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

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

The impact of digital infrastructure on urban radical innovation: Evidence from the “Broadband China” Demonstration Policy 数字基础设施对城市突破性创新的影响：来自“宽带中国”示范政策的证据

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-23 DOI: 10.1016/j.irfa.2025.104528

Xinpeng Wang , Yingying Zhang

引用次数: 0

Green financing for ESG investments and wages in a sustainable economy 可持续经济中ESG投资和工资的绿色融资

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-22 DOI: 10.1016/j.irfa.2025.104569

Hamid Beladi , Chi-Chur Chao , Cong Tam Trinh , Mong Shan Ee

引用次数: 0

From chains to gains: How green supply chain management drives green innovation in Chinese manufacturing 从链条到收益：绿色供应链管理如何推动中国制造业的绿色创新

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-22 DOI: 10.1016/j.irfa.2025.104579

Zhiqiao Xiong , Jianjiang Liu , Daqian Shi , Jin Hu

{"title":"From chains to gains: How green supply chain management drives green innovation in Chinese manufacturing","authors":"Zhiqiao Xiong , Jianjiang Liu , Daqian Shi , Jin Hu","doi":"10.1016/j.irfa.2025.104579","DOIUrl":"10.1016/j.irfa.2025.104579","url":null,"abstract":"<div><div>Green supply chain management (GSCM) has received considerable attention as an effective driver of green innovation in organizations, setting it apart from conventional supply chain management approaches. However, despite its potential, GSCM remains insufficiently explored in the extant literature. To address this research gap, our study constructs a theoretical framework grounded in stakeholder theory, encompassing government, society, and enterprises. Using data from publicly listed manufacturing companies in China from 2011 to 2022 and employing the assessment of demonstration enterprises under the GSCM policy as a quasinatural experiment, we apply a multiperiod difference-in-differences approach to evaluate the effect of GSCM on corporate green innovation. Our empirical results demonstrate that GSCM substantially promotes green innovation, remaining consistent across several robustness checks, including placebo testing, interaction fixed effects, double clustering, and eliminating confounding policy influences. Moreover, we explore three underlying mechanisms through which GSCM enhances green innovation: securing governmental environmental subsidies, attracting social green investments, and reducing enterprise transaction costs. Additionally, we find that government ecological concerns, social media attention, and the green human capital of corporate executives exert significant moderating effects, amplifying the positive influence of GSCM on green innovation. Heterogeneity analysis indicates that the driving effect of GSCM is pronounced in nonpolluting enterprises, firms with high supply chain efficiency, and those exhibiting superior ESG performance. This paper provides empirical evidence on how GSCM facilitates green innovation and offers valuable insights for policymakers aiming to optimize green supply chain policies.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"107 ","pages":"Article 104579"},"PeriodicalIF":9.8,"publicationDate":"2025-08-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145220455","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

Cultural biases in the investment decision-making process of institutional investors 机构投资者投资决策过程中的文化偏见

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-22 DOI: 10.1016/j.irfa.2025.104576

Haili Wu

引用次数: 0

Social credit and supply chain resilience: Insights from China's social credit system construction 社会信用与供应链弹性：来自中国社会信用体系建设的启示

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-22 DOI: 10.1016/j.irfa.2025.104568

Donghua Zhou , Yuanyuan Yang , Yujie Zhao

引用次数: 0

Embracing paradox: The digital innovation strategy and corporate value—The moderating role of CEO-TMT cognitive complementarity and executive equity incentives 拥抱悖论：数字创新战略与企业价值——CEO-TMT认知互补性与高管股权激励的调节作用

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104575

Linjun Cao , Lidong Wu

{"title":"Embracing paradox: The digital innovation strategy and corporate value—The moderating role of CEO-TMT cognitive complementarity and executive equity incentives","authors":"Linjun Cao , Lidong Wu","doi":"10.1016/j.irfa.2025.104575","DOIUrl":"10.1016/j.irfa.2025.104575","url":null,"abstract":"<div><div>Overcoming the tension between exploration and exploitation in digital innovation is critical for realizing firm value. Although existing research recognizes this tension as a major obstacle to value creation, long-term empirical studies on strategies to address it remain scarce. To bridge this gap, we draw on paradox theory, ambidextrous innovation, and strategic flexibility and leverage a panel of non-financial A-share listed firms in China to examine how synergistic yet flexible digital innovation strategies contribute to firm value. Our findings indicate that these strategies effectively manage the innovation paradox and enhance value creation, with particularly strong effects when the chief executive officer and top management team exhibit high cognitive complementarity and are motivated by long-term equity incentives. Moreover, the value-enhancing impact of digital innovation strategies is more pronounced for firms operating in regions with strong intellectual property protection and for those subject to high analyst coverage.</div></div>","PeriodicalId":48226,"journal":{"name":"International Review of Financial Analysis","volume":"106 ","pages":"Article 104575"},"PeriodicalIF":9.8,"publicationDate":"2025-08-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144895636","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

Digital technology preferences in chinese cities from a trade competitiveness perspective 贸易竞争力视角下的中国城市数字技术偏好

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104563

Sisi Zhang, Dexiang Mei

引用次数: 0

Digital transformation and green finance efficiency of tourism enterprises: The effect of credit ratings 旅游企业数字化转型与绿色金融效率：信用评级的影响

IF 9.8 1区经济学

International Review of Financial Analysis Pub Date : 2025-08-21 DOI: 10.1016/j.irfa.2025.104527

Xincai Ye , Lin Miao

引用次数: 0