon price signals can shape firms’ financial–environmental priorities, these findings offer actionable insights for designing policies that better balance profitability and sustainability in the low-carbon transition.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"105 ","pages":"Article 104348"},"PeriodicalIF":7.5,"publicationDate":"2025-05-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144184747","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