Research in International Business and Finance最新文献

When faced with reality: How extreme weather events influence bank lending 面对现实：极端天气事件如何影响银行贷款

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-10-01 DOI: 10.1016/j.ribaf.2025.103148

Domen Pavlič , Matjaž Volk , Matej Marinč

引用次数: 0

Does policy-oriented environmental disclosure increase market uncertainty? Evidence from stock price volatility in China 政策导向的环境信息披露是否增加了市场的不确定性？来自中国股价波动的证据

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-09-29 DOI: 10.1016/j.ribaf.2025.103152

Cheng Liu , Siyuan Dong , Xinyi Gao

{"title":"Does policy-oriented environmental disclosure increase market uncertainty? Evidence from stock price volatility in China","authors":"Cheng Liu , Siyuan Dong , Xinyi Gao","doi":"10.1016/j.ribaf.2025.103152","DOIUrl":"10.1016/j.ribaf.2025.103152","url":null,"abstract":"<div><div>Using textual analysis on Chinese listed firms from 2015 to 2022, this study investigates how policy-oriented environmental disclosures affect stock price volatility. Drawing on institutional and stakeholder theories, we find that such disclosure increases market uncertainty by signaling symbolic regulatory compliance rather than value-relevant performance, thereby weakening investor confidence. This effect is amplified under stronger regulative and normative pressures, while cognitive pressure shows no significant impact. Further analysis indicates that policy-oriented environmental disclosures help companies enhance regulatory legitimacy and obtain environmental subsidies, thereby mitigating and offsetting the negative impact of stock price volatility. Additionally, companies can strategically manage conflicting demands among stakeholders by adjusting the form and content of environmental disclosures. Heterogeneity tests show that policy-oriented environmental disclosures lead to more significant stock price volatility in high-tech companies, non-state-owned enterprises, pollution-intensive industries, and companies with a history of environmental violations. Our findings highlight the complex trade-offs firms navigate in environmental reporting and the dual influence of competing institutional pressures in shaping both the form quality and content quality of firm environmental disclosure.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103152"},"PeriodicalIF":6.9,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145236406","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

Firm-level real climate risk, institutional investors, and green innovation 企业层面的真实气候风险、机构投资者和绿色创新

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-09-29 DOI: 10.1016/j.ribaf.2025.103155

Yuhui Wang, Zhen Huang, Ming Jia

引用次数: 0

Climate laws and financial stability 气候法和金融稳定

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-09-29 DOI: 10.1016/j.ribaf.2025.103151

Hanan Alkatheeri, Charilaos Mertzanis, Ilias Kampouris

{"title":"Climate laws and financial stability","authors":"Hanan Alkatheeri, Charilaos Mertzanis, Ilias Kampouris","doi":"10.1016/j.ribaf.2025.103151","DOIUrl":"10.1016/j.ribaf.2025.103151","url":null,"abstract":"<div><div>We examine the impact of climate laws on financial stability, addressing a key but underexplored aspect of financial regulation. As climate risks intensify, climate laws variously mandate that financial institutions, markets and regulators integrate climate risk considerations into their stability frameworks. Using panel data from 92 countries during 2013–2020 and employing fixed-effects regression, instrumental variable estimation, and propensity score matching, the analysis finds that stronger climate law implementation enhances financial stability by reducing systemic risks, credit defaults, and market distortions. However, the effectiveness of climate regulations varies based on the nature of regulations, institutional strength, financial market depth, and enforcement mechanisms. The findings contribute to the growing discourse on climate-aligned financial regulation, providing empirical evidence on how climate laws function as macroprudential tools. This study offers policy-relevant insights for regulators, central banks, and financial institutions, emphasizing the need for comprehensive enforcement strategies to maximize the financial stability benefits of climate policies.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"81 ","pages":"Article 103151"},"PeriodicalIF":6.9,"publicationDate":"2025-09-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145236468","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 financial risk concern in China: A powerful predictor of stock market volatility 中国金融风险担忧：股市波动的有力预测指标

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103128

Zijun Li , Feng Ma , Jixiang Zhang , Xiaozhou Zhou

引用次数: 0

FinTech and corporate pollution reduction 金融科技和减少企业污染

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103110

Jian Lu , Congcong Wang , Tangkun Xie , Xueying Zhang

{"title":"FinTech and corporate pollution reduction","authors":"Jian Lu , Congcong Wang , Tangkun Xie , Xueying Zhang","doi":"10.1016/j.ribaf.2025.103110","DOIUrl":"10.1016/j.ribaf.2025.103110","url":null,"abstract":"<div><div>FinTech innovations generate technological dividends that enable novel approaches to corporate green governance, enhancing emission control capabilities and serving as a key driver for pollution reduction. Analyzing A-share listed firms' annual reports (2015–2022) through dependency parsing MD&A disclosures, this paper distinguishes action-oriented statements from predictive content and constructs FinTech adoption metrics. By systematically constructing FinTech adoption metrics, we empirically investigate how corporate utilization of financial technologies impacts environmental pollutant outputs. Our findings demonstrate that FinTech implementation levels, measured by action-oriented disclosure intensity, exert statistically significant adverse effects on industrial emissions. Mechanism analysis reveals that FinTech facilitates the integration of green technologies into operational processes while optimizing environmental monitoring systems. These findings position FinTech as a market-based pollution control tool and a source of positive environmental externalities. Policymakers should establish adaptive regulatory frameworks to channel FinTech dividends toward sustainable development goals.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103110"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144896040","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

Nurturing finance and harvesting intelligence: The green growth of urban industrial intelligence fueled by green finance 培育金融，收获智慧：绿色金融助力城市产业智慧的绿色成长

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103103

Shiyue Luo , Mingyue Lu , Jinhui Ye , Yuying Guo , Yu Hao

{"title":"Nurturing finance and harvesting intelligence: The green growth of urban industrial intelligence fueled by green finance","authors":"Shiyue Luo , Mingyue Lu , Jinhui Ye , Yuying Guo , Yu Hao","doi":"10.1016/j.ribaf.2025.103103","DOIUrl":"10.1016/j.ribaf.2025.103103","url":null,"abstract":"<div><div>This paper introduces the novel concept of Urban Industrial Intelligent Green Growth (UIIGG) to assess the influence of green finance policies in China, utilizing panel data from 225 cities across 30 provinces from 2008 to 2021. Our analysis finds that regions with green finance pilot policies show a significant increase in UIIGG, with fiscal expenditures and government financing playing pivotal roles in fostering green growth. Furthermore, we explore the mechanisms through which green finance policies influence UIIGG, examining both market-based and non-market-based policy instruments. Notably, we find that environmental fiscal expenditures and government financing support have a more pronounced effect on fostering UIIGG than policy constraints and carbon transactions. Our interaction analysis further shows diminishing returns when similar instruments are paired, whereas combining market- and non-market tools produces complementary, mutually reinforcing effects. Especially in cities with weaker UIIGG foundations and underdeveloped pilot provinces, the implementation of green finance policies yields more favorable outcomes. These findings not only contribute to advancing institutional theory, innovation theory, and investment incentive theory but also underscore the importance of targeted policy interventions in promoting sustainable urban-industrial development.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103103"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"144887023","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

Is your fund watching out for you? 你的基金在照顾你吗？

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103134

Marta Vidal , Laura Molero González , Juan E. Trinidad-Segovia , Javier Vidal-García

{"title":"Is your fund watching out for you?","authors":"Marta Vidal , Laura Molero González , Juan E. Trinidad-Segovia , Javier Vidal-García","doi":"10.1016/j.ribaf.2025.103134","DOIUrl":"10.1016/j.ribaf.2025.103134","url":null,"abstract":"<div><div>We examine the relationship between the performance of mutual funds and their effectiveness in correcting underperforming funds and safeguarding shareholder interests. In this paper, we investigate whether boards and advisors prioritize for shareholder interests. Our objective is to understand whether actively managed equity funds that do not beat their benchmarks take any action, measured in a variety of ways, to correct poor performance. On average, less than one-third of actively managed equity mutual funds beat their benchmarks, and 61 % of equity funds have lagged the Standard & Poor's 500 Index over the past ten years. Our results suggest that most mutual funds take actions to reverse their fund performance, up to 63 %. Removing the fund manager is the most common action taken to reverse performance. However, we do find that the majority of funds still perform poorly two and three years later. In particular, we find that 67 % of funds present negative alphas two years after an action and 70 % of funds underperform three years afterward. Finally, we show that the performance flow relation suggests that fund actions are preceded by lower asset flows, thus limiting the investment advisory fees charged by funds in the pre-action years.</div></div>","PeriodicalId":51430,"journal":{"name":"Research in International Business and Finance","volume":"80 ","pages":"Article 103134"},"PeriodicalIF":6.9,"publicationDate":"2025-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"145049459","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

Cautious and conscientious or fish in troubled waters: Knightian uncertainty and financial restatement 谨慎谨慎或浑水摸鱼：骑士式的不确定性和财务重述

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103135

Tingting Ma , Duo Niu , Xizhe Fang , Xinyuan Ji , Ahmet Sensoy

引用次数: 0

From shared stakeholders to strategic linkages: The impact of common ownership on supply chain diversification 从共同利益相关者到战略联系：共同所有权对供应链多元化的影响

IF 6.9 2区经济学

Research in International Business and Finance Pub Date : 2025-08-01 DOI: 10.1016/j.ribaf.2025.103066

Ying Li, Chen Zhao

引用次数: 0