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Multiscale cross-sector tail credit risk spillovers in China: Evidence from EEMD-based VAR quantile analysis 中国多尺度跨行业尾部信用风险溢出效应：基于EEMD的VAR量化分析的证据
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2024-09-25 DOI: 10.1016/j.ribaf.2024.102602
{"title":"Multiscale cross-sector tail credit risk spillovers in China: Evidence from EEMD-based VAR quantile analysis","authors":"","doi":"10.1016/j.ribaf.2024.102602","DOIUrl":"10.1016/j.ribaf.2024.102602","url":null,"abstract":"<div><div>This paper employs EEMD-based VAR for VaR methodology to explore the spillovers of credit risk across sectors in China, focusing on multiple time scales and tail effects. Analysis of daily sectoral CDS spreads reveals that the extent and direction of cross-sector tail risk spillovers vary across sectors and time horizons, showing more pronounced effects in the medium to long term. Notably, the most substantial upside tail credit risk spillovers have been found from the Government sector to others. Moreover, asymmetric spillovers are verified at all time scales, and the extent of these spillovers varies depending on the conditioning quantiles. Finally, the results of the multiscale pseudo quantile impulse response analysis show that sectoral tail credit risk is more sensitive to negative shocks from other sectors than to positive ones, with responses decaying at a slower rate for negative shocks. These findings provide valuable insights for investors and regulators.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142358511","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
Uncovering patterns of fintech behavior in Italian banks: A multidimensional statistical analysis 揭示意大利银行的金融科技行为模式：多维统计分析
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2024-09-25 DOI: 10.1016/j.ribaf.2024.102598
{"title":"Uncovering patterns of fintech behavior in Italian banks: A multidimensional statistical analysis","authors":"","doi":"10.1016/j.ribaf.2024.102598","DOIUrl":"10.1016/j.ribaf.2024.102598","url":null,"abstract":"<div><div>Fintech is changing the financial system and increasing the possibility of access to financial services. Considering the centrality of the banking world in providing financial services, this study aims to offer an analysis of banks' adoption of Fintech. Exploiting a sample of Italian listed banks, this study investigates their adoption of Fintech. Multiple correspondence analysis and hierarchical clustering classification are used to study Fintech factors in Italian banks, starting from significant variables highlighted by the literature: disclosure, financial investments, and collaborations in Sandboxes. Results show that different bank subgroups have specific Fintech features based on various structural characteristics. The implications are both academic and practical. On the one hand, we highlight how these measures make it possible to have homogeneous clusters. On the other hand, we have indications of policies and best practices.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142358512","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 impact of digital transformation on the servitization transformation of manufacturing firms 数字化转型对制造业企业服务化转型的影响
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2024-09-21 DOI: 10.1016/j.ribaf.2024.102588
{"title":"The impact of digital transformation on the servitization transformation of manufacturing firms","authors":"","doi":"10.1016/j.ribaf.2024.102588","DOIUrl":"10.1016/j.ribaf.2024.102588","url":null,"abstract":"<div><div>In the burgeoning digital economy, the deep integration of the digital and real economies, along with industrial digitalization and service-oriented manufacturing, represent future development trends. Investigating the impact of digital transformation on servitization transformation is paramount for promoting the servitization transformation of manufacturing firms. This paper empirically examines data from listed Chinese manufacturing firms between 2007 and 2021, identifying several key findings. First, digital transformation significantly promotes the servitization transformation of manufacturing firms, a conclusion that remains robust through a series of tests. Second, digital transformation can drive the servitization transformation of manufacturing firms through two channels: enhancing total factor productivity and optimizing human capital. Third, the promotive effect of digital transformation on servitization transformation varies across firms with different ownership structures, technological levels, and scales. This study provides empirical evidence for promoting the high-quality development of manufacturing firms and accelerating their servitization transformation in the digital context.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-21","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142311729","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
Do oil price shocks drive systematic risk premia in stock markets? A novel investment application 油价冲击会推动股票市场的系统性风险溢价吗？一种新颖的投资应用
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2024-09-19 DOI: 10.1016/j.ribaf.2024.102591
{"title":"Do oil price shocks drive systematic risk premia in stock markets? A novel investment application","authors":"","doi":"10.1016/j.ribaf.2024.102591","DOIUrl":"10.1016/j.ribaf.2024.102591","url":null,"abstract":"<div><div>This paper examines the effect of oil price shocks on factor returns in a set of 62 stock markets. Oil price shocks capture significant predictive information regarding the size and direction of factor returns in global markets, depending on the market classification and nature of oil shock. Oil supply and precautionary demand shocks possess the greatest predictive power over risk premia, particularly for value and momentum. We argue that time varying investor sentiment and the flexibility of firms to respond to economic shocks drive the responses of factors to oil shocks. More importantly, a conditional global factor investing strategy wherein the investment positions are tilted towards factor-based portfolios, conditional on the size and direction of the oil price shock, yields significant improvements in returns. Our findings show that smart beta strategies can be significantly improved by conditioning factor positions based on the size and direction of oil market shocks.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142320412","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
Signaling vs. agency theory: What drives dividends of promoter-owned firms during a crisis? 信号理论与代理理论：是什么在危机期间推动了发起人所有企业的分红？
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2024-09-18 DOI: 10.1016/j.ribaf.2024.102590
{"title":"Signaling vs. agency theory: What drives dividends of promoter-owned firms during a crisis?","authors":"","doi":"10.1016/j.ribaf.2024.102590","DOIUrl":"10.1016/j.ribaf.2024.102590","url":null,"abstract":"<div><div>This paper analyses the effect of the COVID-19 pandemic on the relationship between promoter ownership and dividends. Using a sample of listed firms between 2015 and 2021, we find that promoter control positively relates to dividends during normal (pre-crisis) times. This is attributed to the desire to communicate information about the firm’s prospects, supporting the signaling theory. The positive relationship is inversed during the crisis owing to agency motives of withholding resources. To the best of our knowledge, this is the first-ever India-based study examining ownership structure's impacts on the dividend policy during the COVID-19 crisis.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142311730","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
Contingent cash crunch: How do performance commitments affect acquirer liquidity? 或有现金紧缩：业绩承诺如何影响收购方的流动性？
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2024-09-18 DOI: 10.1016/j.ribaf.2024.102592
{"title":"Contingent cash crunch: How do performance commitments affect acquirer liquidity?","authors":"","doi":"10.1016/j.ribaf.2024.102592","DOIUrl":"10.1016/j.ribaf.2024.102592","url":null,"abstract":"<div><div>This paper investigates how performance commitment clauses in mergers and acquisitions (M&amp;As) influence the corporate liquidity of acquiring firms. Using a comprehensive dataset of Chinese domestic M&amp;A deals from 2008 to 2021, we find that acquisitions involving performance commitments correspond to lower corporate liquidity for acquirers in subsequent years. Difference-in-differences analysis, instrumental variables, and propensity score matching support a causal relationship. Furthermore, cross-sectional tests reveal that this negative association is amplified for nonstate ownership, weak governance, poor reporting quality, and low financial constraints. We find that performance commitments increase management optimism, providing insights into the mechanisms linking contingent deal structures with suboptimal liquidity policies and heightened financial distress. Our study suggests that the contingent contract structures in M&amp;A deals drain corporate liquidity, leaving firms financially vulnerable.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142311833","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
Debt distribution and ESG performance: Evidence from Chinese listed companies 债务分布与环境、社会和公司治理绩效：来自中国上市公司的证据
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2024-09-16 DOI: 10.1016/j.ribaf.2024.102589
{"title":"Debt distribution and ESG performance: Evidence from Chinese listed companies","authors":"","doi":"10.1016/j.ribaf.2024.102589","DOIUrl":"10.1016/j.ribaf.2024.102589","url":null,"abstract":"<div><p>Utilizing consolidated and parent company financial statement data from Chinese A-share listed companies from 2008 to 2022, this study empirically examines the impact of group debt distribution on ESG performance. The study reveals that as the proportion of debt financing assumed by the parent company increases, the ESG performance of the corporate group improves. After conducting endogeneity tests and other robustness checks, the research findings remain consistent. Further analysis shows that concentrated liabilities can improve the environmental, social, and governance performance of the group. Cross-sectional analysis demonstrates that the influence of concentrated liabilities on ESG performance is more pronounced in non-state-owned enterprises, during periods of high economic policy uncertainty, non-heavy pollution industry companies, when subsidiaries are geographically dispersed, and when there are more subsidiaries in various industries. This study provides empirical support for the positive externality of internal capital markets and offers valuable insights for ESG practices among listed companies.</p></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142241265","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
Blockchain adoption and analyst forecast accuracy 区块链的采用与分析师预测的准确性
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2024-09-16 DOI: 10.1016/j.ribaf.2024.102593
{"title":"Blockchain adoption and analyst forecast accuracy","authors":"","doi":"10.1016/j.ribaf.2024.102593","DOIUrl":"10.1016/j.ribaf.2024.102593","url":null,"abstract":"<div><div>We examine the relationship between corporate blockchain adoption and analyst forecast accuracy. We manually collect the blockchain usage data of public firms from the Factiva news database. Using a staggered Difference-in-Differences method, we find that analyst forecast accuracy significantly improves after firms adopt blockchain technology. In addition, the change in analyst coverage could be the potential explanation for this result.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142311831","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 effect of corporate executives’ academic experience on firm financialization — Evidence from listed manufacturing firms in China 企业高管的学术经历对企业金融化的影响--来自中国制造业上市公司的证据
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2024-09-16 DOI: 10.1016/j.ribaf.2024.102587
{"title":"The effect of corporate executives’ academic experience on firm financialization — Evidence from listed manufacturing firms in China","authors":"","doi":"10.1016/j.ribaf.2024.102587","DOIUrl":"10.1016/j.ribaf.2024.102587","url":null,"abstract":"<div><div>This paper studies the impact of corporate executives’ early academic experience on corporate financialization using the data from 2010 to 2019 of A-share listed manufacturing firms on the Shanghai and Shenzhen stock exchanges. The results show that the personal characteristics developed in early academic career experience significantly inhibit their decision-making on corporate financialization. This inhibitory effect is more obvious among the non-state-owned firms and those firms in the regions with a high level of marketization. Meanwhile, this inhibitory effect enhances with the implementation of equity incentive policies for corporate executives, but not with the employee stock ownership plan (ESOPs). The results reveal the value of early academic career experiences of executives in corporate governance.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142311830","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
Navigating sustainable finance: Examining the impact of sustainable credit policy on energy consumption intensity 驾驭可持续金融：考察可持续信贷政策对能源消耗强度的影响
IF 6.3 2区 经济学
Research in International Business and Finance Pub Date : 2024-09-16 DOI: 10.1016/j.ribaf.2024.102594
{"title":"Navigating sustainable finance: Examining the impact of sustainable credit policy on energy consumption intensity","authors":"","doi":"10.1016/j.ribaf.2024.102594","DOIUrl":"10.1016/j.ribaf.2024.102594","url":null,"abstract":"<div><div>By using microeconomic database, this paper aims to examine the impact of sustainable credit policy (SCP) on energy consumption intensity (ECI) with difference-in-differences (DID). According to the overall result, SCP significantly inhibits ECI of high-polluting industrial companies. Based on the result of mechanism analysis, SCP influences ECI through factor substitution and energy technology innovation. Furthermore, compared with factor substitution, energy technology innovation plays a more remarkable role in reducing ECI. As distinguished from the available literature, we discover that energy technology innovation has a greater impact on the decline of ECI only within enterprise samples in the mature stage of technology, while factor substitution is more obvious among the resource-intensive enterprises. Theoretical and empirical support for the effective formulation of policies is provided herein to accelerate energy transition and sustainable industrial growth.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":null,"pages":null},"PeriodicalIF":6.3,"publicationDate":"2024-09-16","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"142311834","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
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