International Review of Financial Analysis最新文献

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The benefits of downside risk reduction through coinsurance 通过共同保险降低下行风险的好处
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-18 DOI: 10.1016/j.irfa.2025.104265
Michael Goedde-Menke , Lars Norden , Christian Rose
{"title":"The benefits of downside risk reduction through coinsurance","authors":"Michael Goedde-Menke ,&nbsp;Lars Norden ,&nbsp;Christian Rose","doi":"10.1016/j.irfa.2025.104265","DOIUrl":"10.1016/j.irfa.2025.104265","url":null,"abstract":"<div><div>We investigate the benefits of downside risk reduction through coinsurance in multi-segment firms. Using a coinsurance measure based on industry default risk connections derived from credit default swap (CDS) spread changes of single-segment firms, we isolate the effects of downside risk reduction from those due to the upside potential of diversification. We find multi-segment firms realize significantly larger debt-related coinsurance benefits (lower cost of debt and/or higher leverage) than suggested by evidence based on total risk proxies. Coinsurance is costly for shareholders and has no effect on the WACC. The impact of coinsurance on the WACC and firm value strongly varies with financial constraints. When financial constraints are at intermediate levels, coinsurance creates value for debt holders, shareholders, and the firm. Important identification issues are addressed. Our findings shed new light on how multi-segment firms benefit from downside risk reduction through coinsurance.</div><div>This version: March 25, 2025.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104265"},"PeriodicalIF":7.5,"publicationDate":"2025-04-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143877012","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
Leveraged buyouts in Spain: Organic growth or industry consolidation?
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-17 DOI: 10.1016/j.irfa.2025.104216
Brian Ayash , Fermín Lizarraga , Santiago Sánchez Alegría
{"title":"Leveraged buyouts in Spain: Organic growth or industry consolidation?","authors":"Brian Ayash ,&nbsp;Fermín Lizarraga ,&nbsp;Santiago Sánchez Alegría","doi":"10.1016/j.irfa.2025.104216","DOIUrl":"10.1016/j.irfa.2025.104216","url":null,"abstract":"<div><div>Private equity controlled firms are often utilized as platforms for the consolidation of industries. Using a sample of Spanish firms acquired in leveraged buyouts, we argue that add-on acquisitions are distorting conclusions presented in the literature. For instance, Boucly et al. (2011), Bernstein et al. (2019), Battistin et al. (2017) and others associate buyouts, and specifically leveraged buyouts, with growth. We present a simple but novel approach to isolate organic growth and observe that depreciation is greater than capital expenditures. While Bansraj et al. (2022) documents that in Europe, organic sales growth is negative, and acquisitions mask this decline, we focus on investment. Our results show that industry consolidation is also masking a decline in economically important investment. We also study outcomes, comparing the bankruptcy rate in our sample to a propensity score matched set of control firms. We find that leveraged buyouts in Spain are accelerating industry consolidation without visible operating performance improvements or long-term value creation.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104216"},"PeriodicalIF":7.5,"publicationDate":"2025-04-17","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143943035","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
Concentration of supply chain, internal control, and corporate risk-taking 供应链集中度、内部控制与企业风险承担
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-15 DOI: 10.1016/j.irfa.2025.104261
Yu Li , Tianpeng Bai , Ya Sha , Zitong Xu
{"title":"Concentration of supply chain, internal control, and corporate risk-taking","authors":"Yu Li ,&nbsp;Tianpeng Bai ,&nbsp;Ya Sha ,&nbsp;Zitong Xu","doi":"10.1016/j.irfa.2025.104261","DOIUrl":"10.1016/j.irfa.2025.104261","url":null,"abstract":"<div><div>This study uses a dataset of publicly traded companies from 2010 to 2022 to conduct a comprehensive analysis of how supply chain concentration and internal controls affect corporate risk-taking behavior. The findings reveal a significant positive relationship between supply chain concentration and the degree of corporate risk-taking. Notably, internal controls play a critical moderating role in this relationship, effectively reducing the level of risk-taking. Additionally, the research identifies distinct impacts of supply chain concentration and internal controls on risk-taking behavior between state-owned and private enterprises.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104261"},"PeriodicalIF":7.5,"publicationDate":"2025-04-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143833907","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
From crypto to NFTs: Identifying the new wave of digital investors 从加密货币到nft:识别新一波数字投资者
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-14 DOI: 10.1016/j.irfa.2025.104172
Stefano Balietti , Can Celebi , David Tercero-Lucas
{"title":"From crypto to NFTs: Identifying the new wave of digital investors","authors":"Stefano Balietti ,&nbsp;Can Celebi ,&nbsp;David Tercero-Lucas","doi":"10.1016/j.irfa.2025.104172","DOIUrl":"10.1016/j.irfa.2025.104172","url":null,"abstract":"<div><div>The objective of this paper is to explore whether NFT investors represent a distinct cohort within the broader crypto investment sphere. Employing data from a public survey with global outreach, we first find that NFT owners are younger and possess, on average, a lower educational level than the general crypto population but a higher cryptocurrency knowledge. Second, there are no significant gender differences among NFT investors and non-NFT investors, but those working in the crypto sphere are more likely to invest in NFTs. Additionally, individuals involved in yield farming or using crypto derivatives are more likely to own NFTs. Finally, we show that individuals with more concerns about the potential misuse of cryptocurrency for illicit activities are less likely to engage in the ownership of NFTs.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104172"},"PeriodicalIF":7.5,"publicationDate":"2025-04-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143859655","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
Can the integration of digital and real economies stimulate residents' consumption? 数字经济与实体经济的融合能否刺激居民消费?
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-12 DOI: 10.1016/j.irfa.2025.104260
Fan Zhao , Ruirui Li , Ziyin Wu , Xue Ru
{"title":"Can the integration of digital and real economies stimulate residents' consumption?","authors":"Fan Zhao ,&nbsp;Ruirui Li ,&nbsp;Ziyin Wu ,&nbsp;Xue Ru","doi":"10.1016/j.irfa.2025.104260","DOIUrl":"10.1016/j.irfa.2025.104260","url":null,"abstract":"<div><div>Integration of digital and real economies creates high-quality supply, facilitates the expansion of domestic demand, and is an effective tool for stimulating economic vitality. Based on China's 2011–2022 panel data, this study utilized a coupled coordination model to assess the integration between the digital and real economies, and empirically investigated the impact of this integration on residents' consumption. Findings showed that integration outperforms stand-alone digital economy development, with industry and regional variations. Benchmark tests revealed that this integration significantly increases consumption by improving supply quality, stimulating demand. From a heterogeneity standpoint, the integration of digital and real economies has a more pronounced effect on residents' consumption in central regions and rural areas, effectively playing a role akin to “sending charcoal in snow.” And the digital-real economy integration in regions with high-technology market development levels and low housing prices has a greater impact on residents' consumption. Further analysis demonstrated that integration drives consumption through three channels: increased product diversity, higher income levels, and improved payment convenience. Moreover, it positively impacts consumption oriented toward survival, development, and enjoyment, facilitating the upgrade of consumption structures and the transformation of consumption patterns. The analysis also revealed that integration with the tertiary sector exerts a significantly stronger influence on consumption compared to integration with the primary and secondary sectors. These findings underscore the critical role of digital-real economy integration in reshaping consumption patterns.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104260"},"PeriodicalIF":7.5,"publicationDate":"2025-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143828422","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 optimal strategies in CDS markets: The role of creditor-issuer dynamics CDS市场的最优策略建模:债权人-发行人动态的作用
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-12 DOI: 10.1016/j.irfa.2025.104170
Suman Banerjee , Mingyuan Kong
{"title":"Modeling optimal strategies in CDS markets: The role of creditor-issuer dynamics","authors":"Suman Banerjee ,&nbsp;Mingyuan Kong","doi":"10.1016/j.irfa.2025.104170","DOIUrl":"10.1016/j.irfa.2025.104170","url":null,"abstract":"<div><div>We develop a model to analyze the optimal strategies of creditors and CDS issuers. By establishing conditions that ensure the reservation price of creditors exceeds that of the issuers, we demonstrate the existence of a CDS market. The difference between these reservation prices, influenced by factors such as risk aversion and fundamental uncertainty, plays a crucial role in shaping CDS market dynamics. We find that the issuer’s reservation price increases with the size of their equity position in the reference-entity, and decreases with the diversity of the issuer’s credit-risk portfolio. These findings have implications for the optimal design of CDS markets.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104170"},"PeriodicalIF":7.5,"publicationDate":"2025-04-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143839079","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
How does climate change exposure affects green innovation in China: A framework for categorizing innovation 气候变化对中国绿色创新的影响:创新分类框架
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-11 DOI: 10.1016/j.irfa.2025.104253
Chao Yang , Di Song
{"title":"How does climate change exposure affects green innovation in China: A framework for categorizing innovation","authors":"Chao Yang ,&nbsp;Di Song","doi":"10.1016/j.irfa.2025.104253","DOIUrl":"10.1016/j.irfa.2025.104253","url":null,"abstract":"<div><div>This study examines the impact of firm-level climate change exposure (CCE) on green innovation among publicly listed enterprises in China from 2007 to 2023. Using a framework that categorizes types of innovation, the findings indicate a significant positive relationship between CCE and green innovation. Specifically, physical CCE positively influences firms' reactive green innovation, while regulatory CCE significantly promotes proactive green innovation. These results suggest that increased CCE enhances firms' capacity for green innovation, and this relationship remains robust across various robustness checks. The study also identifies key mechanisms in this relationship, highlighting the roles of environmental uncertainty and corporate social responsibility. Increased physical CCE leads to more reactive green innovation by heightening environmental uncertainty, whereas greater regulatory CCE encourages proactive green innovation by motivating firms to meet their environmental social responsibilities. This study offers valuable insights into how climate change drives corporate green innovation, providing potential explanations for mixed findings in previous studies and practical guidance for implementing environmental regulations to advance sustainable development.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"103 ","pages":"Article 104253"},"PeriodicalIF":7.5,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143828425","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
From endowed trust to earned trust: Firms located in trusted regions 从赋予信任到赢得信任:位于受信任地区的公司
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-11 DOI: 10.1016/j.irfa.2025.104252
Lin Yu, Jiahui Ye, Lin Yang
{"title":"From endowed trust to earned trust: Firms located in trusted regions","authors":"Lin Yu,&nbsp;Jiahui Ye,&nbsp;Lin Yang","doi":"10.1016/j.irfa.2025.104252","DOIUrl":"10.1016/j.irfa.2025.104252","url":null,"abstract":"<div><div>Trust can be obtained by firm location (endowed trust) or stakeholder-oriented activities (earned trust). We are interested in whether firms located in trusted regions are more likely to protect stakeholders' benefits as a strategy to earn trust. Based on a sample of Chinese firms, we find a significant and positive correlation between endowed trust and firms' environmental and social commitment. We suggest that endowed trust has two effects: 1) shaping local firms' legal cognition and thus decreasing misconduct; and 2) providing resources and thus mitigating financial constraints, both of which encourage firms to protect the environment and society. Moreover, the positive effect of endowed trust is weakened when corporate governance or the local legal environment is strong.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104252"},"PeriodicalIF":7.5,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143850737","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 relationship between tax reputation, digital transformation, and corporate tax compliance in financial markets 金融市场中税收声誉、数字化转型与企业税收合规的动态关系
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-11 DOI: 10.1016/j.irfa.2025.104258
Cheng Cai, Lianjie Zhou, Dongshuang Liu
{"title":"Dynamic relationship between tax reputation, digital transformation, and corporate tax compliance in financial markets","authors":"Cheng Cai,&nbsp;Lianjie Zhou,&nbsp;Dongshuang Liu","doi":"10.1016/j.irfa.2025.104258","DOIUrl":"10.1016/j.irfa.2025.104258","url":null,"abstract":"<div><div>Based on a dataset of non-financial A-share listed companies in China from 2015 to 2022, this study conducts an in-depth analysis of the dynamic relationship between tax reputation and digital transformation in shaping corporate tax compliance behavior. The findings reveal that both enhanced tax reputation and advancements in digital transformation significantly and positively influence corporate tax compliance. Moreover, company size emerges as a critical moderating factor, affecting not only the strength of the relationship between digital transformation and tax compliance but also demonstrating a threshold effect. Specifically, the impact of digital transformation on tax compliance varies significantly across companies of different sizes. These differences are evident in whether companies are audited by the Big Four accounting firms and are particularly pronounced between high-tech and non-high-tech industries. Notably, companies audited by the Big Four and those operating in the high-tech sector show greater improvements in tax compliance during the digital transformation process.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104258"},"PeriodicalIF":7.5,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143852307","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 digital finance on corporate ESG 数字金融对企业环境、社会和公司治理的影响
IF 7.5 1区 经济学
International Review of Financial Analysis Pub Date : 2025-04-11 DOI: 10.1016/j.irfa.2025.104259
Ke Wu , Yongfang Zhang , Ying Chen , Miao Li
{"title":"Impact of digital finance on corporate ESG","authors":"Ke Wu ,&nbsp;Yongfang Zhang ,&nbsp;Ying Chen ,&nbsp;Miao Li","doi":"10.1016/j.irfa.2025.104259","DOIUrl":"10.1016/j.irfa.2025.104259","url":null,"abstract":"<div><div>In the context of the profound integration between China's dual carbon peak and neutrality goals and the rapidly expanding digital economy, whether and how digital finance can empower enterprises' sustainable development has become a popular research topic. Using panel data of Chinese A-share listed companies from 2011 to 2021, we empirically examine the impact of digital finance on environmental, social, and corporate governance (ESG). Findings reveal that digital finance has a significant positive impact on corporate ESG. Mechanistically, digital finance has the potential to enhance corporate ESG performance by encouraging corporate green innovation and enhancing corporate environmental information disclosure. Heterogeneity analysis reveals that digital finance has a heterogeneous impact on ESG performance, depending on firm size, corporate ownership, finance, and market development. Based on our findings, we propose policy recommendations that include deepening the integration of digital finance with green technologies, optimizing the design of ESG financing products and information disclosure mechanisms, and enhancing targeted support for various regions and industries</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"104 ","pages":"Article 104259"},"PeriodicalIF":7.5,"publicationDate":"2025-04-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143868012","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
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