Research in International Business and Finance最新文献

Leading or facilitating? —— The appropriate role of governmental venture capital in China 引导还是促进？-- 政府风险投资在中国的适当角色

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-18 DOI: 10.1016/j.ribaf.2025.102807

Zhoubo Xia , Xiuping Hua , Yong Wang , Jiadong Peng

引用次数: 0

The effects of disruptive technologies on accountability in fintech industry: Using bibliometric analysis to develop a research agenda 颠覆性技术对金融科技行业问责制的影响：利用文献计量分析制定研究议程

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-18 DOI: 10.1016/j.ribaf.2025.102816

Silvana Secinaro , Federico Lanzalonga , Michele Oppioli , Elbano de Nuccio

{"title":"The effects of disruptive technologies on accountability in fintech industry: Using bibliometric analysis to develop a research agenda","authors":"Silvana Secinaro , Federico Lanzalonga , Michele Oppioli , Elbano de Nuccio","doi":"10.1016/j.ribaf.2025.102816","DOIUrl":"10.1016/j.ribaf.2025.102816","url":null,"abstract":"<div><div>The fintech industry has fundamentally reshaped the financial landscape, driven by disruptive technologies such as blockchain and artificial intelligence, which have revolutionized big data analysis. These advancements empower users to bypass traditional intermediaries, achieving cost reductions and fostering safer, more efficient information and verification processes. However, the rapid evolution of fintech demands a deeper understanding of how accountability can be integrated into this transformative ecosystem. This research employs bibliometric analysis to synthesize existing knowledge on fintech and accountability-enabling technologies, exploring associated risks and opportunities. The study focuses on critical dimensions such as sustainability, governance, and innovative accounting approaches, illustrating how these technologies foster transparency and trust in financial systems. It also examines the interplay between fintech, ethical finance, and predictive technologies, emphasizing their role in forecasting financial, environmental, and social impacts. The findings highlight the importance of aligning disruptive technologies with global sustainability goals, including the Paris Climate Agreement and the SDGs, while addressing regulatory challenges. This research contributes by advancing theoretical insights into fintech’s accountability and providing practical recommendations for decision-makers and policymakers. By proposing strategies for regulatory frameworks and governance, this study underscores fintech’s transformative potential in enhancing transparency, trust, and accountability across the financial sector and beyond.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102816"},"PeriodicalIF":6.3,"publicationDate":"2025-02-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143446067","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Research on the impact of financial technology on risk-taking of commercial banks

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-15 DOI: 10.1016/j.ribaf.2025.102804

Chengyou Li , Yuxin Li , Yun Xu , Guanglin Sun

{"title":"Research on the impact of financial technology on risk-taking of commercial banks","authors":"Chengyou Li , Yuxin Li , Yun Xu , Guanglin Sun","doi":"10.1016/j.ribaf.2025.102804","DOIUrl":"10.1016/j.ribaf.2025.102804","url":null,"abstract":"<div><div>Fintech has driven both the diversification of commercial banks' operations and increased market competition, posing challenges to their risk management. This paper selects the panel data of 154 commercial banks from 2011 to 2023 and constructs a fintech development indicator based on strategic partnerships with external fintech firms to examine its impact on banks' risk-taking behavior. The findings are as follows: (1) Fintech significantly raises the risk-taking levels of commercial banks, with the result remaining robust after various sensitivity tests. (2) The impact of fintech on risk-taking is heterogeneous. It has a more substantial effect on smaller banks compared to larger ones, and is more pronounced in regions with lower marketization levels. (3) Fintech affects commercial banks' asset-liability structures through market crowding-out effects and provides technological support for innovation through technological spillover effects, both of which significantly enhance risk-taking. Therefore, this research offers better understanding of the intrinsic relationship between fintech and commercial banks' risk-taking.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102804"},"PeriodicalIF":6.3,"publicationDate":"2025-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143437225","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Exit decisions of women entrepreneurs in resource-constrained environments

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-15 DOI: 10.1016/j.ribaf.2025.102798

Viviana Fernandez

{"title":"Exit decisions of women entrepreneurs in resource-constrained environments","authors":"Viviana Fernandez","doi":"10.1016/j.ribaf.2025.102798","DOIUrl":"10.1016/j.ribaf.2025.102798","url":null,"abstract":"<div><div>A better understanding of gender inequality in entrepreneurship due to institutional factors is critical to creating a fair and thriving entrepreneurial ecosystem. This study analyses the impact of legal egalitarianism and institutional quality on the exit decisions of around 80,000 entrepreneurs from 88 countries during 2014–2018. The main findings are as follows. First, in countries with high legal barriers to women’s economic participation, total exit rates and bankruptcy exit rates are higher for both male and female entrepreneurs. Second, low institutional quality is even more detrimental to female entrepreneurs, as it further reduces their chances of exiting voluntarily, in general, and exiting for personal reasons, in particular. Third, there is some evidence that in weak institutional environments the continuity of a business may depend on the gender of its former owner/manager. These findings suggest that policymakers should focus on revising or eliminating laws that discriminate against women. This would include changes to laws related to property rights, business ownership, flexible work schedules, affordable childcare, and parental leave policies. Policymakers should also focus on improving institutional frameworks by reducing bureaucratic obstacles, improving access to credit, enhancing governance, ensuring contract enforcement, and protecting property rights to create a stable environment for business growth and innovation. Addressing gender inequalities also requires challenging and transforming informal institutions that limit women's rights and opportunities. This involves raising awareness, promoting gender equality norms, empowering women economically and socially, and fostering an enabling environment for gender equality and women's empowerment.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102798"},"PeriodicalIF":6.3,"publicationDate":"2025-02-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143437222","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 dynamic impact of cryptocurrency implied exchange rates on stock market returns: An empirical study of G7 countries

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-14 DOI: 10.1016/j.ribaf.2025.102803

Chao Feng, Shiqun Ma, Lijin Xiang, Zumian Xiao

{"title":"The dynamic impact of cryptocurrency implied exchange rates on stock market returns: An empirical study of G7 countries","authors":"Chao Feng, Shiqun Ma, Lijin Xiang, Zumian Xiao","doi":"10.1016/j.ribaf.2025.102803","DOIUrl":"10.1016/j.ribaf.2025.102803","url":null,"abstract":"<div><div>Based on the Bitcoin price data from July 21, 2014 to December 30, 2018, this paper constructs a cryptocurrency implied exchange rate indicator, and uses the time-varying Granger causality test and the TVP-VAR-SV model to investigate the impact of cryptocurrency implied exchange rate in G7 countries on their stock market returns and the time-varying characteristics of the impact. Our study has unveiled that the cryptocurrency implied exchange rates of G7 countries are the Granger cause of corresponding stock market returns. Furthermore, this causality exhibits time-varying characteristics. There is evident heterogeneity in the causal relationship between cryptocurrency implied exchange rates and stock market performance across various countries, as well as significant heterogeneity in the impact of cryptocurrency implied exchange rates on stock market returns. As the lag period increases, the impact of cryptocurrency implied exchange rate on its stock market returns gradually weakens. The impact of cryptocurrency implied exchange rates on stock market returns shows strong similarities when some major events such as the Federal Reserve announced an interest rate hike, Bitcoin prices achieved new breakthroughs, and the US-China trade war occurred.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102803"},"PeriodicalIF":6.3,"publicationDate":"2025-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143437221","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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 macroeconomic uncertainty influence energy futures?: Evidence from extraordinary events

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-14 DOI: 10.1016/j.ribaf.2025.102815

Man Lu , Libo Yin , Fengwen Chen

{"title":"How does macroeconomic uncertainty influence energy futures?: Evidence from extraordinary events","authors":"Man Lu , Libo Yin , Fengwen Chen","doi":"10.1016/j.ribaf.2025.102815","DOIUrl":"10.1016/j.ribaf.2025.102815","url":null,"abstract":"<div><div>This study examines the influence of macroeconomic uncertainty caused by extraordinary events on the Chinese energy futures market. Using a model that disaggregates macro and market effects using publicly available data, we delineate two distinct pathways through which macroeconomic uncertainty impacts energy futures prices and quantify the influence exerted by each channel. Our analysis reveals that macroeconomic uncertainty, when transmitted through macro effects, negatively impacts the price dynamics of energy futures. Conversely, the effect of macroeconomic uncertainty transmitted through market-specific mechanisms on energy futures prices varies depending on the source of uncertainty. The net effect is a result of the interplay between the two channels. The effects observed in energy futures are markedly different from those observed in other futures categories. A placebo test confirm that our findings are not driven by random fluctuations or daily price variations but are, in fact, due to macroeconomic uncertainty. Our results remain robust even when more granular classifications of energy futures are considered. Our conclusions provide significant insights for policymakers and market participants in risk management and enhance understanding of the mechanisms underpinning energy futures pricing.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102815"},"PeriodicalIF":6.3,"publicationDate":"2025-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143446066","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Sustainable financial inclusion through social progress and regularity quality interaction – Implication for least developed countries

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-14 DOI: 10.1016/j.ribaf.2025.102811

Shajara Ul-Durar , Mubasher Iqbal , Shabana Naveed , Alberto Massacci , Irfan Saleem

{"title":"Sustainable financial inclusion through social progress and regularity quality interaction – Implication for least developed countries","authors":"Shajara Ul-Durar , Mubasher Iqbal , Shabana Naveed , Alberto Massacci , Irfan Saleem","doi":"10.1016/j.ribaf.2025.102811","DOIUrl":"10.1016/j.ribaf.2025.102811","url":null,"abstract":"<div><div>Sustainable development through social progress is resolute in enhancing financial inclusion through spreading the affordable financial facilities. However, the Social Progress Index (SPI) reflects sustainable development by measuring a country's ability to meet basic human needs, support well-being, and provide opportunities for a better quality of life, beyond just economic growth, and pave the way for spreading access to affordable financial services. This study has considered least-developed countries due to their diverse socio-economic challenges and financial disparities. For this purpose, data from 2011 to 2023 is considered. Estimated results using the Driscoll-Kraay standard error and Panel Quantile Regression methods have validated the inverted U-shaped impact of social progress on financial inclusion. It implies that moderate levels of social progress can enhance financial access. However, excessive focus on social progress without adequate economic growth hinders financial service expansion, ultimately affecting overall economic stability and inclusion. This study incorporates regularity quality as a determinant of financial inclusion and a moderator of social progress. It negatively determines financial inclusion but, as a moderator, it boosts social progress towards sustainable financial inclusion. Furthermore, overall productive capacity and technology, mainly through internet usage as the model's control variables, are vital in promoting financial inclusion.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102811"},"PeriodicalIF":6.3,"publicationDate":"2025-02-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143430011","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Does human flight and brain drain affect cross-border acquisitions? Insights into tobit and binomial regression models

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-13 DOI: 10.1016/j.ribaf.2025.102805

Chandrika Raghavendra , Miklesh Prasad Yadav , Taimur Sharif , Mohammad Zoynul Abedin

{"title":"Does human flight and brain drain affect cross-border acquisitions? Insights into tobit and binomial regression models","authors":"Chandrika Raghavendra , Miklesh Prasad Yadav , Taimur Sharif , Mohammad Zoynul Abedin","doi":"10.1016/j.ribaf.2025.102805","DOIUrl":"10.1016/j.ribaf.2025.102805","url":null,"abstract":"<div><div>India has witnessed dramatic expansion in cross-border acquisition (CBA) activities. Although extant literature has examined various determinants of the flow of CBA activities to emerging economies, the role of human flight and brain drain (HFBD) has remained underexplored. Moreover, India’s HFBD index, indicating the economic consequence of brain drain, has been decreasing in the past three decades while its inbound CBA activities are escalating. Against this background, drawing on institutional and ethnic network theories, we develop a hypothesis to understand the influence of HFBD on CBA volume. We also examine the moderating effect of economic distance (ED) through which HFBD impacts India’s share of CBA. We use a sample of 804 country–year observations covering 57 home countries that acquired Indian target firms in the 1990–2020 period. Our findings show that India’s HFBD is inversely correlated with its CBA volume, indicating that the reduced economic consequences of HFBD boost India’s attraction of CBA volume. Additionally, ED significantly moderates the impact of HFBD on CBA volume. The findings of this research offer key insights for policymakers and multinational enterprises regarding brain drain and CBAs.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"75 ","pages":"Article 102805"},"PeriodicalIF":6.3,"publicationDate":"2025-02-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143419258","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"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

Differential impact of adopting Islamic banking: A quasi-experimental approach

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-12 DOI: 10.1016/j.ribaf.2025.102793

Adil Saleem , RM Ammar Zahid , Judit Sagi

{"title":"Differential impact of adopting Islamic banking: A quasi-experimental approach","authors":"Adil Saleem , RM Ammar Zahid , Judit Sagi","doi":"10.1016/j.ribaf.2025.102793","DOIUrl":"10.1016/j.ribaf.2025.102793","url":null,"abstract":"<div><div>This study examines the treatment effect of the adoption of Islamic banking system in Pakistan. Compared to traditional banks, the distinct involvement of Islamic banks in real trading, along with its risk-sharing attributes, necessitates an examination of whether these differences impact economic growth. We applied a novel quasi-experimental research design using the synthetic control method (SCM) to examine the incremental effect of Islamic banking adoption on economic growth from 1990 to 2022. Results confirm that the Islamic financial system contributed differentially to economic growth in Pakistan, compared to the control group (51 countries), in the post-adoption period. The counterfactual effect on economic growth is estimated to be between 23% and 32% compared to the countries where Sharia banking is absent. The results are consistent and robust to alternative analysis, SCM with additional covariates, and placebo tests. The results also provide crucial implications for countries and central banks to implement Sharia-based banking, complementing the United Nations’ Sustainable Development Goal 8.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"76 ","pages":"Article 102793"},"PeriodicalIF":6.3,"publicationDate":"2025-02-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"143437223","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

How do exchange rate and oil price volatility shape Pakistan’s stock market?

IF 6.3 2区经济学

Research in International Business and Finance Pub Date : 2025-02-12 DOI: 10.1016/j.ribaf.2025.102796

Misbah Khan , Sitara Karim , Farah Naz , Brian M. Lucey

引用次数: 0